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The 5 Cheapest Places to Live In Canada In 2023

Published November 14, 2023
Tonny J. | Growth Consultant

best province to live in canada most affordable cities lowest cost cheapest provinces citis for families to live and work family

With prices skyrocketing in Canada since lockdown, most of the consumer market has been hit with practically every facet of life. Mortgages have gone up. Rent, groceries, and fuel to name a few.

But there are places in Canada which are more resilient to the rampant inflation sweeping across the country.

So here are 5 places in Canada with the lowest cost of living in 2023. This comes from a snapshot view during the month of September. As time goes on, prices of homes will fluctuate. 

The metrics measured here are the average price of homes sold across the province. The average room of homes in Canada is 2.6 rooms per person.

The next metric is how much groceries cost on average per province. In 2023, the average cost for the amount of groceries per month in Canada is $1,357.37.

The last factor when deciding which is the cheapest place to live in Canada is to determine the province’s flood risk.

5 Cheapest Places to Live In Canada

#1 New Brunswick

best province to live in canada most affordable cities lowest cost cheapest provinces citis for families to live and work family new brunswick2

#1 on the cheapest places to live in Canada is New Brunswick. 

With the average home costing $288,050 in September of 2023, it is the most affordable place to live in Canada.

The average cost of groceries for a family of four is roughly $1,450 per month.

The flood risk in New Brunswick ranges once every 20 years, to once every 100 years. This mostly depends on how high the properties are away from the shoreline. So the higher you live, the safer you are.

best province to live in canada most affordable cities lowest cost cheapest provinces citis for families to live and work family new brunswick

Source: WOWA Canadian Housing Market News (Prices will fluctuate)

New Brunswick is home to sandy beaches and warm waters off the Acadian Coast. It’s known for many natural wonders and natural attractions.

There’s a lot to do if you enjoy seeking outdoor adventures. You can check out some of their famous zip-lines if you want to get your adrenaline pumping. Their Over the Cove Zipline and Zip Zag Canada activities should be enough to keep your heart going.

Lot’s to do if you enjoy fishing, hiking, and taking in the scenery on your mountain climbs.

And don’t forget local fresh fish from the shoreline straight to your table.

New Brunswick may be a quiet place to live in, but don’t forget you can dine out and live comfortably while building extra zero’s to the end of your bank account.

#2 Saskatchewan

#2 on the cheapest places to live in Canada is Saskatchewan. 

With the average home costing $292,210 in September of 2023, it is among the most affordable places to live in Canada.

The average cost of groceries for a family of four is roughly $1,312 per month.

The flood risk of Saskatchewan is extremely low. The chance of flooding occurring is once every 500 years. Saskatchewan is a very safe place to own property away from the coastlines.

best province to live in canada most affordable cities lowest cost cheapest provinces citis for families to live and work family saskatchewan

Source: WOWA Canadian Housing Market News (Prices will fluctuate)

If you prefer a quieter rural life away from the loud bustle of the city, Saskatchewan should be on your list.

As Saskatchewan boasts a resilient job market with the economy expected to keep growing. It could be one the best place to live in Canada with family or for immigrants who seek stability and affordability in their lives.

Although the scenery may not be great south of Saskatchewan, don’t let that deter you from visiting the north side filled with hidden beauties and landscapes. There are tons of lakes and trees you have yet to explore!

Lot’s of corner markets, local cooking, and garden visits to check out if that’s your zen.

Did I mention already the chances of experiencing flood is close to nil? Oh right, a great place to set up your home base of operations while you grow your net worth.

#3 Newfoundland and Labrador

best province to live in canada most affordable cities lowest cost cheapest provinces citis for families to live and work family newfoundland and labrador2

#3 on the cheapest places to live in Canada is Newfoundland and Labrador. 

With the average home costing $302,651 in September of 2023, it is among the most affordable places to live in Canada.

The average cost of groceries for a family of four is roughly $1,236 per month.

The flood risk of Newfoundland and Labrador has a 5% chance in any year of returning floods occurring (once every 20 years). And a flood fringe risk of 1% once every 100 years.

Source: WOWA Canadian Housing Market News (Prices will fluctuate)

Another place to live in Canada if you enjoy a slower pace of living. It seems to be a common thread so far among the cheapest places to live in Canada. Newfoundland and Labrador is the place to go if you enjoy surrounding yourself with local strong communities.

There are a lot of beautiful coastlines and unique landscapes to experience. I don’t think you could pass up on their Rock Harbor Cove while traveling on boat. Then before hitting the mat in their unique Gros Morn Cabins, you could check out the festivals going on at night-time.

Let’s not forget about fresh seafood straight from the pristine waters of the North Atlantic. You can never run out of restaurants to visit when you’re craving fine local cuisine. 

I think our Eastern brothers and sisters know something the Japanese know – how to reach a longer life expectancy with food fresh from the sea.

#4 Manitoba

best province to live in canada most affordable cities lowest cost cheapest provinces citis for families to live and work family manitoba2

#4 on the cheapest places to live in Canada is Manitoba.

With the average home costing $351,445 in September of 2023, it is still among the most affordable places to live in Canada.

The average cost of groceries for a family of four is roughly $1,277 per month.

Looking from the past of Manitoba, the risk of flood averages around once every 20 years. As it is more prone for rivers to flood, it’s best to keep your properties a safe distance from rivers in Manitoba.

best province to live in canada most affordable cities lowest cost cheapest provinces citis for families to live and work family manitoba

Source: WOWA Canadian Housing Market News (Prices will fluctuate)

It seems Manitoba would break some of the stereotypes of a cheap place to live in Canada. It’s a hybrid that mixes the best of both worlds – the busy city life with the quiet living lifestyle. The capital city, Winnipeg is comparable to that of Vancouver and Toronto.

With a strong economy in the province, it’s a perfect place to pursue careers or even start your own business.

If you enjoy the night life, Manitoba has various venues to check out with drinks and music to keep you entertained on the weekends. Great for social meetups and get-togethers when you feel you need to unwind.

Lots of gourmet cuisines to dine in and urban restaurants to keep your spirits high. 

#5 Prince Edward Island

#5 on the cheapest places to live in Canada is Prince Edward Island.

With the average home costing $382,283 in September of 2023, it is still among the most affordable places to live in Canada.

The average cost of groceries for a family of four is roughly $1,453 per month.

There’s not a lot of information on flood risk rates for Prince Edward Island. But it’s safe to say the province island has some issues with flooding. For instance, it’s becoming increasingly expensive and impossible to buy home insurance in Prince Edward Island. That speaks volumes in itself.

So long as you live off the coastlines, you and property should be relatively safe.

best province to live in canada most affordable cities lowest cost cheapest provinces citis for families to live and work family prince edward island

Source: WOWA Canadian Housing Market News (Prices will fluctuate)

But let’s not give up on Prince Edward Island so quickly. If you enjoy strolling through the forests and the ocean coastlines, Price Edward Island is your next destination. Travel south and you’ll be surrounded by the dense scenery of trees beyond the eyes can see!

A great getaway to go on long hikes visiting local parks along the way. You can spot the Canadian beavers living in their habitat when you visit the Morell and Midgell area east of P.E.I. Wetlands west of Summerside are another popular spot for beavers.

Maybe you’ll even spot minks climbing trees while you enjoy your days on the beautiful beaches.

The island is known for it’s cheese and seafood. So be sure to plan for Lobster Mac’ N Cheese at Lobster On the Wharf in Charlottetown. How about crispy golden fries served topped with lobster gravy? The combinations are endless!

If you want to live in a safe and quiet environment, Prince Edward Island is worth looking into.

So, where’s the best place to live in Canada?

Among the top 5 affordable places to live in Canada, I would rank Saskatchewan as #1.

Although it is relatively a quieter place to live without the same hustle and bustle lifestyle of the big cities, it’s a great place to set up your home base.

The flood risk is significantly low with Saskatchewan being completely remote from any ocean shorelines. Giving you and your home a piece of mind of staying upright all year long.

If you’re moving soon, be sure to check out the safest cities in Canada to live in 2023.