With the current state of the economy, we don’t blame you if you’re on the hunt for the cheapest places to live in Canada. With the high cost of living in most of Canada, finding the best place to live in the most affordable province and city can be challenging.

Living in a city with a low cost of living can help you stretch your budget and save money over time. The Globe and Mail recently published their top 100 most liveable cities list. Among the published list were the top cities based on housing affordability. Coupled with the most recent data from the Rentals.ca report, we’ve compiled a list of the top 20 cheapest cities to rent and own.

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Key Takeaways

• Many of the most affordable cities in Canada are located in Quebec. 
• The most affordable cities to purchase a home are, on average, almost 3x less expensive than the national average home price.  
• The most affordable cities to rent a home are, on average, nearly 1.5x cheaper than the national average rental price.

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10 Best Canadian Cities for Housing Affordability 

1. Rivière-du-Loup, Quebec

With a population of approximately 21,000, this small city is in the Bas-Saint-Laurent region. The city is a traditional stopping point between Quebec City, the Maritimes, and the Gaspé Peninsula and is a prime tourist destination for whale-watching on the St. Lawrence River. 

Average home price: $294,955

Average household income: $70,894

2. Tracadie, New Brunswick

Tracadie is an Acadian community with around 16,000 residents. While remote, the city is a well-known tourist destination that comes alive in the summer months when the area’s beaches attract tourists from neighbouring Quebec. The area is prime for outdoor activities, including fishing, hiking, and camping. 

Average home price: $148,620

Average household income: $67,547

3. Thetford Mines, Quebec

Thetford Mines is a city in south-central Quebec located on the Becancour River in the Appalachian Mountains. With a population of around 27,000, it is best known as the Asbestos capital of Canada. Though the mines are now closed, Thetford Mines was one of the world’s largest asbestos mining and production centres in the 20th century. 

Average home price: $196,537

Average household income: $64,231

4. Sainte-Marie, Quebec

Considered one of the most beautiful towns in Canada, the quiet community of Sainte-Marie is home to roughly 13,000 people. Only 45 minutes from Quebec City, it’s a perfect town for people who want to live a peaceful life without much of a commute to a major urban centre. Located on the shores of the Chaudière River, Sainte-Marie is a stunning little town with plenty of charm.

Average home price: $306,957

Average household income: $87,119

5. Alma, Quebec 

Alma, located less than 2 hours north of Quebec City, has a population of approximately 31,000, making it the second-largest city in the Saguenay-Lac-Saint-Jean region. The internationally recognized Blueberry Route begins in Alma and takes riders on a 256km route through the region.

Average home price: $271,142

Average household income: $74,485

6. Bathurst, New Brunswick

With a population of close to 13,000, Bathurst has a close-knit small-town community. The city is the 4th largest metropolitan area in New Brunswick and is the major centre for shopping and services for surrounding areas. The city becomes the Snowmobile Capital of Atlantic Canada in winter, with 1,000km of groomed trails. 

Average home price: $191,402

Average household income: $61,797

7. Rimouski, Quebec

Rimouski, located roughly 3 hours from Quebec, is home to nearly 50,000 people and is famed for its marine research and conservation innovation. Rimouski is slowly becoming a hub for science and engineering in the region. 

Average home price: $298,714

Average household income: $72,435

8. Victoriaville, Quebec

With a population of approximately 49,000, Victoriaville is best known for the famous Victoriaville hockey company, which was founded here. The area boasts a large industrial sector that manufactures wood products, including furniture, spurring new residential and commercial investments.

Average home price: $297,150

Average household income: $68,269

9. Dolbeau-Mistassini, Quebec

Dolbeau-Mistassini, with an estimated population of 14,000, is located in northern Quebec and is the commercial hub of Lac-St-Jean. This area is most famous for being one of Canada’s major wild blueberry-growing regions. 

Average home price: $219,932

Average household income: $68,175

10. Rouyn-Noranda, Quebec

With a population of approximately 43,000, Rouyn-Noranda was established as a mining town with numerous gold and copper ore mines. Today, copper and gold mining and refining remain the main economic activities in the area. The area has become a cultural hub hosting the Festival de musique émergente (FME). 

Average home price: $316,351

Average household income: $82,859

10 Best Canadian Cities for Rental Market Affordability

1. Regina, Saskatchewan

Regina, with a population of around 247,000, is the second-largest city in Saskatchewan. The area is one of the fastest-growing major cities, with strong manufacturing, agriculture and food, tourism, mining, and oil and gas economies. 

Average monthly rent: $1,314

Average household income: $106,546

2. Saskatoon, Saskatchewan

Saskatoon serves as the cultural and economic hub of central Saskatchewan. With a population of approximately 295,000, the city is a major transit hub served by national railroads, provincial highways, and an international airport. The city is home to the University of Saskatchewan, making it an affordable city for students. 

Average monthly rent: $1,367

Average household income: $100,909

3. Edmonton, Alberta

Edmonton, Alberta’s capital city, has an approximate population of 1,137,000. Known as the festival city, Edmonton hosts over 50 unique festivals each year. The city has a strong technology sector and is quickly becoming a leader in Artificial Intelligence (AI). 

Average monthly rent: $1,529

Average household income: $92,276

4. Winnipeg, Manitoba

Winnipeg is the capital city of Manitoba, boasting a population of around 814,000. The size of the city leaves the door open for many employment opportunities and has a rapidly growing IT industry. The city has a vibrant arts, culture, and culinary scene. Winnipeg was ranked the fourth best place to live on the Globe and Mail’s 100 most liveable cities list. 

Average monthly rent: $1,604

Average household income: $85,831

5. Windsor, Ontario

Windsor, with a population of approximately 257,000, is located in southwestern Ontario and is in close proximity to Detroit. The city is known as the Automobile Capital of Canada and is a major manufacturing epicentre, with many of its residents working in the auto industry. 

Average monthly rent: $1,645

Average household income: $74,109

6. Quebec City, Quebec

Québec City is a city with a population of around 572,000. It is the capital of the province of Québec and is known for being one of the safest cities in the country. The oldest part of the city is recognized as a UNESCO World Heritage Site. If you’ve ever wanted to feel like you live in a European city, you’d do well to rent an apartment in Old Quebec. 

Average monthly rent: $1,669

Average household income: $81,778

7. St. Catharines, Ontario

St. Catharines is the largest city in the Niagara Region, with a population of approximately 148,000. It’s the 8th largest urban area in Ontario and is officially nicknamed The Garden City due to its many parks, gardens, and trails in the area.

Average monthly rent: $1,860

Average household income: $79,640

8. Kingston, Ontario

Kingston, with approximately 149,000 residents, is a university city home to Queen’s University. The city is known as the Limestone City because of the many buildings made of limestone and the bedrock upon which the city was built. 

Average monthly rent: $1,907

Average household income: $89,158

9. Hamilton, Ontario

With a population of approximately 638,000, Hamilton, or “The Hammer,” is Canada’s most industrialized area. It’s known as the Steel Capital of Canada, producing around 60% of the country’s steel. The largest botanical garden in Canada, the Royal Botanical Gardens, is a National Historic Site that stretches from Burlington to Hamilton.

Average monthly rent: $1,916

Average household income: $95,095

10. Calgary, Alberta

Calgary is the largest city in Alberta and the largest metro area within the prairies, with an approximate population of 1,457,000. This growing city is the 3rd largest municipality in Canada with a high concentration of head offices located here. Calgary also ranks 5th on the Economist Intelligence Unit’s Global Liveability Index as one of only two Canadian cities to make the list. 

Average monthly rent: $1,925

Average household income: $101,588

Frequently Asked Questions

Final Thoughts

Many of the most affordable cities in Canada are located outside of major cities, but some affordable cities remain. With many diverse communities, you can still find an affordable area that matches your lifestyle and budget. 

Contact a mortgage expert today if you’re ready to start your homeownership journey in a budget-friendly city.

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