The top 12 cheapest places to live in Alberta

Cheapest places to live in Alberta

Here are the top 12 cheapest places to live in Alberta. Note that the average price of a home was given precedence over the cost of rent, so some locations rank as a cheaper place to live, though they may have a higher rental cost.

1. Wetaskiwin

• Population: 12,317
• Average rent: $1,090/month for a two-bedroom unit
• Average house price: $189,000

Wetaskiwin has a welcoming small-town feel with affordable housing and a close-knit community, ideal for those seeking a quieter lifestyle.

2. Red Deer

• Population: 105,883
• Average rent: $1,072/month for a two-bedroom unit
• Average house price: $245,000

Centrally located between Edmonton and Calgary, Red Deer offers affordable housing, a diverse economy and recreational opportunities.

3. Camrose

• Population: 18,772
• Average rent: $1,104/month for a two-bedroom unit
• Average house price: $249,244

Camrose is known for its beautiful parks, vibrant arts scene and affordable living, making it a great option for families and retirees.

4. Lloydminster

• Population: 20,574
• Average rent: $1,014/month for a two-bedroom unit
• Average house price: $270,480

Located on the Alberta-Saskatchewan border, Lloydminster has an attractive mix of urban and rural lifestyles and is a good spot if you’re looking for a laid back approach.

5. Cold Lake

• Population: 15,661
• Average rent: $1,053/month for a two-bedroom unit
• Average house price: $315,000

Cold Lake has a mix of outdoor activities, including fishing and boating, with affordable living and a strong community spirit.

6. Grande Prairie

• Population: 67,669
• Average rent: $1,136/month for a two-bedroom unit
• Average house price: $326,484

Known for its low cost of living and employment opportunities, Grande Prairie is ideal for those who enjoy winter activities and a connection to nature.

7. Brooks

• Population: 14,451
• Average rent: $1,053/month for a two-bedroom unit
• Average house price: $327,916

Brooks is known for its agricultural roots and affordable living, providing a strong sense of community and family-friendly environment.

8. Medicine Hat

• Population: 65,949
• Average rent: $961/month for a two-bedroom unit
• Average house price: $336,469

Known for its sunny climate (with over 300 days of sunshine, yearly) and affordability, Medicine Hat has easy access to numerous parks and recreational activities.

9. Lethbridge

• Population: 104,254
• Average rent: $1,094/month for a two-bedroom unit
• Average house price: $391,867

Lethbridge is Alberta's third-largest city and is said to have a wonderful arts scene, lots of outdoor activities and is home to the respected University of Lethbridge.

10. Edmonton

• Population: 1,010,899
• Average rent: $1,300/month for a two-bedroom unit
• Average house price: $407,458

Alberta's capital city, Edmonton offers a rich cultural scene, diverse interesting neighbourhoods, lots of great dining options and ample green spaces.

11. Fort Saskatchewan

• Population: 28,045
• Average rent: $1,350/month for a one-bedroom unit
• Average house price: $430,000

Located near Edmonton, Fort Saskatchewan offers affordable living with easy access to urban amenities and employment opportunities.

12. Airdrie

• Population: 74,100
• Average rent: $1,980/month for a two-bedroom unit
• Average house price: $555,000

Airdrie is a growing city with good schools and close proximity to Calgary, making it ideal for families and commuters.

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Alberta's increasing cost of living

While it’s one of Canada’s most affordable provinces in which to live, prices are starting to rise in Alberta. In January 2024, Alberta's inflation rate rose due to increases in electricity prices and shelter costs. Calgary, in particular, saw the highest inflation rate among major Canadian cities. This rising prices and Alberta’s continuing desirability as a place to live mean that its affordability may not continue for long. Of special note is the province’s rising housing costs. Statistics Canada reported that rent prices in Alberta increased by 16.2% year-over-year in April of 2024, up from a 14.2% rise in March.

What defines affordable living in Alberta?

So what do we mean when we use the term “affordable?” In terms of housing, it means more than just the lowest possible price for homes and rentals. Afterall, an affordable rent would not mean much if you lived in a dangerous area. When looking at affordability, it’s important to take a variety of factors into consideration, including things like overall quality of living versus how much you’ll have to pay for things like utilities, transportation and food.

Additionally, proximity to things like good schools and job opportunities plays a crucial role. Sometimes, a location may have slightly higher property costs, but the total savings in other areas can make it an attractive option for those looking for comprehensive value that goes beyond just housing costs. For that reason, it's essential to consider overall quality of living and costs for daily spending when determining what makes living in Alberta affordable.

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Average rent in Alberta

According to data from the Canada Mortgage and Housing Corporation (CMHC), as of October 2023, the average cost of a two-bedroom rental in the province of Alberta is $1,448. You can find some of the most affordable rents in smaller towns like Wetaskiwin and Medicine Hat, and pay more if you want to live in a vibrant urban centre like Calgary or Edmonton.

FAQs:

Is it really cheaper to live in Alberta?

Yes, in general it’s cheaper to live in Alberta compared to other Canadian provinces, especially large provinces like British Columbia and Ontario. When comparing the cost of living, Alberta boasts significantly lower housing costs. This is especially true when you compare the cost of housing in urban centres like Toronto and Vancouver to prices in Edmonton and Calgary. Furthermore, the fact that there is no provincial sales tax in Alberta can add a significant amount to your savings when you consider that Canadians living in Ontario and BC have to pay at least an additional 5% on most purchases, aside from groceries.

Which part of Alberta is best to live in?

There really is no one-size-fits-all answer when it comes to choosing the best place to live in Alberta. It depends on each person’s individual preferences, lifestyle and priorities like childcare, good jobs or an active lifestyle.

Calgary, Alberta's largest city, offers a dynamic environment with a strong economy, particularly in the oil and gas sector, along with a vibrant arts and restaurant scene. Edmonton, the capital city, is known for its festivals and lower cost of living compared to other major Canadian cities. For outdoor enthusiasts, Banff provides world-class skiing, hiking and stunning mountain views, though it tends to be quite expensive. Red Deer, located between Calgary and Edmonton, offers a balanced lifestyle with access to urban amenities and outdoor activities, making it ideal for career-focused individuals and families.

Is it cheaper to live in BC or Alberta?

With few exceptions, when comparing the cost of living in Alberta to that of BC, Alberta comes out ahead as the more affordable option. There are a variety of reasons for its affordability over BC but one of the main reasons is that the demand for housing exceeds the supply, which is not yet an issue in much of Alberta. For example, the average two-bedroom rent in the popular city of Calgary is $2,250, whereas in BC, the average rent for a two-bedroom apartment is a whopping $3,780. The fact that there is no provincial sales tax in Alberta also makes it a much more affordable place to live over BC.

What salary do you need to live in Alberta?

There is no one salary that will suit everyone to live comfortably in Alberta. That’s because it really depends on what you prioritize spending your money on. If you want a large home in an affluent neighbourhood in Calgary or Banff, then you’ll need a much bigger salary than someone who is happy to live in a more modest home in a rural setting. That being said, some experts estimate that a yearly salary of $100,000 is needed to live well in the province. Presently, according to ZipRecruiter, the average salary in Alberta is $50,631.

Sources

1. Alberta Consumer Price Index (Jul 16, 2024)

2. Statistics Canada: Consumer Price Index (April 2024)

3. CMHC: Methodology for Rental Market Survey (Jan 29, 2024)

4. ZipRecruiter: Average Salary in Alberta