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 just a little over $1,000 in many Alberta cities and towns. Because of the comparable lower living costs, Albertans have more disposable income to enjoy than some 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.
| Place in Alberta | Rent Cost For Apartments | Cost of Purchasing A House | Cost of Living | Population |
| Lloydminster | $833 for one bedroom | $220,000 | $1378 | 31,410 |
| Medicine Hat | $1,145 for one bedroom | $444,288 | $1463 | 65,949 |
| High River | $1,086 for two bedroom | $762,448 | 14% lower than the national average | 14,448 |
| Grande Prairie | $1,250 for one bedroom | $452,891 | $1801 | 67,669 |
| Lethbridge | $1,193 for one bedroom | $440,782 | $1630 | 104,254 |
| Cold Lake | $1,200 for two bedrooms | $401,000 | 13% lower than the national average | 15,546 |
| Stony Plain | $1,100 for one-bedroom | $480,000 | 12% lower than the national average | 18,567 |
| Red Deer | $1,160 for one-bedroom | $438,400 | $1,766 | 105,883 |
| Sylvan Lake | $1,025 for two bedrooms | $457,490 | 12% lower than the national average | 16,802 |
| Camrose | $1,104 for two bedrooms | $283.299 | 14% lower than the national average | 19,847 |
For our roundup of the best places to live in Alberta, check out this article.
1. Lloydminster
Average rent cost: $833 for a one-bedroom apartment
Average cost of buying a house: $220,000
Cost of living: $1378 (per month for a single person, without rent)
Population: 31,410
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 $833 per month.
2. Medicine Hat
Average rent cost: $1,145 for a one-bedroom apartment
Average cost of buying a house: $444,288
Cost of living: $1,463 (per month for a single person, without rent)
Population: 65,949
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 $444,000. You can rent a one-bedroom apartment for just under $1,200.
3. High River
Average rent cost: $1086 for a one-bedroom apartment
Average cost of buying a house: $762,448
Cost of living: 14% lower than the national average
Population: 14,448
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 for 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: $1,250 for a one-bedroom apartment
Average cost of buying a house: $452,891
Cost of living: $1,801 (per month for a single person, without rent)
Population: 67,669
Located in northwest Alberta, Grande Prairie has one of the lowest real estate markets in Alberta, with the average home cost falling just over $450,000.
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: $1,193 for a one-bedroom apartment
Average cost of buying a house: $440,782
Cost of living: $1,630 (per month for a single person, without rent)
Population: 104,254
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 $440,000 and rent a one-bedroom apartment for around $1,200 monthly.
6. Cold Lake
Average rent cost: $1,200 for a 2-bedroom apartment
Average cost of buying a house: $401,000
Cost of living: 13% lower than the national average
Population: 15,546
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: $1,100 for a one-bedroom apartment
Average cost of buying a house: $480,000
Cost of living: 12% lower than the national average
Population: 18,567
With a population of over 18,000, 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 around $1,100 to rent, Stony Plain is one of the towns with cheaper housing in Alberta.
8. Red Deer
Average rent cost: $1,160 for a one-bedroom apartment
Average cost of buying a house: $438,400
Cost of living: $1,766 (per month for a single person, without rent)
Population: 105,883
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: $1,025 for a 2-bedroom apartment
Average cost of buying a house: $457,490
Cost of living: 12% lower than the national average
Population: 16,802
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 $1,025, Sylvan Lake is a town with some of the lowest rent prices in Alberta.
10. Camrose
Average rent cost: $1,104 for a 2-bedroom apartment
Average cost of buying a house: $283,299
Cost of living: 14% lower than the national average
Population: 19,847
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
Lloydminster is the cheapest city to live in Alberta, with a one-bedroom apartment costing just over $833 and a house around $220,000.
There are no free houses in Alberta. If you need financial help, Alberta offers affordable housing programs.
New Brunswick is the cheapest province in Canada, with an average living cost of $1,415.65, including rent for one person.
Lloydminster is the cheapest city to buy a home in Alberta. The average cost of a home there is $220,000.
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.
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.
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.
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