The Most Affordable Places to Live in Alberta

Best Small Towns to Live

In the province of Alberta, you have plenty of choices of where you can live. While there are big cities, there are also plenty of small towns.

Lloydminster

This is a really popular place to live. It is located right on the border of Alberta and Saskatchewan which is interesting because both provinces incorporate as a single city. The cost of living is relatively low here with the average home costing $250,000 and rent sitting between $750 for a 1 bedroom apartment and $1,500 for a home. The population of Lloydminster is around 20,000 people

Medicine Hat

If you look towards southern Alberta at some of the smaller towns then you will find Medicine Hat. This town is often referred to as “The Gas City” because it has large natural gas fields. It is also known for being one the sunniest cities and having warm summers. The price of a home here averages around $280,000 with rent for a 1 bedroom apartment ranging around $850 per month. It has a much higher population than Lloyminster with around 63,000 people and is a great place to call home if you are looking for a warm place to live, at least during the summer months.

Grand Prairie

Grand Prairie has a bit of a larger population with around 67,000 people. While it isn’t exactly a small town, it is a small city located in northwestern Alberta. They also have a heritage museum. The cost of living in Grand Prairie is a little bit higher with the average home costing $380,000. Tha said, the average rent for a 1 bedroom apartment is still around $850 per month.

High River

This town is named after the Highwood River that flows through it. It also has a large history and a tourist attraction. The population here is around 14,000 people with housing prices at a median cost of $419,000. The average rent for a 1 bedroom here is $850. High River is the cheapest place to rent that is close to Calgary.

Cold Lake

Cold Lake is slightly larger than High River with a population of around 15,000. It is located in northeastern Alberta and it’s nearby cold lake (the body of water) which is within the city limits. This is also where the Canadian Forces Base in Alberta is located. It costs around $400,000 to purchase a home and $1,500 for a rental.

Sylvan Lake

This lakeside community is located just 25 km west of red deer. It has gorgeous scenery with a shallow waterline so it is great for those who love to paddle. It is one of the most popular outdoor recreation towns in the province. One of its key industries is actually ice fishing, since they have some of the best quality in the province. The population here is around 14,000 people.

The cost of rental here is $1,000 per month for a one bedroom apartment. The average cost of housing is $470,000 for a single family home.

Leduc County

This town is famous for its discovery of oil and is home to the oil and gas museum. The population here is about 14,000 people. The average cost of rent is $1,000 per month for a one bedroom apartment and the cost of purchasing is around $550,000.

Cheapest Place to Buy a Home near Calgary

If you are looking for a place to purchase but at a lower cost and want to still be close to Calgary? Then a good option for you might be Strathmore. It is located in southern Alberta and is around 50 km east of Calgary. They have a population of around 13,000 people with housing prices averaging at around $400,000. The average after tax income here is around $80,000 per year.

Cheapest Place to Buy a Home near Edmonton

If you are looking for a town that is low cost and close to Edmonton, then you should look at Vegreville. The population here is around 5,700 and it’s located just 103 km east of Edmonton. This town is known for having beautiful views and has a lot of cultural diversity. To live here, you are looking at rent of around $850 for a one bedroom apartment and the average cost of a single family home is $200,000. The median household income is around $70,000 per year.

Cheapest Place to Rent near Edmonton

When you are looking for places that are close to Edmonton, there are plenty of affordable places to rent, but one of the ones with the lowest cost is Stony Plain. It’s about 41 km away and the average monthly cost for rent is $1,000. That said, they also have relatively low prices to purchase a single family home. The average price is around $282,000. They also have a relatively low population of around 17,000 people.

This town is most known for all of its murals. These represent various times, periods, places and people. It is one of the main attractions of this Alberta town.

Cheapest Place to Rent in Alberta

While Lloydminster is one of the best places to live in Alberta, it also has affordable housing with rent prices around $790 and $850. That being said, it is also located on the border of Alberta and Saskatchewan. There are other towns close to Edmonton and Calgary that have similar rents.

Most Beautiful Places to Live in Alberta

When you are looking for a place to live in Alberta, you may want to focus more on natural beauty than price. There are plenty of gorgeous places throughout the province that you could live in.

Jasper

Jasper is located among the Canadian Rocky Mountains. When you arrive at the town of Jasper it is your start to exploring Jasper National Park. This is a known tourist town with gorgeous views. Throughout the town the storefronts are perfectly done up and you can even explore on a gondola. While it is a huge tourist town, the population is only around 5,000 people.In Jasper there is plenty of outdoor exploring to be done. There is plenty of skiing and even some natural hot springs. It is one of the most gorgeous places to live in Alberta. That said,

Even if you don’t choose to live there, if you find yourself driving through, you should stop and explore it a little.

Waterton Park

This town is located within Waterton Lake National Park. It is another great place to not just live, but explore. The interesting thing about this National Park is that it actually stretches across into Montana where it becomes Glacier National Park.

This gorgeous terrain is filled with beautiful wild flowers, lots of wildlife and tons of hiking opportunities. It also has mild winters compared to other parts of Alberta. While it is a super small town of only 100 people, it is a gorgeous place to live with lots of amenities and outdoor recreation. Because the population is so small, there aren't many rentals here and the average cost of a home is around one million dollars.

Peace River

With a population of just under 7,000, Peace River is located in Northwestern Alberta. Peace River is actually quite a large town for this part of Alberta but it is quite isolated. This is part of the reason that many people choose to live there. It is known for its gorgeous untouched landscapes and views of the Peace River.

If you choose to live in Peace River, the average cost of rent for a two bedroom apartment is around $1,100 per month. The average cost of purchasing a home here is around $221,000.

Bon Accord

This town is only 40 km east of Edmonton in the Calgary Edmonton corridor. This small community is known for being extremely friendly and has tons of beautiful parks and gardens throughout it’’s landscape. This town was also Canada’s first “Dark Sky Community”. That title was given by the International Dark Sky Association in 2015, and they are still the only community in Canada with this title. It was given this for the it’s gorgeous dark sky that allows you to see all of the stars.

To rent an apartment in Bon Accord you are looking at around $800 to $1,000 per month for a one bedroom apartment. The average purchase price for a home here is around $265,000.

Banff

If you live in Canada, then chances are you have heard of Banff, Alberta. This town is known for its many tourist attractions, including Banff National Park. Banff National Park was actually the first National Park in Canada and part of the Canadian Rocky Mountain Parks UNESCO World Heritage Site. In the heart of Banff you have beautiful surroundings like castle inspired buildings, souvenir shops as well as different restaurants if you are into the food scene.

The population in Banff is around 9,000 people but, since it is a popular tourist destination, around 4 million people visit there every year. If you are looking into moving to Banff, the cost of rent for a one bedroom apartment is $1,050 per month.

Nanton

This is another small town in Alberta. They have a population of around 2,200 people. It is known for its large farming and ranching areas. Nanton's main streets are filled with some gorgeous historic buildings as well. They host an Antique and Art Walk here and they host rodeos every weekend throughout the summer. It is located just south of Calgary, around 93 km away.

Rent for a one bedroom apartment here can range quite a lot but has been known to start as low as $900 per month. The housing prices here however, are a little more expensive. The medium cost of a home in Nanton is $800,000.

Most Expensive Places to Live in Alberta

While Alberta is known for being much more affordable to live, there are places in Alberta that are much more expensive than others.

Canmore

Canmore is located in southwestern Alberta. There are about 14,000 people who live here. They are also a popular tourist town that has nice restaurants and scenic views. It is located within the Canmore Nordic Center Provincial Park. Along with the chances of seeing wildlife here, there are also plenty of opportunities for outdoor activities like mountain biking and skiing.

The cost of living here is actually pretty high. The average cost of rent for a two bedroom apartment is $2,750 per month and the average cost of purchasing a home is $1.5 million. Even if you look at something smaller like an apartment or a condo, you are still looking at around $660,000. That’s just for housing, that doesn’t include living expenses.

Camrose

Camrose is located in central Alberta and is surrounded by Camrose County. The population here is around 19,000 people. The major draw to this part of Alberta is that it is an economic centre for small farming. They also have plenty of businesses, are part of a manufacturing climate and provide a great quality of life.

If you are looking to find affordable housing, you probably won’t find it here. The average cost of rent here is $1,230. The average cost of purchasing a home is $675,000. While it isn’t the most expensive place to live in Alberta, it is definitely considered part of the top five.

Calgary

As one of the largest cities in Alberta, it is no surprise that Calgary is one of the top five most expensive cities to live in in Alberta. It is also the largest metropolitan area within the 3 prairie provinces. It has a population of over 1.3 million people. It’s got a very family orientated culture, a good job market, gorgeous scenery and offers a high quality of life. It is located on the South Saskatchewan River.

If you choose to live in Calgary, the average cost of rent is $1,600 per month. The average cost to purchase a home is $600,000 depending on what you choose to purchase. With a higher population as well, it is a higher pace of living. That said, Calgary is one of the more affordable cities in Canada, unlike Vancouver or Toronto. Because it is a city, it has essential facilities nearby, such as health care, unlike if you were to live in a more rural area.

Okotoks

This town in Alberta is located in the Calgary region along the Sheep River. It has a population of over 28,000 people. They have a very low crime rate, are family oriented and have a strong job market with high family incomes. It is also a thriving trade zone.

The cost of renting in Okotoks is around $1000 per month for a one bedroom apartment. The average cost of purchasing a home here is $605,000. This isn’t entirely surprising since it is the largest town in Alberta and is only 25 km away from Calgary.

Edmonton

Edmonton is the capital city of Alberta, so it’s no surprise that it’s also more expensive to live here. It is located on the North Saskatchewan River and is the second largest city. It has an excellent job market, nightlife and a diverse culture. It is also one of the faster growing cities in Alberta.

The average cost of rent is just over $1,000 per month for a one bedroom apartment. The cost of purchasing an average house in Edmonton is around $480,000. While Edmonton is smaller than Calgary, it still has a big city feel to it. It may not be one of the most affordable cities in Alberta, but it is one of the most affordable Canadian cities.

Edmonton, like the rest of Alberta, actually has programs for new immigrants. That’s why even though it can be more expensive, it is one of the most popular places. You can find out any information through the Alberta Government.