Top 5 Cheapest places to live in Canada for 2024
Raising a family, living on a budget, or looking to save most of your salary for retirement—whatever the reason you’re searching for the cheapest place to live in Canada, we understand.
Canada is one of the best countries in the world, but it comes with high taxes and daily living expenses in major Canadian cities like Toronto, Vancouver, or even Ottawa.
If you live in one of Canada’s expensive housing markets, the high cost of real estate might be a burden.
Many people hoping to buy homes in these pricey cities are thinking about moving to cheaper places to get started on the property ladder.
In this article, we’ll share the top 5 cheapest places to live in Canada so you can start making your life aspirations come true.
The Cheapest Cities To Live In Canada
Looking for the cheapest place to live in Canada? You’re not alone; many people want lower costs and taxes.
To buy a home in expensive markets, you need to make a minimum 20% down payment on homes over $1 million. That means you’ll need $240,000 for a property in Vancouver and $224,000 for one in Toronto.
This can be a tough situation for many families, especially immigrants with different types of permanent visas.
Fortunately, there are many cities with lower taxes and real estate costs that can welcome you and your family.
1. Thetford Mines, Quebec
The cheapest place in Canada to live is by far Thetford Mines, Quebec.
Thetford Mines is a city in south-central Quebec, located on the Becancour River in the Appalachian Mountains.
It has a population of about 26,000 people and is known as the asbestos capital of Canada.
Although the mines are now closed, Thetford Mines was one of the largest asbestos mining centers in the world during the 20th century.
- Average home price: $299,300.
- Household income: $84,400.
2. Edmundston, New Brunswick
To many, this might come as at surprise, but Edmundston, New Brunswick is one of the cheapest places to live in Canada.
Edmundston is near the Madawaska and Saint John Rivers.
Did you know that this city started as a small logging settlement and has now become a center for local food, craft breweries, and theater?
With a population of about 17,000, it is near the Quebec and U.S. borders.
If you're a fan of the great outdoors, you're in for a treat!
Close to the northeastern part of the Appalachian Mountains, the area offers many outdoor activities like skiing, mountain biking, and camping.
- Average home price: $234,473
- Household income: 75,900.
3. Rivière-du-Loup, Quebec
Quebec has to offer many of the cheapest places to live in Canada.
Rivière-du-Loup should be at the top of your list.
This city is located near the Madawaska and Saint John Rivers.
Rivière-du-Loup started as a small logging settlement and has now become a center for local food, craft breweries, and theater. Amazing, right?
With a population of about 17,000, it is near the Quebec and U.S. borders.
Close to the northeastern part of the Appalachian Mountains, the area offers many outdoor activities like skiing, mountain biking, and camping. Ready to enjoy nature with your family?
- Average home price: $276,874.
- Household income: $88,059
4. Tracadie, New Brunswick
Tracadie, New Brunswick is being target as a hot spot for those looking for the cheapest place to live in Canada.
Known as an Acadian community with about 16,000 people, Tracadie is a great place to raise your family, especially after uniting with your partner once the Spousal Sponsorship is approved.
Although it is remote, it is a popular tourist spot, especi
ally in the summer when visitors from nearby Quebec come to enjoy the beaches.
The area is great for outdoor activities like fishing, hiking, and camping. So, even if you only decide to come here with your express entry, have a nice time!
- Average home price: $173,111.
- Household income: $76,142.
5. Sainte-Marie, Quebec
Sainte-Marie is considered one of the most beautiful towns in Canada.
It has a quiet community of about 14,000 people and is only 45 minutes from Quebec City.
This makes it a great place for those looking for a peaceful life with a short commute to a bigger city.
Located by the Chaudière River, Sainte-Marie is a charming town with a lot of beauty.
Are you ready for a fresh start in one of the cheapest place to live in Canada?
- Average home price: $274,031
- Household income: $97,128
Is it a good idea to move to one of the cheapest places to live in Canada?
If you decide to move to a more affordable place in Canada, you should have an idea of what you are expecting to achieve: peace? Better house prices? Job opportunities? Lower taxes?
Like any other important step in life, moving to a new place brings many changes that you must consider.
However, starting again in a cheaper place to live in Canada might be what you and your family actually need.
Cost of living
The cost of living includes basic needs like housing, food, transportation, and childcare.
While many people focus on housing costs, it's important to think about other expenses too.
For example, if you need to drive to work, gas prices can differ a lot between provinces. The cost of groceries can also change.
Keeping this in mind can help you decide if the place you choose is truly cheaper.
Quality of life
Quality of life takes on unique meanings for each person.
If you have children, check the schools in the neighborhoods you like.
Do you prefer nature, parks, or playgrounds, or do you enjoy museums and art galleries more?
Other things to consider include nearby churches, access to healthcare or hospitals, and the political stance of the area.
The cheapest place to live in Canada should meet all the needs that make your life enjoyable.
Taxes
If you're moving to a different province, it's smart to consider the tax rates and how they will impact your budget.
For example, in Ontario, income up to $49,231 is taxed at 5.05%, but in Quebec, income up to $49,275 is taxed at 14%.
Canada has three types of sales taxes: PST, GST, and HST.
Alberta only has a 5% GST, while Manitoba has a 7% PST and a 5% GST, and Nova Scotia charges a 15% HST.
Job opportunities
If you’re lucky enough to work from home or have the option to transfer with your current employer, that’s great!
However, if you're on the hunt for a new job, it’s important to think about how a move might impact your career growth and opportunities, as well as how it will affect your paycheck.
This is extra important if you're an immigrant hoping to become a permanent resident through a student visa.
Conclusion
The housing market can be quite an issue when looking to settle in Canada.
Getting to know the cheapest places in Canada is a fantastic way to kick off a new chapter.
Many families, including immigrants who obtained permanent residency in Canada with the help of Parsam Immigration, are finding it challenging to keep up with the high cost of living in Toronto and other cities.
However, there are plenty of affordable cities in Canada, and while many are just outside the major urban areas, you'll be happy to know that some great options exist near the city.
