For some, buying their own home is still the dream. Affording one, however, remains a problem. With an unsteady political climate, fluctuating markets, and high home prices to contend with, affordability is a universal problem. Rental units aren’t much better, with steep prices in major cities that are driving families to live together for longer.
The good news is that some places in Canada are still cheaper to live than others. If you’re looking to purchase a property in 2025 and are willing to relocate somewhere with more affordable accommodations, online mortgage company Nesto has released a report of the most affordable cities to live.
The company combined stats from the Globe and Mail’s most liveable cities list and the Rentals.ca national rent report. In the end, it considered average home prices, rental rates and overall household incomes to determine affordability.
If you’re ready to take the real estate plunge or get into your own rental, here are the cheapest places to live right now.
Related: Could Tariffs Impact the Cost of Buying a Home in Canada?
Where Are the Cheapest Cities to Buy in Canada in 2025?
It may be time to brush up on your French. Because according to the rankings, Quebec is the most affordable province overall. Eight of the top 10 affordable home-buying cities were located in the French province, with New Brunswick cities coming in second.
- Rivière-du-Loup, QC — $294,955 average home price to an average household income of $70,894
- Tracadie, NB — $148,620 average home price to an average household income of $67,547
- Thetford Mines, QC — $196,537 average home price to an average household income of $64,231
- Sainte-Marie, QC — $306,957 average home price to an average household income of $87,119
- Alma, QC — $271,142 average home price to an average household income of $74,485
- Bathurst, NB — $191,402 average home price to an average household income of $61,797
- Rimouski, QC — $298,714 average home price to an average household income of $72,435
- Victoriaville, QC — $297,150 average home price to an average household income of $68,269
- Dolbeau-Mistassini, QC — $219,932 average home price to an average household income of $68,175
- Rouyn-Noranda, QC — $316,351 average home price to an average household income of $82,859
Related: Where 20-to-30-Year-Old Canadians Are Actually Buying Homes
Where Are the Cheapest Cities to Rent in Canada in 2025?
If you’re looking to rent, there are affordable options across the other provinces. Saskatchewan, Alberta, Ontario and Manitoba all made the list. There are some bigger cities on there, which is a nice option for renters who want to live surrounded by those busy city vibes and easier commutes.
- Regina, SK — $1,314 average monthly rent to an average household income of $106,546
- Saskatoon, SK — $1,367 average monthly rent to an average household income of $100,909
- Edmonton, AB — $1,529 average monthly rent to an average household income of $92,276
- Winnipeg, MB — $1,604 average monthly rent to an average household income of $85,831
- Windsor, ON — $1,645 average monthly rent to an average household income of $74,109
- Quebec City, QC — $1,669 average monthly rent to an average household income of $81,778
- St. Catharines, ON — $1,860 average monthly rent to an average household income of $79,640
- Kingston, ON — $1,907 average monthly rent to an average household income of $89,158
- Hamilton, ON — $1,916 average monthly rent to an average household income of $95,095
- Calgary, AB — $1,925 average monthly rent to an average household income of $101,588
Related: Why Are Rents Dropping in Canada?
Where Are the Cheapest Provinces to Live in Canada in 2025?
While the Nesto report considered average household income in its rankings, another report by MovingWaldo listed the most affordable provinces to live while considering the overall quality of life. So, if your income remains steady no matter where you settle, here are the five cheapest provinces to live this year.
Newfoundland and Labrador
$2,411.87 average cost of monthly living
$845 average monthly rent for a one-bedroom apartment
$297,000 average property buying cost
New Brunswick
$2,341.21 average cost of monthly living
$1,274 average monthly rent for a one-bedroom apartment
$308,800 average property buying cost
Saskatchewan
$2,531.25 average cost of monthly living
$1,228 average monthly rent for a one-bedroom apartment
$344,800 average property buying cost
Manitoba
$2,696.70 average cost of monthly living
$1,381 average monthly rent for a one-bedroom apartment
$376,770 average property buying cost
Prince Edward Island
$2,718.14 average cost of monthly living
$850 average monthly rent for a one-bedroom apartment
$365,600 average property buying cost
Related: More Gen Zs Are Choosing Home Co-Ownership – Here’s How
Where Are the Most Expensive Places to Live in Canada in 2025?
On the other side of this conversation, where are the most expensive places to live? According to Canadian Real Estate Magazine, they include British Columbia, Ontario and Yukon.
British Columbia’s average condo price is $650,000, while a typical three‐bedroom house goes for an average of $1,250,000. It’s a similar story in Ontario, where condos average $600,000 and three-bedroom homes are roughly $1,100,000. In Yukon, condos go for $620,000. Meanwhile, home prices are increasing, but are currently valued around $700,000.
