Top 7 Cheapest Provinces to live in Canada with the Best quality of life – 2024

• Cost of Living: $2,411.87 
• Average 1-bed apt rent: $845
• Average property buying cost: $297,000

Newfoundland and Labrador are nearly the same size as California or Paraguay, with fishing being the foundation of the province’s economy 500 years ago. Today, Newfoundland and Labrador provide the best of both urban and rural living for its locals, with state-of-the-art facilities, top-notch culinary options, and a thriving cultural scene all only minutes from scenic coastlines and forests. Resources like mining, hydroelectric power, oil and gas, and fishing have grown to be the mainstays of the province’s economy.The cost of living, including housing and rent, makes Newfoundland and Labrador the cheapest province to live in Canada. Not only does it offer affordable housing options, but it also has some of the lowest post-secondary tuition fees in North America, making it a welcoming place conducive to raising a family and allowing individuals to put down roots and truly call it home.

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• Cost of Living:$2,341.21
• Average 1-bed apt rent: $1,274
• Average property buying cost: $308,800 

In addition to affordable real estate, New Brunswick provides cost-effective essential services like water, gas, and electricity, which are notably cheaper than the national average. One of the reasons the province is an affordable place to live is because there is little employment in New Brunswick and therefore little demand for housing, resulting in few buyers. New Brunswick has a low cost of living, making it easier for locals to make ends meet. The province generally has lower housing costs compared to some other regions in Canada.

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• Cost of Living:$2,531.25 
• Average 1-bed apt rent: $1,228
• Average property buying cost: $344,800 

Saskatchewan has an affordable housing market, with significantly lower costs for both buying and renting compared to many other Canadian provinces. This affordability extends to everyday living expenses, making it an ideal place for budget-conscious individuals.Aside from affordability, locals love Saskatchewan because it is Canada’s “sunniest” province, averaging 2,000 to 2,500 hours of sunshine annually, which is perfect for families who love to stay outdoors. Saskatchewan is also one of just two provinces without a saltwater coast.

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• Cost of Living:$2,696.7
• Average 1-bed apt rent: $1,381
• Average property buying cost: $376,770 

Manitoba is a province full of nature, from its lush forests and tundra to its rolling prairies and over 100,000 lakes. Winnipeg, the capital, is known for its chilly winters but also offers some of the most affordable housing among big Canadian cities. Plus, the city comes alive with unique festivals during the summer.The province has a strong Indigenous presence and enjoys pleasant, not-too-hot summers with plenty of sunshine. Manitoba’s economy thrives on agriculture, manufacturing, and mining.One of the best things about Manitoba is the incredibly low hydroelectricity rates, thanks to Manitoba Hydro, a major North American power company with a generating capacity over 5,000 MW. If you’re looking to move to Canada without breaking the bank, Manitoba is definitely worth considering!

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• Cost of Living: $2,718.14 
• Average 1-bed apt rent: $850
• Average property buying cost: $365,600 

As the smallest Canadian province, Prince Edward Island is also one of the most affordable places to live in the country and a part of the Maritime Provinces of Canada. Its low population contributes to the widespread availability of affordable housing.Renowned for its stunning sandy beaches, potatoes, and lobster, the island’s beauty is bound to captivate you. With the warm waters of the Gulf of St. Lawrence reaching around 20°C in July and August, it’s ideal for swimming. If you enjoy cycling, Prince Edward Island is perfect for you, with the Confederation Trail offering excellent biking opportunities for all skill levels.

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• Cost of Living:$2,665.56
• Average 1-bed apt rent: $1,776
• Average property buying cost: $525,732

Quebec’s housing market is diverse, offering opportunities for all types of buyers. From modern city apartments to spacious suburban homes, there’s something for everyone. The diverse range of affordable options in Quebec makes homeownership more accessible than in many other parts of Canada.The overall cost of living in Quebec tends to be lower than in Ontario, British Columbia and other expensive provinces in Canada. This amount includes expenses such as groceries, transportation, and utilities, making it more economical for residents.

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• Cost of Living:$3,101.53
• Average 1-bed apt rent: $2,100
• Average home price: $564,000

Nova Scotia is increasingly popular among Canadians from more expensive provinces, as they seek more affordable housing options. While renting in Nova Scotia can still be relatively pricey and general costs such as food are higher compared to other regions, buying property remains much more affordable than in Ontario and BC.Residents often have mixed feelings about Nova Scotia: some fall in love with the province and vow never to leave, while others feel differently. The province is known for its friendly people, vibrant culture, and rich history. Nova Scotia offers stunning Atlantic coastlines, beautiful beaches, and scenic trails. For those who appreciate nature and coastal living, Nova Scotia presents a relatively affordable opportunity to buy a home.

Zumper (Aug 2024) & Realtor (Aug 2024) MovingWaldo (Aug 2024)