The cost of living in Canada is high, particularly in urban areas.
In fact, Canadians now have the highest household debt levels amongst G7 countries.
With the average monthly rent in Canada soaring by $340 compared to April 2021, it’s clear that the crisis is only deepening.
As the cost of essential goods and services continues to rise, making ends meet has become increasingly challenging.
If you are looking for a more affordable place to call home without leaving the Great White North, this list could be for you.
According to Comparewise, a Canadian financial consultancy firm, these are the top 10 cheapest places to live in Canada.
10. Cape Breton, Nova Scotia
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Comparewise’s analysis found that house prices in Cape Breton were significantly lower than in other parts of Canada.
The city also benefits from relatively low tax rates, grocery expenses and utility bills.
Outdoor enthusiasts will love Cape Breton, which is renowned for its beautiful scenery and fresh air.
There are also plenty of opportunities for outdoor activities, including North River kayaking, Coxheath mountain trails, and Ski Tuonela.
9. Nanaimo, BC
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Nanaimo, located on Vancouver Island in BC, is recognized as one of the cheapest places to live in Canada.
The cost of living in Nanaimo, excluding rent, can be as low as $1,260.
Renting an apartment for working singles and young couples typically costs around $1,200 per month.
8. Hamilton, Ontario
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Situated just 70 km away from Toronto, Hamilton is a great option for those seeking a lower cost of living.
With excellent public transportation links, it is easy to travel to Toronto from Hamilton without a car, allowing residents to enjoy the benefits of both cities.
The cost of living is approximately $1,820 per month, which is comparatively affordable to other Canadian cities.
7. Abbotsford, BC
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Abbotsford, BC, is a stunning city that offers residents a high quality of life while still being recognized as one of the cheapest places to live in Canada.
The average monthly rental cost in Abbotsford is $1,540, and the average annual income of residents is approximately $72,500.
With over 46 public schools, Abbotsford is particularly appealing to families seeking the best education options for their children.
6. Lethbridge, Alberta
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Lethbridge in southern Alberta is a budget-friendly city offering job opportunities in a variety of sectors, including education, hospitality, retail, healthcare, and agriculture.
Houses usually cost around $357,000, and rental properties are available for as low as $865 per month.
Lethbridge dedicates 16% of its city area to parkland, and its location provides easy access to the Rocky Mountains.
5. New Brunswick
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There are eight major cities in New Brunswick: Bathurst, Campbellton, Dieppe, Edmundston, Fredericton, Miramichi, Moncton, and Saint John.
The average house price in the province is $293,000, while renting an apartment costs around $1,100.
The province also boasts a world-class education system, making it a desirable location for families.
4. St. John’s, Newfoundland and Labrador
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For those seeking a charming yet affordable city, St. John’s stands out as one of the best options in Canada.
One-bedroom apartments can be found for as low as $795, and single houses start at a remarkable $69,900.
One of the city’s most popular attractions is Signal Hill, which features a stunning array of colourful wooden houses along the coastal cliffside.
3. Shawinigan, Quebec
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Shawinigan is renowned for its outdoor sporting events, including the Classique Internationale de Canots de la Mauricie, a world-renowned marathon canoe race.
Shawinigan offers an affordable cost of living, but Comparewise warns that job seekers may find limited options in the city.
However, to revitalize its economy, Shawinigan has set its sights on becoming a smart city.
In 2021, the city received a substantial investment of $4.99 million from the Quebec and Canadian governments to construct a new scrap aluminum melting center.
2. Thetford Mines, Quebec
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Thetford Mines has incredibly low housing prices, with one-bedroom apartments starting at $500 and the cheapest homes priced at $59,900.
Abundant snowfall in winter means residents can benefit from a long season of snowmobiling and skiing.
Known for exporting goods worldwide, Thetford Mines also has a wide range of job opportunities.
1. Sherbrooke, Quebec
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Southern Quebec’s Sherbrooke is Canada’s cheapest city to live in, according to Comparewise.
The cost of living in Sherbrooke is 20.81% lower than in Toronto and 13% cheaper than in Montreal.
The city has over 200 parks and green spaces. Plus, national parks are easily accessible within a 45-minute drive from the city.
Would you consider moving to one of these more affordable Canadian cities? Let us know in the comments.