According to nesto, many of the most affordable cities are in Quebec and New Brunswick, where housing prices are significantly lower than the national average. In fact, these budget-friendly cities to buy a home have house prices nearly three times cheaper than the Canadian average, while the cheapest rental markets are about 1.5 times more affordable than average rent across Canada.
But don't fret! There are plenty of inexpensive places to live in other provinces too, including several in Ontario and close to big hubs like Toronto, so you don't necessarily need to sacrifice access to big-city amenities for a lower cost of living.
Let's dive into the top 20 cheapest cities in Canada.
Top 10 cheapest Canadian cities to buy a home
If you're in the market to buy, these cities offer the most bang for your buck:
- Rivière-du-Loup, QC — $294,955 average home price vs. $70,894 average household income
- Tracadie, NB — $148,620 average home price vs. $67,547 average household income
- Thetford Mines, QC — $196,537 average home price vs. $64,231 average household income
- Sainte-Marie, QC — $306,957 average home price vs. $87,119 average household income
- Alma, QC — $271,142 average home price vs. $74,485 average household income
- Bathurst, NB — $191,402 average home price vs. $61,797 average household income
- Rimouski, QC — $298,714 average home price vs. $72,435 average household income
- Victoriaville, QC — $297,150 average home price vs. $68,269 average household income
- Dolbeau-Mistassini, QC — $219,932 average home price vs. $68,175 average household income
- Rouyn-Noranda, QC — $316,351 average home price vs. $82,859 average household income
Quebec completely dominates the list, with eight of the top 10 most affordable home-buying cities located in La Belle province. Meanwhile, New Brunswick sneaks in with Tracadie and Bathurst, where home prices remain well under $200,000.
Top 10 cheapest Canadian cities for renters
For tenants, these cities offer the best rent affordability in Canada:
- Regina, SK — $1,314 average monthly rent vs. $106,546 average household income
- Saskatoon, SK — $1,367 average monthly rent vs. $100,909 average household income
- Edmonton, AB — $1,529 average monthly rent vs. $92,276 average household income
- Winnipeg, MB — $1,604 average monthly rent vs. $85,831 average household income
- Windsor, ON — $1,645 average monthly rent vs. $74,109 average household income
- Quebec City, QC — $1,669 average monthly rent vs. $81,778 average household income
- St. Catharines, ON — $1,860 average monthly rent vs. $79,640 average household income
- Kingston, ON — $1,907 average monthly rent vs. $89,158 average household income
- Hamilton, ON — $1,916 average monthly rent vs. $95,095 average household income
- Calgary, AB — $1,925 average monthly rent vs. $101,588 average household income
The renter list just goes to show that affordable rent doesn't always mean small-town living. In fact, some of Canada's biggest cities — Calgary, Edmonton, Winnipeg, Hamilton and Quebec City, all among the country's 15 biggest urban centres — made the list.
That means you don't necessarily have to trade big-city amenities for budget-friendly housing, with options available in major hubs across the country.
Meanwhile, Saskatchewan leads the pack with both Regina and Saskatoon offering rent well below the national average, making them attractive mid-sized options for anyone looking to save.
How the ranking was determined
According to nesto, the ranking was based on a combination of data from the Globe and Mail's most liveable cities list and the most recent Rentals.ca national rent report. The list considers factors such as average home prices, rental rates and household incomes to determine relative affordability.
With many of the cheapest cities located outside of major metropolitan areas, it's true that moving to one of these locations might require some lifestyle adjustments. But if you're looking to stretch your dollar further in 2025, these spots could be worth considering.
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