Personal Finance

Cheapest Cost Of Living In Canada: Top Affordable Cities

Discover the cheapest cost of living in Canada in our latest blog post. Explore the top affordable cities for budget-friendly living.
Bruce Hodges
June 26, 2024
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Table of Contents

Cheapest Cost Of Living In Canada: Top Affordable Cities

While major Canadian cities like Vancouver and Toronto are popular destinations for Canadians and tourists alike, they also come with a high cost of living. This makes big cities more and more difficult to thrive in, and leaves Canadians looking for other options across the country.

Luckily, for individuals and families looking for a more affordable lifestyle, there are several cities in Canada that offer a lower cost of living without compromising on other benefits. These cities provide affordable housing options, a range of amenities, and a high quality of life. We will explore some of the cheapest places to live in Canada, and discover why they rank among the top affordable cities in the country!

Whether you are a first-time homebuyer, someone looking to rent, or simply curious about the cost of living in Canada, we will guide you towards the most affordable cities in the country.

Key Highlights

  • Canada offers several affordable cities with a low cost of living and affordable housing options.
  • Quebec City, Saint John, and Lévis are some of the most affordable cities in Canada!
  • These cities offer a high quality of life, affordable housing, and a range of amenities and recreational activities.
  • Employment prospects and entrepreneurial opportunities also exist in these affordable cities, making them attractive options for job seekers and business owners.

Exploring Canada's Most Affordable Cities

When it comes to finding the most affordable places in Canada, there are several factors to consider, such as housing costs, quality of life, and job opportunities. From the eastern province of Quebec to the western province of British Columbia, and everywhere in between, we will take a closer look at the top affordable cities and what makes them an attractive choice for those seeking an affordable lifestyle.

1. Quebec City, Quebec: A Blend of History and Affordability

Quebec City, the capital of Quebec, is a charming and historic city that offers a blend of culture and charm. With its cobblestone streets, European architecture, and picturesque views of the St. Lawrence River, Quebec City is a popular destination for tourists and residents alike.

Quebec City also offers affordable housing options, making it an attractive city for individuals and families looking for a lower cost of living. The city boasts a strong sense of community and a high quality of life, with access to affordable healthcare, education, and cost effective recreational activities. Whether you're strolling through Old Quebec, exploring the vibrant arts scene, or enjoying the local cuisine, Quebec City has something to offer everyone.

2. Saint John, New Brunswick: Coastal Living on a Budget

Saint John, located in the province of New Brunswick, offers up the ideal coastal living without breaking the bank. With its stunning views of the Bay of Fundy paired with its radiant arts and culture scene, Saint John is a hidden gem for those seeking an exciting city. The city's economy is also supported by various industries such as mining, hydroelectric power, oil and gas, and fishing, making it an affordable option for those looking to live in a city with diverse employment opportunities.

The cost of living in Saint John is lower compared to larger cities, making it an attractive destination for individuals and families looking to save money. Thanks to its affordable housing, the city is the ideal place whether you're looking to rent or even buy a home. From exploring the historic waterfront to enjoying the local seafood cuisine, Saint John provides a unique experience for all residents and those aspiring to move there.

3. Lévis, Quebec: High Quality Lifestyle for Less

Lévis, located on the south shore of the St. Lawrence River in Quebec, offers a low cost of living coupled with a high quality of life. With its beautiful parks, riverside trails, and stunning views of Quebec City across the river, Lévis provides a peaceful and scenic place to call home.

The city also offers a range of amenities, including access to healthcare, educational institutions, and recreational activities. Whether you're exploring the Old Lévis neighborhood or enjoying the local festivals, events, or its natural beauty, Lévis is always a great place to consider moving to!

4. Sherbrooke, Quebec: Economical Education Hub

Sherbrooke, located in the Eastern Townships of Quebec, has been crowned the second most affordable city to live in and boasts a range of educational opportunities. The city is home to several universities and colleges, making it an attractive destination for students and academics.

In addition to its educational offerings, Sherbrooke also provides exciting career opportunities to those contemplating it as their forever home. The city has a strong economy with opportunities in healthcare, technology, and research sectors. Whether you're pursuing higher education or seeking employment opportunities, Sherbrooke offers a vibrant environment to thrive in.

5. Abbotsford, British Columbia: Ultimate Suburban Lifestyle

Abbotsford, located in the Fraser Valley of British Columbia, offers up a suburban lifestyle just a short distance from major cities like Vancouver. The city provides a lower cost of living compared to Vancouver, making it an attractive option for those seeking affordable housing with a more relaxed pace of life.

With its stunning views of the mountains, access to outdoor activities, and a range of amenities, Abbotsford offers a high quality of life for those that prefer the great outdoors. The city also boasts a strong sense of community, with opportunities for cultural engagement and recreational activities. Whether you're enjoying the local parks and trails or excited to pick up new outdoorsy hobbies, Abbotsford is the perfect place for you.

Conclusion

Living affordably in Canada is a dream for many, and our list of top affordable cities can make it a reality. From the historic charm of Quebec City to the coastal bliss of Saint John, these cities offer many the chance to improve their quality of life, without financial strain. By leveraging local resources and budgeting wisely you can thrive in these budget-friendly havens. With access to healthcare, education, and vibrant communities, these cities provide a high quality of life that anyone would love. Whether you're a new immigrant, entrepreneur, or retiree, these cities have something to offer everyone seeking an affordable and fulfilling lifestyle in Canada.

Bruce Hodges
Bruce, Founder and CEO of Parachute, worked for several of Canada’s top Banks, published research for the Canadian Bankers Association, and taught E-commerce Strategy in Wilfrid Laurier University’s MBA program. His first start-up built credit solutions for the likes of National Bank, Fair Isaac, and Ford Credit globally. Prior to starting Parachute, Bruce was COO of Foresters Financial, and EVP Transformation at CIBC, one of Canada’s top 5 banks. Bruce founded Parachute to disrupt the financial wellness space taking on payday, and high interest predatory lenders, with the intent to bring at risk Canadians back from the brink to good financial health.
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