This economy’s soaring cost of living has undoubtedly been a barrier for Canadians wanting to live a more budget-friendly lifestyle, especially in Canada’s most popular cities. Thankfully, there are a number of Canadian provinces that are still relatively affordable as a place to call home.
A recent study by Savvy New Canadians pinpoints affordability based on the estimated income-to-expense ratio, average estimated expenditure per household and median after-tax income for economic families in each province.
If you’re wondering which province is in the ranks, or where homes don’t cost a pretty penny, we’ve got you covered. Here are the 10 most affordable places to live in Canada in 2023.
At the top of the list is Quebec. The cost of living in this province is relatively low, despite the high total tax rate. Homes in Quebec cost an average of $457,314.
Prince Edward Island
Besides being the smallest Canadian province, Prince Edward Island is one of the most affordable places to live in the country. Residents enjoy a more comfortable lifestyle where renting an apartment only costs an average of $1,055 to $2,000 per month. Groceries also cost less thanks to the island’s thriving agriculture industry.
New Brunswick has the lowest overall average home price compared to all other Canadian provinces listed. Homes cost an average of $286,689, and it’s also the easiest region to acquire land.
It looks like there’s a pattern that living in the Maritimes is both budget-friendly and laid back. You’ll stretch your money further in Nova Scotia, especially in smaller towns. Homes cost less than $500,000 while rent is less than $1,500 a month.
Surprised Ontario isn’t lower on the list? We had the same thought. Major cities in Ontario like Toronto are expensive, and the average median home price sits at $848,120. But there are some smaller towns like Sudbury that cost far less, seeing $1,200 per month for rental units. Plus, unemployment is relatively lower at 4.9 per cent.
Newfoundland and Labrador
Considered one of the most beautiful and safest provinces in Canada, Newfoundland and Labrador offers residents high-quality healthcare, education and housing. Homes in the province average less than $300,000, but unemployment rates are higher compared to the rest of the country.
An average home in Manitoba costs $332,637. One of the benefits of living in Manitoba is that the region generates hydropower, so you’ll pay less for electricity. Residents also tend to have more disposable income thanks to government-provided family affordability packages.
Dubbed Canada’s “sunniest” province, Saskatchewan boasts a low cost of living for its residents. Homes have a median price of $282,707, and with more affordable food prices and a thriving economy (thanks to its agriculture and manufacturing industries), it’s a great province to call home. One downside: electricity rates are higher than the rest of the country.
British Columbia is considered the least affordable province to live in throughout the country. Cities like Vancouver and Victoria have an extremely high cost of living, where prices exceed the country’s average. If you’re going to buy a house here, you’re looking at an average cost of $936,098.