These Are The Cheapest Places To Live In Canada In 2023 Where Your Money Will Go Further

As residents feel the pressure of the rising cost of living in Canada, many may be thinking of moving somewhere with better affordability.

If this is you, a new report has detailed the cheapest places to live in Canada, where you'll find affordable housing and a low cost of living — which will help your money go a lot further.

Digital mortgage lending platform Nesto has compiled a list of the best places to live in Canada based on factors like housing affordability, job growth, rental market affordability, and low cost of living.

According to the lending company, Quebec is actually home to the cheapest place to live in Canada.

Trois-Rivieres, Quebec, is the country's most affordable city, where the average monthly expenses for a single person without rent is $670, and rent for a one-bedroom apartment is $560 per month.

Likewise, Lloydminster, Saskatchewan, offers a low cost of living and inexpensive rental costs, with the average price for a one-bedroom at $750 and average expenses for a single person at $695 per month.

Third on the list is Saint John, New Brunswick, which offers a similarly low cost of living, with expenses at an average of $698 and a one-bedroom in the city costing an average of $873 per month.

If you're looking to purchase a home, Nesto also compiled a list of the cheapest places in Canada with affordable home prices that also offer their share of job opportunities.

For example, Sept-Îles, Quebec, has an average home price of $204,042 and property is taxed at a rate of 1.15%, lower than the national average.

Likewise, in Bécancour, Quebec, a "largely industrial city on the shores of the Saint Lawrence River," the average home costs just $206,748 — much lower than the average home price in Toronto ($1,081,400) or Vancouver ($1,114,300).

According to Nesto, although Bécancour is a small community with less than 14,000 residents, the town is "economically mobile, with many high-paying jobs available in the aerospace and petroleum industries."

The town is also just 1 hour and 45 minutes away from Montreal.

"Many of the most affordable cities in Canada are away from large urban population centres," Nesto says, noting that many of Canada's cheapest places to live can be found in Quebec.

This article's cover image was used for illustrative purposes only.