Methodology
To determine what is the cheapest province to live in Canada, our analysis considered several key factors:
- Monthly cost of living: Includes expenses such as groceries, transportation, and utilities.
- Average rent: Monthly rent for a two-bedroom apartment. Note that data on average cost of rental per entire province was difficult to confirm so when a provincial average could not be ascertained, the numbers given reflect the average rent in the province’s capital city.
- Average property buying cost: The average price of purchasing a home.
- Population and average income: Gives a sense of the economic environment of each province.
Data was sourced from various reports and governmental websites like Statistica, Stats Can and Ziprecuiter (and several others) to ensure a comprehensive overview. When determining affordability, the heaviest weight was given to the cost of buying a home.
Empower your investments with Qtrade
Discover Qtrade's award-winning platform and take control of your financial future. With user-friendly tools, expert insights, and low fees, investing has never been easier.
Start Trading TodayCheapest province to live in Canada
1. Newfoundland and Labrador
- Population: Approximately 541,391
- Average cost of living: $1,751 for one person including rent
- Average income: $42,325
- Average rent: $1,050 for two-bedroom apartment
- Average house price: $293,573
Newfoundland and Labrador offers affordable housing, low taxes and a relaxed lifestyle with friendly people and beautiful landscapes . There is also ample ipportunities for unique outdoor activities like whale watching and iceberg viewing.
How do the rest stack up?
2. New Brunswick
- Population: Approximately 850,000
- Cost of living: $1,550 for one person including rent
- Average income: $46,344
- Average rent: $1,093 for two-bedroom apartment
- Average house price: $297,527
Known for its coastal beauty and stunning national parks, New Brunswick offers affordable living with low housing costs and a welcoming community.
3. Saskatchewan
- Population: Approximately 1,231,043
- Cost of living: $1,693 for one person including rent
- Average income: $47,761
- Average rent: $1,475 for two-bedroom apartment
- Average house price: $326,116
Renowned for its prairies and natural beauty, the province of Saskatchewan has a low cost of living with a booming job market.
4. Manitoba
- Population: Approximately 1,342,153
- Cost of living: $1,693 for one person including rent
- Average income: $48,879
- Average rent: $1,365 for two-bedroom apartment
- Average house price: $348,689
Manitoba provides a balance of urban and rural living with affordable housing and a strong economy.
5. Prince Edward Island
- Population: Approximately 177,081
- Cost of living: $1,404 for one person including rent
- Average income: $43,220
- Average rent: $1,000
- Average house price: $376,429
Boasting scenic landscapes and small-town charm, PEI offers a peaceful lifestyle with reasonable living costs and a well-balanced housing market.
6. Nova Scotia
- Population: Approximately 1,058,694
- Cost of living: $2,099 for one person including rent
- Average income: $51,262
- Average rent: $1,450 for two-bedroom apartment
- Average house price: $454,376
Nova Scotia provides coastal beauty and a vibrant arts scene, along with affordable living options, especially outside of Halifax.
7. Alberta
- Population: Approximately 4,849,906
- Cost of living: $1,903 for one person including rent
- Average income: $50,631
- Average rent: $1,448 for two-bedroom apartment
- Average house price: $493,549
Home to cities such as Calgary and Edmonton, Alberta offers economic opportunities, reasonable cost of living and incredible, singular landscapes like Drumheller and the Rocky Mountains.
8. Quebec
- Population: Approximately 8,814,007
- Cost of living: $1,730 for one person including rent
- Average income: $49,473 for two-bedroom apartment
- Average rent: $1,042 for two-bedroom apartment
- Average house price: $502,695
Acclaimed for its unique culture and food scene, as well as its vibrant cities, Quebec offers a relatively low cost of living with rich cultural and historic experiences.
9. Ontario
- Population: Approximately 15,457,075 million
- Cost of living: $2,255 for one person including rent
- Average income: $54,834
- Average rent: $1,609 for two-bedroom apartment
- Average house price: $837,685
Ontario's blend of urban amenities and varied landscapes makes it an attractive option for those looking for a good job and a high standard of living. It’s also home to some of the country’s best museums, universities and attractions.
10. British Columbia
- Population: Approximately 5,646,467
- Cost of living: $2,273 for one person including rent
- Average income: $53,042
- Average rent: $2,769 for two-bedroom apartment
- Average house price: $959,480
Although it boasts striking natural beauty, outdoor adventure opportunities, generally mild winters and high quality of life, the province of British Columbia is the most expensive to call home.
Final words
New Brunswick, Newfoundland and Labrador and Saskatchewan rank as the cheapest places to live in Canada. Each offers unique benefits, from stunning natural landscapes to vibrant urban centers, making them attractive options for those looking to balance affordability with quality of life.
Unexpected vet bills don’t have to break the bank
Life with pets is unpredictable, but there are ways to prepare for the unexpected.
Fetch Insurance offers coverage for treatment of accidents, illnesses, prescriptions drugs, emergency care and more.
Plus, their optional wellness plan covers things like routine vet trips, grooming and training costs, if you want to give your pet the all-star treatment while you protect your bank account.
Get A QuoteFAQs
What Canadian province has the lowest cost of living?
At an average cost of living of just over $1,400 for one person including rent, Prince Edward Island has the lowest cost of living, which may make it seem like the most affordable province. However, despite having the lowest cost of living, it’s not the cheapest province in the country. It’s important to keep in mind that the cost of renting and purchasing a home, as well as average salary, are also important considerations when deciding what is the best and most affordable province to live in Canada.
What is the cheapest province to settle in Canada?
The cheapest province to settle in Canada is Newfoundland and Labrador. This province, renowned for its beauty, laid-back lifestyle and friendly communities, is the most affordable province in the country thanks to an average rent of $1,050 for a two-bedroom apartment and an average house price of $293,573.
Is it cheaper to live in Alberta or Saskatchewan?
While Alberta once had the reputation as being one of the cheapest places to live in Canada, that has changed over the years as people, looking to take advantage of a strong job market and affordable housing, have moved to the province in large numbers. This influx has caused a shortage of housing and driven up costs, particularly in major cities such as Calgary and Edmonton.
What is the most expensive province to live in Canada?
The dubious reputation as the most expensive province to live in Canada goes to British Columbia. With a high monthly cost of living of over $2,200, a steep price of $2,769 for a two-bedroom rental and an average house price of nearly a million dollars, BC is the most expensive province in Canada.
Sources
2. Stats Can
Trade Smarter, Today
Build your own investment portfolio with the CIBC Investor's Edge online and mobile trading platform and enjoy low commissions. Get 100 free trades and $200 or more cash back until March 31, 2025.
