Canada is a forward-thinking country with plenty of job opportunities for immigrants who are seeking out a better quality of life for themselves and their families. Canada’s economy is diverse and has fast growth since it offers improved cost of living in various provinces, depending on what you’re looking for.
The Canadian government also proposed in Canada’s budget 2022 the rollout of a Tax-Free First Home Savings Account. This initiative enables those who are buying a home for the first time to save up to $40,000. This also implies that withdrawals and investment income from the first-time home buyer would be tax-free purchases.
As for small businesses, the Canadian government implemented a reduced federal tax rate of 9% whereas the general federal corporate tax rate is 15%.
So, what does this mean for small businesses? Small businesses will benefit at the reduced rate of 9% on their first $500,00 taxable income. Benefits such as these add to one of many awesome reasons to move to Canada since it offers a sustainable long-term life for you and your family.
While moving to another country can be easier said than done, we have compiled a list of the top 6 cheapest places to live in Canada so you can get the most out of your living expenses.
Bear in mind that every city in Canada varies in costs and that things are always changing since the growth of the economy depends on many factors. To narrow it down, we have decided to focus on four variables:
- The monthly cost of living (single and family),
- House price,
- Apartment rent price and
- Food price (daily and monthly).
The data below was derived from Numbeo and MovingWaldo to give you a comprehensive breakdown of the cost of living of the best places to live in Canada.
1. Average Costs in New Brunswick
*family and non-family household
The Maritime province is made up of a multicultural population with a wealth of rivers, mountains, and pine forests as well as the city’s huge attraction, the Bay of Fundy which makes it one of the top 6 cheapest places to live in Canada. The city’s economy is largely dependent on the forestry, mining, fishing, tourism, and agriculture industry. There is also a huge demand for job opportunities for nurses, physicians, and delivery and courier drivers.
| Category | Average cost (monthly costs without rent) |
|---|---|
| Family of four estimated monthly costs | $4,256.38 |
| A single-person estimated monthly costs | $1,182.82 |
| Apartment rent price | $741 |
| House price | $274,700 |
| Daily recommended minimum amount of money for food per person *Numbeo | $14.92 |
| The monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo | $462.56 |
2. Average Costs in Charlottetown, Prince Edward Island
*family and non-family household
The province has an overall low cost of living, making Charlottetown one of the best places to live in Canada. The city’s magnificent white sand beaches and lush forests speak volumes of its natural beauty. The economy is fairly diverse but is mainly driven by the agriculture, fisheries, and tourism industry. It also branches out to industries such as aerospace, bioscience, information technology, and renewable energy. The current in-demand jobs are nurse aids, transport truck drivers, construction helpers, laborers, and light-duty cleaners.
| Category | Average cost (monthly costs without rent) |
|---|---|
| Family of four estimated monthly costs | $4,578.81 |
| A single-person estimated monthly costs | $1,278.18 |
| Apartment rent price | $817 |
| House price | $347,920 |
| Daily recommended minimum amount of money for food per person *Numbeo | $18.38 |
| The monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo | $569.84 |
3. Average Costs in Newfoundland and Labrador
*family and non-family household
The province is a resource-based industry where the economy relies mainly on the extraction and processing of oil, minerals, fish, and forest resources. However, cod fishing is currently the lifeblood of the province’s economy, though climate change has caused a lack of development on the agricultural end. In terms of employment opportunities, the city is currently seeking out tradespeople, professionals, research, health care, fishery, and agriculture.
| Category | Average cost (monthly costs without rent) |
|---|---|
| Family of four estimated monthly costs | $4,538.82 |
| A single-person estimated monthly costs | $1,293.65 |
| Apartment rent price | $853 |
| House price | $323,000 |
| Daily recommended minimum amount of money for food per person *Numbeo | $15.23 |
| The monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo | $472.26 |
4. Average Costs in Quebec
*family and non-family household
The city’s economy thrives on the services sector and natural resources and its well-structured infrastructure accommodates the diverse economy. Much of the city’s economy is reliant on manufacturing, the generation of electric power, mining, pulp, and paper. Quebec has plenty of job opportunities waiting to be filled. In-demand job opportunities just to name a few are: engineering, sales, and marketing, financial services, construction inspectors, and nurses.
| Category | Average cost (monthly costs without rent) |
|---|---|
| Family of four estimated monthly costs | $4,091.37 |
| A single-person estimated monthly costs | $1,105.48 |
| Apartment rent price | $845 |
| House price | $473,032 |
| Daily recommended minimum amount of money for food per person *Numbeo | $14.19 |
| The monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo | $439.86 |
5. Average Costs in Nova Scotia
*family and non-family household
The Maritime province is well-renowned for its high tides, lobsters, and fish. While the city’s economy is very much dependent on fishing, forestry, and mining, the economy also branches out to the tourism and agriculture industry. The current in-demand jobs in Nova Scotia are data analysts, financial and investment analysts, information system analysts, and desk officers.
| Category | Average cost (monthly costs without rent) |
|---|---|
| Family of four estimated monthly costs | $4,256.38 |
| A single-person estimated monthly costs | $1,182.82 |
| Apartment rent price | $909 |
| House price | $375,828 |
| Daily recommended minimum amount of money for food per person *Numbeo | $14.89 |
| The monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo | $461.56 |
6. Average Costs in Winnipeg, Manitoba
*family and non-family household
Winnipeg, Manitoba is home to a spectacular Museum for Human Rights, a rich culture of concerts and opera, as well as drama and ballet which makes it one of the top 6 cheapest places to live in Canada. Agriculture, tourism, electricity, oil, mining, and forestry plays a vital role in the city’s economy. Current employment occupations in Manitoba, just to name a few, are finance managers, human resource professionals, property administrators, accounting technicians, and bookkeepers.
| Category | Average cost (monthly costs without rent) |
|---|---|
| Family of four estimated monthly costs | $4,136.67 |
| A single-person estimated monthly costs | $1,156.10 |
| Apartment rent price | $891 |
| House price | $334,256 |
| Daily recommended minimum amount of money for food per person *Numbeo | $14.04 |
| The monthly recommended minimum amount of money for food per person (assuming 31 days per month) *Numbeo | $435.28 |
Know Your Needs to know which City Works For You
There’s a myriad of factors involved when it comes to moving to another country, which is why we’ve provided you with a breakdown of the top 6 cheapest places to live in Canada. This way, you’re able to get an overview of your living expenses, pointing you in the right direction in choosing a place to live for you and your family.
Alternatively, if you’re uncertain about where to start with an immigration program, feel free to get in touch with a Regulated Canadian Immigration Consultant (RCIC) to advise and guide you through the process.
FAQs
1. Where is the cheapest and nicest place to live in Canada?
Like every other country, Canada has expensive and inexpensive places to live. Depending on your personal needs and reasons, Canada has a variety of cities that offer plenty of opportunities. It is therefore important to do thorough research on the city that best suits your needs and finances.
2. Can you live cheaply in Canada?
Canada offers expensive and inexpensive living which depends on what you’re looking for. Though living in Canada is still cheaper than living in New York or Washington, D.C. Different cities in Canada offer different benefits such as affordable housing, quality education, or an abundance of employment opportunities.
3. Is Alberta cheaper than Ontario?
Alberta boasts a lower cost of living and cheaper transportation, though the overall purchasing power in Ontario is 25% lower than that in Alberta. Alberta also has lower taxes and more affordable housing depending on your needs and what you’re looking for.
