10 Cheapest Places to Live in Alberta in 2022

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by Enoch Omololu, MSc (Econ)

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Alberta is one of the cheapest places to live in Canada. This province has a relatively low cost of living and a cheap real estate market.

The average cost of a one-bedroom apartment is generally lower than $1,000 in some of these cities and towns. Because of the low living costs, Albertans have more disposable income to enjoy than many other provinces.

This article covers the top 10 cheapest places to live and rent in Alberta, including Lloydminster, Lethbridge, and Red Deer.

Cheapest Places to Live in Alberta

Here are the top 10 cheapest places to live in Alberta, ranging from small towns with a population of just over 14,000 to cities that more than 100,000 people call home.

For our roundup of the best places to live in Alberta, check out this article.

1. Lloydminster

Average rent cost: $805 for a one-bedroom apartment

Average cost of buying a house: $325,000

Cost of living: 15% higher than the national average

Population: 20,204

As Canada’s Border City, Lloydminster is a unique small city that straddles the border of Saskatchewan and Alberta. Both provinces incorporate Lloydminster as a single city with a single municipal administration.

This city has a vibrant entrepreneurial presence with a large community spirit. Lloydminster’s economy is largely based on oil and agriculture, with many crops grown in the area and shipped off. 

Lloydminster is a great small city to find affordable housing in Alberta, with a one-bedroom apartment costing around $805 per month.

2. Medicine Hat

Average rent cost: $978 for a one-bedroom apartment

Average cost of buying a house: $379,780

Cost of living: $1,415 (per month for a single person, without rent)

Population: 65,203

Medicine Hat is a city located in southeast Alberta along the South Saskatchewan River. It is the sixth largest city in Alberta, with a population of over 65,000.

It’s considered the sunniest place in all of Canada, with an average of 330 days of sunshine per year. Also nicknamed the “Gas City,” Medicine Hat is well-known for its natural gas fields.

Medicine Hat is one of the cheapest cities to live in Alberta, with the average house costing around $379,780. You can rent a one-bedroom apartment for just under $1,000.

3. High River

Average rent cost: $850 for a one-bedroom apartment

Average cost of buying a house: $616,380

Cost of living: 14% lower than the national average

Population: 14,220

Situated within the Calgary Metropolitan Region of Alberta, High River is a vibrant, people-first community located about 30 minutes from south Calgary. It is named after the Highwood River, which flows through the town.

High River is home to year-round events, historic murals, and famous places walking tours. This small town has a rich history, with its story evident in the buildings and streetscapes still standing today.

Although there aren’t many homes available on the market, High River is one of the cheapest places to rent in Alberta, with a one-bedroom apartment costing around $850.

4. Grande Prairie

Average rent cost: $930 for a one-bedroom apartment

Average cost of buying a house: $367,636

Cost of living: $1,632 (per month for a single person, without rent)

Population: 67,627

Located in northwest Alberta, Grande Prairie has one of the lowest real estate markets in Alberta, with the average home cost falling just over $367,000.

It is the seventh-largest city in Alberta and was one of Canada’s fastest-growing cities in the early 2000s.

Grande Prairie is sometimes called the “Swan City.” The trumpeter swan is the city’s official symbol, due to its proximity to the migratory route and summertime nesting grounds of this bird.

5. Lethbridge

Average rent cost: $1,053 for a one-bedroom apartment

Average cost of buying a house: $378,773

Cost of living: $1,322 (per month for a single person, without rent)

Population: 104,524

One of the highest populated cities on this list, Lethbridge lies southeast of Calgary on the Oldman River. Thanks to its proximity to the Canadian Rocky Mountains, the city has warm summers, mild winters, and a windy climate.

Lethbridge is the centre for southern Alberta’s commercial, transportation, financial, and industrial sectors. You can see many spectacular attractions and scenery that Alberta offers from this central city.

As one of the cheapest places to live in Canada, you can buy a house for just over $378,000 and rent a one-bedroom apartment for around $1,000 monthly.

Text that reads “Cheapest places to live in Alberta” below a bear with green trees

6. Cold Lake

Average rent cost: $950 for a 2-bedroom apartment

Average cost of buying a house: $328,000

Cost of living: 13% lower than the national average

Population: 15,165

Taking its name from the nearby Cold Lake, this city is located in northeastern Alberta. It features many historical museums like the Oil and Gas Museum, Heritage Museum, and the Airforce Museum.

Famous for its lake, Cold Lake is one of the deepest lakes in Alberta and is used mainly for ice fishing.

With a 13% lower than average cost of living, Cold Lake is one of the most affordable cities in Alberta.

7. Stony Plain

Average rent cost: $825 for a one-bedroom apartment

Average cost of buying a house: $350,166

Cost of living: 12% lower than the national average

Population: 17,993

With a population of over 17,000, Stony Plain is a town in the Edmonton Metropolitan Region of Alberta.

It is known for its painted murals representing various time periods, people, and past events throughout the town. It was incorporated in 1908 and originally called Dog Rump Creek, then renamed Stony Plain in the latter half of the century.

With a one-bedroom apartment costing just over $800 to rent, Stony Plain is one of the towns with cheaper housing in Alberta.

8. Red Deer

Average rent cost: $890 for a one-bedroom apartment

Average cost of buying a house: $375,822

Cost of living: $1,128 (per month for a single person, without rent)

Population: 108,564

Located midway on the Calgary-Edmonton Corridor, Red Deer gets its name from the adjacent river of the same name. It serves key industries like oil, construction, hospitality, education, and healthcare.

Red Deer is Alberta’s third most populated town after Edmonton and Calgary. It is located in aspen parkland, known for its hillsides hosting cattle, grain, and oil production.

It is home to three different railways, a museum, and a recreation centre.

9. Sylvan Lake

Average rent cost: $984 for a 2-bedroom apartment

Average cost of buying a house: $485,371

Cost of living: 12% lower than the national average

Population: 16,354

West of Red Deer, Sylvan Lake is dubbed “Alberta’s favourite beach town.” It has a rich history, unique shops, and distinctive heritage buildings.

This town is a popular tourist destination for Albertans, attracting over a million visitors each year. Tourists come to swim, water-ski, sunbathe, and visit Camp Woods. In the winter, visitors can skate on the lake, go ice fishing, and participate in winter polar bear dips.

With a two-bedroom apartment costing an average of $984, Sylvan Lake is a town with some of the lowest rent prices in Alberta.

10. Camrose

Average rent cost: $1,004 for a 2-bedroom apartment

Average cost of buying a house: $380,066

Cost of living: 14% lower than the national average

Population: 19,532

Camrose is a small city in central Alberta, surrounded by Camrose County. It is referred to as the “Rose City,” due to the abundant amount of roses that grow in the parklands.

It began as a railroad hub, as it was a popular place on the route of pioneers. Now, it has an excellent transportation infrastructure, a great business climate, and a good supply of office, retail, and industrial space.

Camrose has a 14% lower than average cost of living, and over 19,000 people call this city home.

FAQs

What is the cheapest city to live in Alberta?

Lloydminster is the cheapest city to live in Alberta, with a one-bedroom apartment costing just over $800 and a house around $325,000.

Are there free houses in Alberta?

There are no free houses in Alberta. If you need financial help, Alberta offers affordable housing programs.

What is the cheapest province to live in Canada?

New Brunswick is the cheapest province in Canada, with an average living cost of $1,415.65, including rent for one person.

Where is the cheapest place to buy a home in Alberta?

Lloydminster is the cheapest city to buy a home in Alberta. The average cost of a home there is $325,000.

Is it cheaper to live in BC or Alberta?

It is generally cheaper to live in Alberta than BC, as the cost of living in Alberta is lower. Things like entertainment, dining out, and housing are less expensive in Alberta.

What are the best places to live in Alberta for seniors?

Lloydminster, Canmore, Edmonton, and Calgary are some of the best places to live in Alberta for seniors. They are retirement-friendly, peaceful, and have friendly neighbourhoods.

What city in Canada has the lowest cost of living?

Sherbrooke, Quebec, is the city with the lowest cost of living in Canada. The cost of living is, on average, 13% lower than Montreal, making it one of the cheapest cities in the country. Check out this list of the cheapest places to live in Canada.

Related:

10 Cheapest Places to Live in Alberta in 2022

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Author

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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