A new report by Royal LePage unveiled the most affordable place to live in Canada based on the portion of income required for a monthly mortgage payment.

They used the provincial median total household income data from Statistics Canada and city-level average home price data.

Furthermore, Royal LePage calculated the mortgage based on a 3-year fixed-term loan at an interest rate of 5.71% for over 25 years, considering a 20% down payment.

Whether you’re looking to relocate for work, study, or a change of scenery, finding a city that offers a good balance of affordability and quality of life is crucial.

This article delves into the most affordable cities in Canada, providing insights based on key economic indicators such as housing prices, mortgage payments, median household incomes, and overall affordability.

1. Thunder Bay, Ontario

Thunder Bay, located in northwestern Ontario, tops the list as the most affordable city in Canada.

Known for its stunning natural beauty, including the Sleeping Giant Provincial Park, Thunder Bay offers a high quality of life at a fraction of the cost compared to larger metropolitan areas.

• Aggregate Price Q1 2024: $299,300

• Monthly Mortgage Payment: $1,563.25

• Median Household Income: $84,400

• Affordability Factor: 22.2%

2. Saint John, New Brunswick

Saint John, a charming port city in New Brunswick, combines historical architecture with modern amenities.

Its affordability, combined with a vibrant cultural scene and access to nature, makes it an appealing choice for those seeking a balanced lifestyle.

• Aggregate Price Q1 2024: $267,900

• Monthly Mortgage Payment: $1,400.01

• Median Household Income: $67,000

• Affordability Factor: 25.1%

3. Red Deer, Alberta

Red Deer, located midway between Calgary and Edmonton, is known for its agricultural roots and vibrant community life.

The city’s robust economy and wide range of recreational opportunities complement its affordability.

• Aggregate Price Q1 2024: $392,900

• Monthly Mortgage Payment: $2,049.88

• Median Household Income: $95,900

• Affordability Factor: 25.7%

4. Trois-Rivières, Quebec

Trois-Rivières, situated between Montreal and Quebec City, offers a unique blend of urban and rural living.

The city is known for its rich history, cultural festivals, and scenic beauty along the Saint Lawrence River.

• Aggregate Price Q1 2024: $339,300

• Monthly Mortgage Payment: $1,771.21

• Median Household Income: $74,600

• Affordability Factor: 28.5%

5. Edmonton, Alberta

Edmonton, the capital city of Alberta, lands 5th in the housing affordability ranking and has the largest shopping mall in Canada.

The city offers a mix of affordable housing, good schools, and ample recreational opportunities.

• Aggregate Price Q1 2024: $442,200

• Monthly Mortgage Payment: $2,306.18

• Median Household Income: $95,900

• Affordability Factor: 28.9%

6. Regina, Saskatchewan

Regina, the capital city of Saskatchewan, is known for its economic stability and cultural vibrancy.

The city offers a mix of affordable housing, strong community ties, and a variety of recreational activities.

• Aggregate Price Q1 2024: $379,700

• Monthly Mortgage Payment: $1,981.24

• Median Household Income: $81,600

• Affordability Factor: 29.1%

7. St. John’s, Newfoundland and Labrador

St. John’s, the easternmost city in North America, offers a unique blend of history, culture, and natural beauty.

The city is known for its colourful row houses, vibrant arts scene, and friendly community.

• Aggregate Price Q1 2024: $342,200

• Monthly Mortgage Payment: $1,786.28

• Median Household Income: $71,200

• Affordability Factor: 30.1%

8. Quebec City, Quebec

Nestled on the Saint Lawrence River in the largely French-speaking province of Québec, Canada, is Québec City.

Its fortified colonial core, Vieux-Québec, and Place Royale, with their stone buildings and winding lanes, date back to 1608.

• Aggregate Price Q1 2024: $366,800

• Monthly Mortgage Payment: $1,914.19

• Median Household Income: $74,600

• Affordability Factor: 30.8%

9. Sherbrooke, Quebec

Sherbrooke is a city in southern Quebec at the meeting point of the Saint-François and Magog rivers in the heart of the Estrie region.

With an estimated 181,360 residents, it is the sixth-largest city in Quebec, and lakes, mountains, and rivers surround the area.

• Aggregate Price Q1 2024: $366,900

• Monthly Mortgage Payment: $1,914.70

• Median Household Income: $74,600

• Affordability Factor: 30.8%

10. Winnipeg, Manitoba

Winnipeg, the capital city of Manitoba, is known for its cultural diversity, economic opportunities, and affordable living.

The city offers a mix of urban amenities and green spaces, making it a great place to live.

• Aggregate Price Q1 2024: $390,900

• Monthly Mortgage Payment: $2,039.48

• Median Household Income: $77,000

• Affordability Factor: 31.8%

Canada offers a wide range of affordable cities, each with its own unique charm and economic advantages.

From the scenic landscapes of Thunder Bay to the vibrant culture of Winnipeg, these cities provide affordable living without compromising on quality of life.

Whether you’re a young professional, a family member, or someone looking to retire, these cities offer a variety of options to suit your needs.

Exploring these affordable cities can help you find the perfect place to call home, offering a balanced lifestyle with economic stability and cultural richness.

What are the top 10 most affordable places to live in Canada?

1. Thunder Bay, Ontario

2. Saint John, New Brunswick

3. Red Deer, Alberta

4. Trois-Rivières, Quebec

5. Edmonton, Alberta

6. Regina, Saskatchewan

7. St. John’s, Newfoundland and Labrador

8. Quebec City, Quebec

9. Sherbrooke, Quebec

10. Winnipeg, Manitoba