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Affordability in Canada is tricky but not impossible. With rising housing costs, inflation, and taxes nibbling away at paychecks, where you live can make a huge difference in how far your loonies stretch. So, let’s see 24 Canadian cities that are the most affordable right now.Â
New Brunswick
24 Canadian Provinces and Territories Ranked by Affordability Right Now
New Brunswick takes the affordability crown, and for good reason. The average home price is approximately $155,000, significantly lower than the national average, making homeownership accessible for many. In Saint John, homeowners spend 25.1% of their monthly income on mortgage payments, well below the national average, highlighting the city’s affordability. Rentals are also economical; for instance, a one-bedroom apartment in Moncton costs around $698 monthly. Bonus: The seafood here is not only world-class but also won’t cost you an entire paycheck.
Prince Edward Island
PEI might be the smallest province, but it punches above its weight in affordability. Monthly expenses for electricity, heating, cooling, water, and garbage services for an 85-square-meter apartment average $175. Internet services cost about $90 per month. Public transportation is economical, with local transport tickets costing $1.48 and monthly passes around $47.40. Also, gasoline prices are approximately $0.92 per liter, and an 8-kilometer taxi ride averages $19.10.
Newfoundland and Labrador
Newfoundland and Labrador offer some of the lowest housing costs in the country, making home ownership attainable. In 2024, the provincial government introduced a Five-Point Plan to improve access to affordable housing. This resulted in the approval of 193 first-time homebuyers and the initiation of projects expected to add approximately 450 new rental units. Additionally, Budget 2024 allocated $85 million for the Income Supplement and $70.3 million for the Seniors’ Benefit, benefiting over 200,000 individuals and families.
Manitoba
Winnipeg and the rest of Manitoba provide a solid mix of affordable housing, reasonable transportation costs, and lower insurance premiums. Utility expenses are among the lowest in Canada, with electricity costs averaging approximately $105 per month for 1,000 kWh. However, the province faces a housing supply challenge; in 2022, the population grew by 33,489, but only 6,820 new homes were built, leading to increased housing prices and rents. Despite this, Manitoba’s affordability, characterized by lower housing costs and utilities, continues attracting residents seeking a cost-effective lifestyle.
Saskatchewan
Saskatchewan remains one of the most affordable places, with low property taxes, reasonable home prices, and lower-than-average living expenses. The Saskatchewan Affordability Act introduces the largest personal income tax reduction since 2008, increasing basic personal, spousal, and child exemptions by $500 annually over four years. This adjustment ensures a family of four pays no provincial tax on the first $63,200 income: Canada’s highest tax-free threshold. The flat landscapes may not be thrilling, but your bank account will be happier.
Nova Scotia
Nova Scotia, located on Canada’s east coast, offers a relatively affordable cost of living compared to other Canadian provinces. As of 2024, the average home price in Nova Scotia was approximately $350,000, significantly lower than the national average of $700,000. In Halifax, the provincial capital, the average monthly rent for a one-bedroom apartment is around $1,200, whereas similar accommodations in cities like Toronto or Vancouver often exceed $2,000. Plus, living near the ocean never gets old.
Quebec
Quebec is an interesting mix: It has some of the cheapest rent in the country (especially outside Montreal), but higher income taxes. To address these challenges, experts advocate for more flexible regulations to stimulate housing construction, aiming to add 130,000 rental units by 2031 to meet demand and stabilize the market. So, if you don’t mind filling out tax forms in French, the overall cost of living remains lower than in many other provinces.
Alberta
Alberta offers affordable housing, and there’s no provincial sales tax, making shopping here more budget-friendly. In 2021, the province introduced “Stronger Foundations,” a 10-year strategy to provide affordable housing to an additional 25,000 households, increasing the total served to 82,000—a more than 40% rise. This plan focuses on supporting those in need, improving access, enhancing sustainability, and fostering growth through partnerships with various sectors.
British Columbia
BC is a tale of two realities. Cities like Prince George and Kamloops outside Vancouver offer reasonable housing and living costs. In Metro Vancouver, the 2023 living wage, the hourly rate required for two working parents to support a family of four, rose to $25.68, a $1.60 increase from the previous year, primarily due to soaring rents and food costs. The Canada Mortgage and Housing Corporation estimates that an additional 610,000 homes are needed in the province by 2030 to meet demand. And, if you want to live near the ocean in Vancouver, be prepared to trade your soul (or at least your savings) for a tiny condo.
Ontario
Much like BC, Ontario’s affordability depends on location. In cities like Toronto, average home prices exceed $1 million, making ownership unattainable for many. Even in the most affordable markets, such as Deep River, where the median home price is $322,250, average single salaries are insufficient to qualify for mortgages. To address these issues, the Ontario government aims to build 1.5 million homes by 2031, implementing measures like streamlining approvals and reducing development charges.
Yukon
Yukon is an adventurer’s dream, but affordability suffers due to higher food and transportation costs. The Yukon government has implemented various measures to enhance affordability for its residents. In housing, a $5 million investment was made in the Winter Crossing project in Whistle Bend, Whitehorse, resulting in 105 affordable units, the largest in the territory’s history. Additionally, 26 supportive housing units for low-income seniors were introduced at Normandy Living Independent Seniors Living Community.
Northwest Territories
The Northwest Territories (NWT) isn’t exactly a budget traveler’s paradise, but neither is the moon, and people still dream of going there. Living costs are high; think $8 for a loaf of bread in remote areas, but that’s the price of hauling groceries over tundra. Housing varies wildly: Yellowknife’s rental market is steep (around $1,800/month for a one-bedroom), but smaller communities might have more affordable options. On the bright side, there’s no sales tax, and the average income is one of Canada’s highest ($90,000+), thanks to lucrative government and mining jobs.
Nunavut is easily the most expensive place to live in Canada. Groceries here are astronomically priced, housing is limited, and everything costs extra due to transportation challenges. The government helps with subsidies, but affordability remains a significant challenge. Many residents rely on hunting and fishing to offset costs. Bottom line? Living in Nunavut is breathtaking in more ways than one: Scenic views, extreme cold, and prices that’ll leave your wallet shivering.
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