{"id":16470,"date":"2023-07-14T08:00:00","date_gmt":"2023-07-14T12:00:00","guid":{"rendered":"https:\/\/www.zolo.ca\/blog\/?p=16470"},"modified":"2023-07-14T16:19:34","modified_gmt":"2023-07-14T20:19:34","slug":"most-affordable-cities-alberta","status":"publish","type":"post","link":"https:\/\/www.zolo.ca\/blog\/most-affordable-cities-alberta","title":{"rendered":"The Most Affordable Cities to Live in Alberta"},"content":{"rendered":"\n\n\n<p>A recent study by <a href=\"http:\/\/www.demographia.com\/dhi.pdf\">Demographia International<\/a> revealed that Calgary\u2019s <a href=\"https:\/\/www.zolo.ca\/calgary-real-estate\">housing market<\/a> is not only one of the most affordable cities in Canada &#8211; but also the world, ranking 10th out of 92 cities examined. The most affordable city? Edmonton, so it\u2019s no surprise that Canadians are moving to Alberta from other provinces in search of affordable housing.<\/p>\n\n\n\n<p>In a country with hot real estate markets, Edmonton and Calgary are fast becoming the go-to cities for housing affordability. The large cities offer exceptional employment opportunities and a better-than-average chance for first-time buyers to enter the market.<\/p>\n\n\n\n<p>The thing is, they aren\u2019t the only cities in Alberta to offer opportunities for home buyers. As it turns out, <a href=\"https:\/\/www.zolo.ca\/alberta-real-estate\">Alberta<\/a> offers many affordable and diverse housing markets \u2014 from the oil fields of <a href=\"https:\/\/www.zolo.ca\/fort-mcmurray-real-estate\">Fort McMurray<\/a> to the natural gas fields of Medicine Hat, to the home of the Oilers in Edmonton and the windy city of <a href=\"https:\/\/www.zolo.ca\/lethbridge-real-estate\">Lethbridge<\/a>. Those looking to purchase property will find various options, many offering excellent <a href=\"https:\/\/www.zolo.ca\/blog\/convince-employer-work-remotely\">remote working<\/a> flexibility, homes with greater square footage and exceptional access to green space.<\/p>\n\n\n\n<section class=\"bg-white border-t border-b border-blacklight my-12 md:my-16 sticky md:relative top-0 md:top-auto z-10 md:z-auto alignwide  wp-block-zolo-block-toc \" aria-hidden=\"true\"><div class=\"wrapper relative max-w-2xl mx-auto md:py-8 flex flex-col flex-shrink-0 max-h-screen md:max-h-none\"><input type=\"checkbox\" id=\"toc-toggle\" class=\"hidden\"\/><label for=\"toc-toggle\" class=\"flex justify-between cursor-pointer md:cursor-auto py-4\"><div class=\"toc-title leading-normal font-medium m-0\">In this article<\/div><svg class=\"w-6 h-6 fill-current text-blue md:hidden transition-transform duration-150 ease-in-out\" viewbox=\"0 0 24 24\"><path d=\"M22 12c0-5.5-4.5-10-10-10S2 6.5 2 12s4.5 10 10 10 10-4.5 10-10zM6.9 10.9l1.4-1.4 3.7 3.7 3.7-3.7 1.4 1.4L12 16l-5.1-5.1z\"><\/path><\/svg><\/label><nav id=\"toc-nav\" class=\"zolo-toc-nav max-h-0 md:max-h-full overflow-y-auto scrollbar-hidden overscroll-none\"><ul class=\"zolo-toc-list my-4\"><li><a class=\"entry-title no-underline hover:underline\" href=\"#main-findings:-the-most-affordable-cities-in-alberta\">Main Findings: The Most Affordable Cities in Alberta<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#the-3-most-affordable-large-cities-in-alberta\">The 3 Most Affordable Large Cities in Alberta<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#our-3-most-affordable-medium-cities-to-buy-a-home-in-alberta\">Our 3 Most Affordable Medium Cities to Buy a Home in Alberta<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#the-3-best-small-cities-to-buy-a-home-in-alberta\">The 3 Best Small Cities to Buy a Home in Alberta<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#how-we-determined-our-rankings-(methodology)\">How We Determined Our Rankings (Methodology)<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#frequently-asked-questions\">Frequently Asked Questions<\/a><\/li><\/ul><\/nav><\/div><\/section>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"main-findings:-the-most-affordable-cities-in-alberta\">Main Findings: The Most Affordable Cities in Alberta<\/h2>\n\n\n\n<p>To see how each city in our study performed, view the raw data based on the rankings below. You can use this to compare specific elements contributing to affordability in each city.<\/p>\n\n\n\n<p>Wherever you decide to lay roots in Alberta, skip home-buying <a href=\"https:\/\/www.zolo.ca\/news\/home-buying-stress\">stress<\/a> and check out the most <a href=\"https:\/\/www.zolo.ca\/alberta-real-estate\">affordable houses for sale in Alberta<\/a> to get started!<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"2420\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/07\/Top-27-1024x2420.png\" alt=\"\" class=\"wp-image-22974\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-3-most-affordable-large-cities-in-alberta\">The 3 Most Affordable Large Cities in Alberta<\/h2>\n\n\n\n<p>Although large cities are often more expensive to live in than medium or small-sized cities, the average home prices in our three most affordable large cities in Alberta are all less than $500,000! Large cities offer good accessibility to services, job opportunities, public transportation, walkability, and healthcare.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-edmonton\">Edmonton<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"1024\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/07\/Large_Edmonton-1024x1024.png\" alt=\"\" class=\"wp-image-22975\"\/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.zolo.ca\/edmonton-real-estate\">Edmonton<\/a>, the capital of Alberta and the second-largest city in the province, is still affordable to live in! With a population of just over 1.4 million people, the city has grown exponentially over the last few years. Because of the numerous annual festivals, it is known as Festival City, and you\u2019re sure to find many fun things to do all year round. Edmonton also offers many wide open spaces, plenty of restaurants, and shopping enthusiasts will love living close to the famous West Edmonton Mall.<\/p>\n\n\n\n<p>In terms of work, unemployment is low at just 5.8%. This may be due to the stable job market, as residents work in health care, government, construction or petrochemical-related industries.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-lethbridge\">Lethbridge<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"1024\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/07\/Large_Lethbridge-1024x1024.png\" alt=\"\" class=\"wp-image-22976\"\/><\/figure>\n\n\n\n<p>Lethbridge is a small city of just over 120,000 people in Southern Alberta. This city is known for its sunshine, mild winters and warm summers. Considered the transportation and business hub of Southern Alberta, you can find employment opportunities in many different sectors. Being a two-hour drive from <a href=\"https:\/\/www.zolo.ca\/calgary-real-estate\">Calgary<\/a> means you can also access all that the big city has to offer.<\/p>\n\n\n\n<p>For foodie lovers, Lethbridge offers many restaurants, bars and pubs. Several restaurants have been featured on the popular TV show You Gotta Eat Here. There are also plenty of green spaces, art galleries and museums to explore.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-red-deer\">Red Deer<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"1024\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/07\/Large_Red-Deer-1024x1024.png\" alt=\"\" class=\"wp-image-22977\"\/><\/figure>\n\n\n\n<p>Halfway between Calgary and Edmonton, <a href=\"https:\/\/www.zolo.ca\/red-deer-real-estate\">Red Deer<\/a> gives you ready access to the largest cities in Alberta while living in a less populated area of about 100,000 people. Just a short drive away, you\u2019ll also be able to access the Rocky Mountains and the world-class skiing, hiking, and camping they offer.<\/p>\n\n\n\n<p>Red Deer itself is an inexpensive city to buy a home in and offers many different neighbourhoods depending on your needs; suburban areas with great schools for families or downtown condos for the nightlife lover who wants to get around mostly on foot.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"our-3-most-affordable-medium-cities-to-buy-a-home-in-alberta\">Our 3 Most Affordable Medium Cities to Buy a Home in Alberta<\/h2>\n\n\n\n<p>Medium-sized cities with populations between 30,000 and 100,000 can be the best of both worlds. They often offer reasonable housing affordability, employment opportunities, and access to services without traffic congestion or higher home prices. Two of our medium cities, Leduc and Spruce Grove, are just over 30 minutes away from Edmonton, making the commute into the big city manageable.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-leduc\">Leduc<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"1024\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/07\/Medium_Leduc-1024x1024.png\" alt=\"\" class=\"wp-image-22978\"\/><\/figure>\n\n\n\n<p>With an average home price of just $372,100, <a href=\"https:\/\/www.zolo.ca\/leduc-real-estate\">Leduc<\/a> is much more affordable than many of the cities on our list. Although Leduc is located just 40 minutes from Edmonton, residents don\u2019t necessarily have to leave town to access shopping, restaurants and health care.&nbsp;<\/p>\n\n\n\n<p>Many people fall in love with Leduc&#8217;s \u201csmall-town\u201d lifestyle. In Leduc, you&#8217;ll have access to plenty of trails, opportunities for camping, mountain biking, horseback riding, golfing, and more.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-spruce-grove\">Spruce Grove<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"1024\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/07\/Medium_Spruce-Grove-1024x1024.png\" alt=\"\" class=\"wp-image-22979\"\/><\/figure>\n\n\n\n<p>Some consider <a href=\"https:\/\/www.zolo.ca\/spruce-grove-real-estate\">Spruce Grove<\/a> to be the perfect balance between big city amenities and quiet community living. It&#8217;s easy to see why, with Spruce Grove being just a 35-minute drive from Edmonton. In addition, with a population of slightly over 37,000, it\u2019s not too crowded. The city boasts many parks, playgrounds, local businesses, big box stores, and a vibrant arts scene.<\/p>\n\n\n\n<p>If you plan to commute to Edmonton for work, a commuter rail will take you right into the downtown area.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"fort-mcmurray\">Fort McMurray<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"1024\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/07\/Medium_Fort-McMurray-1024x1024.png\" alt=\"\" class=\"wp-image-22980\"\/><\/figure>\n\n\n\n<p>Once a thriving city, economically speaking, <a href=\"https:\/\/www.zolo.ca\/fort-mcmurray-real-estate\">Fort McMurray<\/a> has seen better days.&nbsp;<\/p>\n\n\n\n<p>The last few years have been hard on this Albertan city, from oil price slumps to natural disasters to legal fights over resource projects. The average household income in Fort McMurray is high at just under $200,000. However, unemployment rates are double the <a href=\"https:\/\/economicdashboard.alberta.ca\/Unemployment\">provincial average of 5.2%<\/a>.<\/p>\n\n\n\n<p>Fort McMurray has a diverse and multicultural community that still attracts people from all corners of the province and Canada. However, the population tends to be transient due to the nature of many of the jobs in Fort McMurray.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-3-best-small-cities-to-buy-a-home-in-alberta\">The 3 Best Small Cities to Buy a Home in Alberta<\/h2>\n\n\n\n<p>Small cities of under 30,000 people may not offer as many amenities, but they have their own benefits. Small cities are usually much more affordable and offer a more family-friendly place to live at a slower pace. Homes in small cities may also include more land, which is ideal for those looking for more outdoor space.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-stony-plain\">Stony Plain<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"1024\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/07\/Small_Stony-Plain-1024x1024.png\" alt=\"\" class=\"wp-image-22981\"\/><\/figure>\n\n\n\n<p>Our most affordable city in Alberta is <a href=\"https:\/\/www.zolo.ca\/stony-plain-real-estate\">Stony Plain<\/a>. Located just outside Spruce Grove, it\u2019s only a 40-minute drive into Edmonton. The average home price is just $221,500, and the average household income is $106,500. With these numbers, we wouldn\u2019t blame you if you wanted to call Stony Plain home!<\/p>\n\n\n\n<p>Just because it\u2019s a small city doesn\u2019t mean you won\u2019t have access to amenities! There are parks, restaurants, a medical centre, locally owned stores, a farmers market and more.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"fort-saskatchewan\">Fort Saskatchewan<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"1024\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/07\/Small_Fort-Saskatchewan-1024x1024.png\" alt=\"\" class=\"wp-image-22982\"\/><\/figure>\n\n\n\n<p>North of Edmonton, you\u2019ll find <a href=\"https:\/\/www.zolo.ca\/fort-saskatchewan-real-estate\">Fort Saskatchewan<\/a>, with a population of 27,000 people. The city is nestled along the North Saskatchewan River and offers a 35-minute commute to Edmonton.<\/p>\n\n\n\n<p>The town itself has public transportation (on weekdays), schools, and local and chain restaurants, and residents love exploring the Fort Saskatchewan River Valley Trails.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-beaumont\">Beaumont<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"1024\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2023\/07\/Small_Beaumont-1024x1024.png\" alt=\"\" class=\"wp-image-22983\"\/><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.zolo.ca\/beaumont-real-estate\">Beaumont<\/a> is a small city of approximately 20,800 people between Leduc and Edmonton. Originally a French farming town, Beaumont is one of four municipalities in Alberta that are officially bilingual. The downtown area features historic buildings, restaurants, and more.<\/p>\n\n\n\n<p>If you love to travel or have to work, Beaumont is close to the Edmonton International Airport and 35 minutes to downtown Edmonton.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"<strong&gt;how-we-determined-our-rankings-(methodology)<\/strong&gt;\"><strong>How We Determined Our Rankings (Methodology)<\/strong><\/h2>\n\n\n\n<p>To help you find the best option to meet your needs, we evaluated 27 major cities in Alberta based on a few integral factors, including:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Affordability<\/h3>\n\n\n\n<p>For housing to be affordable, home prices need to be low enough that residents can afford their mortgage payments, but they also need to earn enough money to afford the other necessities of life. To measure this, we compared home prices gathered from Zolo Market Trends in June 2023 to the average annual income of single people and households from Statistics Canada.<\/p>\n\n\n\n<p>The result is a home price-to-income ratio, which is a number that expresses how long it would take to pay off an average home property based on the average gross income of city residents. Cities with lower price-to-income ratios are more affordable.<\/p>\n\n\n\n<p>First, we considered the affordability of the city\u2019s housing stock. We created a score based on the price-to-income ratio.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Economic Strength<\/h3>\n\n\n\n<p>Housing prices in some cities might be low, but if there are few employment opportunities in that city, is it really a good place to live? That\u2019s why we also included unemployment rates as one of our ranking factors. Buying a home in a city that does not have good economic opportunities can result in lower lifetime earnings and lower life satisfaction. We ranked the cities by their unemployment rates.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Population Growth<\/h3>\n\n\n\n<p>Finally, when cities are good places to live, people move there, so it stands to reason that a growing population is a good indicator of affordable home prices, good employment options, and amenities. The more significant the population growth, the stronger a city\u2019s potential for a growing residential population.<\/p>\n\n\n\n<p>We broke down the cities in Alberta by size because large cities like Calgary will never be as affordable as a smaller city, but these larger cities offer unique opportunities that you won\u2019t find in small or medium-sized cities.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"frequently-asked-questions\">Frequently Asked Questions<\/h2>\n\n\n\n<p><strong>What is the cheapest place to live in Alberta?<\/strong><\/p>\n\n\n\n<p>The city in Alberta with the lowest home price is Wetaskiwin with an average home price of $216,250 as of June 2023. Wetaskiwin has a population of 12,594, an average household income of $84,300 and an unemployment rate of 6.50%.<\/p>\n\n\n\n<p><strong>What is the best small town to live in Alberta?<\/strong><\/p>\n\n\n\n<p>The best small town to live in Alberta is Stony Plain. This small town has an average home price of $221,500 in June 2023 and a combined household income of $106,500, according to Statistics Canada.&nbsp;<\/p>\n\n\n\n<p><strong>Which Canadian city has the lowest cost of living<\/strong><\/p>\n\n\n\n<p>Sherbrooke is the cheapest city in Canada to live in, according to Comparwise. Sherbrooke is located in the province of Quebec and had an average home price of $483,573 in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For those on a budget, we have a list of the most affordable cities to buy a home in Alberta<\/p>\n","protected":false},"author":91,"featured_media":16471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15089],"tags":[],"guide":[],"class_list":["post-16470","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-places"],"acf":[],"zolo_excerpt":"","_links":{"self":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/16470","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/comments?post=16470"}],"version-history":[{"count":18,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/16470\/revisions"}],"predecessor-version":[{"id":22985,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/16470\/revisions\/22985"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media\/16471"}],"wp:attachment":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media?parent=16470"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/categories?post=16470"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/tags?post=16470"},{"taxonomy":"guide","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/guide?post=16470"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}