Date Published: 2023/07/25
Read Time: mins
Many Canadians are feeling the pressure of the rising cost of living. Some renters and homeowners are leaving expensive housing markets, like Toronto and Vancouver, in search of more budget-friendly options. In this article, we'll look at some of the most affordable places to live in Canada and the factors to consider when choosing a new place to call home.
Whether you're looking to buy a home or find a rental that won't break the bank, these are some of Canada’s cheapest places to live right now.
Situated in the middle of northern Québec, Saguenay is surrounded by rivers, valleys, lakes and hills, making it a top destination for tourists and anyone who loves the outdoors. The average monthly rent for a one-bedroom apartment is $5001, and the average home price is just over $267,0002.
This charming city located between Montreal and Québec City boasts a nearly 400-year history, and is the cultural and economic hub of its region. Monthly rent for a one-bedroom apartment averages $5601, and the median home price is just above $330,0002.
This historic coastal city is a hidden gem for affordable housing. The average monthly rent for a one-bedroom apartment is $8803, and the average home price throughout the province sits just above $280,0002.
Saint John is located on the Bay of Fundy and known for its historic architecture and great music scene. Rent for a one-bedroom apartment averages $8731 monthly, and the average home price is slightly below $295,0002.
Located in the heart of the Canadian Prairies, Regina offers affordable living options and a strong job market. The average monthly rent for a one-bedroom apartment in Regina is around $9303, and the average home price hovers around $322,0002.
The cost of home insurance is determined by many different factors. When considering relocating, you can contact your broker to obtain a quote to give you an idea of the cost. While some provinces offer more affordable housing, they can come with higher insurance rates. Home insurance premiums are based on several factors, including:
● Location: Insurance costs will vary based on the risk levels of where you live. For example, if you live in an area prone to flooding or wildfires, or with a high crime rate, your insurance premiums may be higher.
● Age of home: Older homes may be more expensive to insure due to a higher risk of damage or maintenance issues.
● Size and type of home: The larger and more complex your home, the more it would cost to rebuild it in the event of a total loss. As a result, your insurance premiums will likely be higher to ensure you have sufficient coverage.
When deciding on your next move, keep in mind there are other factors to consider beyond the cost of housing and home insurance. These may include:
● Job opportunities: Does the area offer employment opportunities that fit your skills and experience?
● Transportation: How easy is it to get around the area? Are there public transportation options available?
● Schools: If you have children, how are the schools in the area?
● Amenities: What amenities, such as grocery stores, restaurants and recreational activities are available?
Before deciding on a new place to call home, it's important to consider all the factors that impact your lifestyle and budget.
If you are shopping for home, condo, or renters insurance and would like to receive a free quote, contact an Orbit insurance broker at 1-877-976-7248 to get started. If you’re a current Orbit Insurance Services policyholder, call 1-877-976-7248 to review your policy or learn more about your coverage options.