As a world traveler and journalist, I’ve had the privilege of exploring countless cities and towns across the globe. Alberta, with its majestic landscapes and vibrant cities, has always held a special place in my heart.
The province offers a unique blend of urban sophistication and rustic charm, making it an ideal destination for those looking to enjoy the best of both worlds.
In this article, I’ll be sharing insights into the 10 cheapest places to live in Alberta in 2024, based on my personal experiences and thorough research.
Least Expensive Places In Alberta
| Rank | City | Average Rent Cost | Average Cost of Buying a House | Cost of Living | Population |
|---|---|---|---|---|---|
| 10 | Camrose | $1,025 for a 2-bedroom apartment | $465,590 | 14% lower than the national average | 19,532 |
| 9 | Sylvan Lake | $984 for a 2-bedroom apartment | $448,906 | 12% lower than the national average | 16,354 |
| 8 | Red Deer | $1,045 for a one-bedroom apartment | $365,719 | $1,128 (per month for a single person, without rent) | 108,564 |
| 7 | Stony Plain | $1,000 for a one-bedroom apartment | $282,000 | 12% lower than the national average | 17,993 |
| 6 | Cold Lake | $1,600 for a 2-bedroom apartment | $332,000 | 13% lower than the national average | 15,165 |
| 5 | Lethbridge | $1,155 for a one-bedroom apartment | $407,037 | $1,322 (per month for a single person, without rent) | 104,524 |
| 4 | Grande Prairie | $1,095 for a one-bedroom apartment | $440,632 | $1,632 (per month for a single person, without rent) | 67,627 |
| 3 | High River | $850 for a one-bedroom apartment | $640,633 | 14% lower than the national average | 14,220 |
| 2 | Medicine Hat | $1,125 for a one-bedroom apartment | $388,595 | $1,415 (per month for a single person, without rent) | 65,203 |
| 1 | Lloydminster | $795 for a one-bedroom apartment | $237,000 | 15% higher than the national average | 20,204 |
10. Camrose
- Average rent cost: $1,025 for a 2-bedroom apartment
- Average cost of buying a house: $465,590
- Cost of living: 14% lower than the national average
- Population: 19,532
Camrose, fondly referred to as the “Rose City,” is a picturesque city surrounded by the vast landscapes of Camrose County. Its name pays homage to the abundant roses that flourish in its parklands.
Camrose’s origins trace back to its days as a railroad hub, making it a popular stop for pioneers. Today, it boasts an impressive transportation infrastructure, a conducive business environment, and ample office, retail, and industrial spaces.
With a cost of living that’s 14% lower than the national average, it’s no wonder over 19,000 people proudly call Camrose home.
9. Sylvan Lake
- Average rent cost: $984 for a 2-bedroom apartment
- Average cost of buying a house: $448,906
- Cost of living: 12% lower than the national average
- Population: 16,354
Located west of Red Deer, Sylvan Lake is often dubbed “Alberta’s favorite beach town.” With its rich history, unique shops, and heritage buildings, it’s a town that exudes charm at every corner.
Sylvan Lake is a magnet for tourists, drawing over a million visitors annually. Whether it’s swimming, water-skiing, sunbathing, or exploring Camp Woods, there’s something for everyone.
Winter enthusiasts can indulge in ice skating, ice fishing, and even partake in exhilarating polar bear dips. With rent prices as low as $984 for a two-bedroom apartment, it’s a haven for those seeking affordability without compromising on beauty.
8. Red Deer
- Average rent cost: $1,045 for a one-bedroom apartment
- Average cost of buying a house: $365,719
- Cost of living: $1,128 (per month for a single person, without rent)
- Population: 108,564
Strategically positioned on the Calgary-Edmonton Corridor, Red Deer is named after the river that gracefully flows alongside it. Serving as a hub for industries like oil, construction, and healthcare, it’s a city that pulsates with energy.
As Alberta’s third most populated city, Red Deer is nestled in the aspen parkland, renowned for its rolling hills that support cattle, grain, and oil production.
The city is home to three distinct railways, a museum, and a recreation center, making it a hotspot for both residents and tourists. With a cost of living that averages $1,128 per month for a single person (excluding rent), Red Deer offers a blend of affordability and urban allure.
7. Stony Plain
- Average rent cost: $1,000 for a one-bedroom apartment
- Average cost of buying a house: $282,000
- Cost of living: 12% lower than the national average
- Population: 17,993
Stony Plain, a town nestled in the Edmonton Metropolitan Region of Alberta, is a vibrant community with a rich history. With a population exceeding 17,000, it’s a town that beautifully marries the past with the present.
Stony Plain is renowned for its painted murals that depict various epochs, influential personalities, and significant events. Originally known as Dog Rump Creek, the town was renamed Stony Plain in the latter half of the century.
With rent for a one-bedroom apartment averaging just over $1,000, Stony Plain stands out as one of Alberta’s affordable housing gems.
6. Cold Lake
- Average rent cost: $1,600 for a 2-bedroom apartment
- Average cost of buying a house: $332,000
- Cost of living: 13% lower than the national average
- Population: 15,165
Cold Lake, named after the deep lake it borders, is a city located in northeastern Alberta. With its rich history and natural beauty, it’s a city that beckons to both history buffs and nature enthusiasts.
Cold Lake is renowned for its eponymous lake, one of the deepest in Alberta, primarily used for ice fishing. The city is home to several museums, including the Oil and Gas Museum, Heritage Museum, and the Airforce Museum.
With a cost of living that’s 13% lower than the national average, Cold Lake is an affordable haven for those seeking serenity and history.
5. Lethbridge
- Average rent cost: $1,155 for a one-bedroom apartment
- Average cost of buying a house: $407,037
- Cost of living: $1,322 (per month for a single person, without rent)
- Population: 104,524
Lethbridge, one of the most populous cities on this list, is situated southeast of Calgary along the Oldman River.
With its proximity to the Canadian Rocky Mountains, it offers a climate that’s a blend of warm summers, mild winters, and a characteristic windiness.
Lethbridge serves as the epicenter for southern Alberta’s commercial, transportation, financial, and industrial sectors. From this central city, one can witness the breathtaking attractions and landscapes that Alberta is famed for.
As one of the most affordable places in Canada, Lethbridge offers houses at an average price of just over $407,037, making it a sought-after destination for many.
4. Grande Prairie
- Average rent cost: $1,095 for a one-bedroom apartment
- Average cost of buying a house: $440,632
- Cost of living: $1,632 (per month for a single person, without rent)
- Population: 67,627
Introduction:
Located in northwest Alberta, Grande Prairie is a city that boasts one of the most affordable real estate markets in the province.
As the seventh-largest city in Alberta, it experienced rapid growth in the early 2000s, making it a dynamic and evolving community.
The Swan City:
Often referred to as the “Swan City“, Grande Prairie’s official symbol is the trumpeter swan, a nod to its proximity to the migratory route and summertime nesting grounds of this majestic bird.
With an average home cost of just over $440,632 and a rich cultural backdrop, Grande Prairie offers a unique blend of affordability and vibrancy.
3. High River
- Average rent cost: $850 for a one-bedroom apartment
- Average cost of buying a house: $640,633
- Cost of living: 14% lower than the national average
- Population: 14,220
High River, situated within the Calgary Metropolitan Region, is a lively community located about 30 minutes south of Calgary. Named after the Highwood River that courses through the town, it’s a place where nature and community intertwine seamlessly.
High River is renowned for its year-round events, historic murals, and walking tours that showcase its rich history.
The town’s legacy is evident in its preserved buildings and streetscapes, making it a living testament to Alberta’s past. With a one-bedroom apartment averaging around $850 in rent, it stands out as one of the most affordable places to live in the province.
2. Medicine Hat
- Average rent cost: $1,125 for a one-bedroom apartment
- Average cost of buying a house: $388,595
- Cost of living: $1,415 (per month for a single person, without rent)
- Population: 65,203
Medicine Hat, located in southeast Alberta along the South Saskatchewan River, is the sixth-largest city in the province. With its unique moniker, “The Gas City“, it’s a place that’s as intriguing as its name suggests.
Proudly holding the title of the sunniest city in Canada, Medicine Hat boasts an average of 330 days of sunshine annually. Beyond its natural gas fields, the city is a beacon of warmth, both climatically and culturally.
With an average house price of around $388,595 and a rich industrial backdrop, Medicine Hat offers a blend of affordability and prosperity.
1. Lloydminster
- Average rent cost: $795 for a one-bedroom apartment
- Average cost of buying a house: $237,000
- Cost of living: 15% higher than the national average
- Population: 20,204
Topping our list is Lloydminster, a unique city that holds the distinction of straddling the borders of both Saskatchewan and Alberta. Known as Canadaโs Border City, Lloydminster is incorporated as a single city under one municipal administration, despite being split between two provinces.
Lloydminster boasts a vibrant entrepreneurial spirit, underpinned by a strong sense of community. The city’s economy is primarily driven by oil and agriculture, with a plethora of crops cultivated in the region before being dispatched for wider distribution.
With an average rent of $795 for a one-bedroom apartment and houses priced around $237,000, Lloydminster stands out as the most affordable city in Alberta in 2024.
FAQ
Which city in Alberta is the most affordable to live in?
Lloydminster ranks as the most budget-friendly city in Alberta, where you can rent a one-bedroom apartment for slightly above $790 and purchase a house close to $237,000.
Does Alberta offer houses for free?
No, Alberta doesn’t provide houses for free. However, for those in need of financial assistance, Alberta has programs that offer affordable housing solutions.
Which province in Canada is the least expensive to reside in?
New Brunswick emerges as the least expensive province in Canada, with the average cost of living being $1,415.65, which includes rent for an individual.
In Alberta, where can you find the most affordable homes?
Lloydminster stands out as the city in Alberta where homes are most affordable, with the average house price being $237,000.
Between BC and Alberta, which is more economical to live in?
Living in Alberta is generally more economical than in BC. Expenses related to entertainment, dining, and housing are notably lower in Alberta.
For senior citizens, which locations in Alberta are ideal?
For seniors, Lloydminster, Canmore, Edmonton, and Calgary are among the top choices in Alberta. These places are known for their serene environment, retirement-friendly amenities, and welcoming communities.
Which Canadian city boasts the lowest living expenses?
Sherbrooke, located in Quebec, is recognized as the city with the most affordable living costs in Canada.
On average, its cost of living is about 13% less than that of Montreal, positioning it as one of the country’s most economical cities.
For more details, you can refer to the list highlighting the most affordable places in Canada.
Final Words
Alberta, with its diverse landscapes and rich history, offers a myriad of living options that cater to various budgets and lifestyles. From bustling cities to serene towns, there’s a place for everyone in this beautiful province.
As we’ve explored the most affordable places to live in Alberta in 2024, it’s evident that the province is not just about cost-effectiveness but also about quality of life, community spirit, and unparalleled natural beauty.
Whether you’re considering a move or just curious about Alberta’s offerings, I hope this guide has provided valuable insights and inspiration.
