Canadians are increasingly moving to more affordable cities due to rising housing costs and remote work opportunities. For example, Ontario lost over 36,000 residents to other provinces in 2023, while Alberta gained over 55,000. To help those looking for affordable options, Forbes has compiled a list of five Canadian cities where luxury homes can be purchased for $100,000 or less.
Thunder Bay, Ontario, is at the top of the list of cheapest cities to live in Canada according to Forbes. The average monthly mortgage payment in Thunder Bay is around $1,600, making it an attractive option for those looking for affordable housing. Known for its outdoor activities and cultural diversity, Thunder Bay offers a range of entertainment and shopping options for residents.
Saint John, New Brunswick, is another affordable city in Canada with an average monthly mortgage payment of about $1,400. As Canada’s oldest incorporated city, Saint John offers historic uptown streetscapes, cultural attractions, and natural wonders. It is located on the shore of the Bay of Fundy, known for having the world’s highest tides, making it a popular tourist destination.
Red Deer, Alberta, is known for being a hub for entrepreneurs and offers low tax rates and easy access to major transportation. With an average monthly mortgage payment of approximately $2,050, Red Deer is a great option for those looking for affordable housing options. The city’s entrepreneurial spirit and affordability make it an attractive place to live and work.
Trois-Rivières, Quebec, is a cultural capital with a rich history and unique charm that attracts visitors. The city’s historic district and energy make it a popular destination for history buffs. Despite its cultural appeal, Trois-Rivières is also one of the most affordable cities in Canada, offering residents a great value for their money.
Edmonton, Alberta, offers a mix of affordability and cultural attractions for residents. Known as “Taxachusetts,” Massachusetts may not be as tax-heavy for retirees as its nickname suggests. The state does not tax Social Security benefits and has a relatively low sales tax rate. However, property tax rates in Massachusetts are among the highest in the country.
