A new study has been released regarding the most frugal cities in Canada and the results may surprise you. According to Statistics Canada, this data reveals that the pandemic has caused many Canadians to flee big cities in exchange for lower costs of living and affordable housing prices. This is a result of inflation with rising home and grocery prices.
The following study was conducted by the team at Yore Oyster. Each city was chosen based on the lowest cost of living and affordable property. Then, the cities were analyzed and scored using the median household income after taxes, total monthly living cost (family of 4), average home price (3-Bedroom), and average 3-bedroom apartment monthly rent.
The research was done using Statistics Canada, the Canadian Real Estate Association (CREA) and the cities’ official sites. CREA was also used to find the average property value in each city and upon this, it was found that the average house price in Canada has decreased by 9.9 percent from 2021 to 2022.
The top 10 cities are:
- Edmonton, Alberta
This city takes the cake for most frugal. If you’re looking for an affordable place paired with adventurous activities, this is the spot for you. In Edmonton, the median household income after taxes is $93,748. The total monthly living cost for a family of four is $5, 326 and the average home price is $462,858.
- Red Deer, Alberta
Known for being one of Canada’s most entrepreneurial cities, Red Deer takes second place. In Red Deer, the median household income after taxes is $81,021. The total monthly living cost for a family of four is $ 4,431 and the average home price is $314,700.
- Saskatoon, Saskatchewan
Coined with the nickname “Hub City,” Saskatoon, is famous for being a world leader in agriculture and for being the fifth largest oil producer in North America. In Saskatoon, the median household income after taxes is $71,709. The total monthly living cost for a family of four is $ 4,648 and the average home price is $349, 900.
- Regina, Saskatchewan
Regina, the best place to live, if you’re looking for low-income taxes. Here in Regina, the median household income after taxes is $72,200. The total monthly living cost for a family of four is $ 4,355 and the average home price is $304,900.
- Saint John’s, Newfoundland and Labrador
In Saint John’s, you can be near the water and be surrounded by history at the same time. This city is recognized for being a 500-year-old city and as one of the oldest cities in the “New World.” The median household income after taxes here is $68,026. The total monthly living cost for a family of four is $ 4,378 and the average home price is $341,400.
- Barrie, Ontario
It’s the city you visit for winter and summer activities like skiing, snowboarding, swimming and more. Barrie is not only cost-effective but enjoyable. In Barrie, the median household income after taxes is $70,314. The total monthly living cost for a family of four is $ 4,753 and the average home price is $429, 900.
- Charlottetown, Prince Edward Island
This is the city for those who are a fan of small towns and close-knit communities. Charlottetown is an inexpensive place to live and home to historic old buildings. In Charlottetown, the median household income after taxes is $54,801. The total monthly living cost for a family of four is $5,503 and the average home price is $228,000.
- Kitchener, Ontario
Kitchener is considered to have one of the strongest job markets in Canada, one of the reasons being due to the University of Waterloo. A school notorious for its
Science, Computer Science, Engineering, and Math programs. In Kitchener, the median household income after taxes is $67,698. The total monthly living cost for a family of four is $5,101 and the average home price is $349,900.
- Trois-Rivières, Quebec
If you’re a lover of the arts such as theatres, galleries, museums and more, Trois-Rivières checks off economic, as well as cultural on the list. In this city, the median household income after taxes is $45,916. The total monthly living cost for a family of four is $3,388 and the average home price is $169,900.
- Abbotsford, British Columbia
This is the city to be if you enjoy waking up to mountain views and outdoor activities such as hiking. In Abbotsford, the median household income after taxes is $64,993. The total monthly living cost for a family of four is $5,006 and the average home price is $499,900.
For the full list outlining the 30 most frugal cities in Canada, visit the Yore Oyster website.
