Home Prices & Quality of Life

If you’re living in or moving to Alberta and looking to save money on housing, several cities offer much lower costs than Calgary or Edmonton. Places like Red Deer and Lethbridge give you cheap living without cutting back on the quality of life. 

These smaller cities have good job markets and strong communities that make them worth checking out. If you prefer big city proximity, the greater Calgary area has affordable options.

No matter what you’re looking for, there’s an affordable Alberta community for you.

Top Affordable Places to Live in Alberta

Average home prices in Alberta’s most affordable towns:

• Red Deer – $390,000
• Cold Lake – $325,000
• Lethbridge – $470,000
• Wetaskiwin – $250,000
• Medicine Hat – $340,000
• Brooks – $345,000
• Grande Prairie – $375,000
• Camrose – $360,000

Red Deer

Homes in Red Deer average around $390,000.

Red Deer, ideally located between Calgary and Edmonton, is affordable and one of the best places to live in Alberta. Housing here is significantly more affordable than in the bigger cities. You can find homes that work for buyers on a budget.

You’ll see all kinds of homes, from small apartments to bigger houses. Jobs are easy to find, too. Work in healthcare, stores, factories, and other places is available without much searching.

Red Deer stands out for its balance of affordable housing and good job opportunities. With its handy location, friendly people, and steady work, Red Deer is a good choice for anyone wanting to lower their living costs in Alberta.

Cold Lake

Homes in Cold Lake average around $325,000.

Cold Lake ranks high for affordable living while offering natural beauty and job opportunities. Homes sell for much less than in major cities, stretching your housing budget further.

The local job market, especially in oil and gas, means you can find good work without moving away. CFB Cold Lake (4 Wing Cold Lake), the busiest Royal Canadian Air Force base in Canada, buoys the economy.

Cold Lake offers a range of recreational activities. Beautiful parks, hiking paths, and the gorgeous lake offer plenty of outdoor activities.

Whether you want to build your career or enjoy nature, Cold Lake lets you do both without breaking your budget.

Lethbridge

Homes in Lethbridge average around $470,000.

Located 200 kilometres from Downtown Calgary in southern Alberta, Lethbridge offers a more affordable cost of living without sacrificing its pleasant atmosphere. Home prices here run way below the big cities, saving you hundreds each month on payments.

Jobs are easy to find in farming, healthcare, and schools. The University of Lethbridge fills the town with students and teachers, making the city feel busy.

In Lethbridge, you can enjoy good parks, fun things to do, and cultural events without paying big-city prices. The cash you save on housing lets you do more around town. For a life that’s both good and affordable, the community hits the mark.

Wetaskiwin

Homes in Wetaskiwin average around $250,000.

Wetaskiwin matches Cold Lake for affordable housing while adding its small-town charm. The city is located approximately 70 km south of Edmonton and 250 km north of Calgary.

Home prices rank among Alberta’s lowest, putting homeownership within reach for more people. The affordable houses don’t come at the expense of quality living. Wetaskiwin has enough job options to support a comfortable lifestyle.

You’ll also find plenty to do here. The city has nice parks, walking trails, and community events that keep life interesting.

With friendly neighbours and good value for your money, Wetaskiwin offers a high quality of life at prices most people can afford.

Medicine Hat

Homes in Medicine Hat average around $340,000.

It’s not just an affordable city in Alberta—Medicine Hat is one of the cheapest cities in Canada! Homes here are priced much lower than in larger cities. You can choose from single-family homes, duplexes, or condos that match what you need and can afford.

This affordable cost of living doesn’t come at the expense of quality of life. The city offers parks, sports fields, and vibrant community events.

Medicine Hat offers small-city prices with all the everyday conveniences you need, which is why more than 60,000 people choose to call it home.

Brooks

Homes in Brooks average around $345,000.

Brooks sits in Alberta’s prairie region and stands out as a top choice for budget-friendly living. House prices run far below what you’d pay in larger cities, giving you much more for your money.

This small town has a close community feel with local businesses that cover all your daily needs. Brooks also offers excellent community amenities like the JBS Canada Centre, a well-equipped recreation centre. 

Beyond affordable housing, Brooks offers jobs in the farming and energy sectors. With its mix of low-cost housing and good job prospects, Brooks is an excellent choice.

Grande Prairie

Homes in Grande Prairie average around $375,000.

Grande Prairie offers another great option for cheap living in Alberta.

Houses and rent cost much less here than in bigger cities, but you still get a strong local economy. Jobs are plentiful, especially in the oil, gas, forestry, and farming sectors.

The city isn’t just about work, though. It has lots of green spaces where you can relax and enjoy nature. Parks, walking trails, and recreation spots are all around town.

For a good life with cheap housing and steady job options, Grande Prairie should be on your list.

Camrose

Homes in Camrose average around $360,000.

Camrose brings together affordable living and a strong community spirit. You’ll find many housing options that don’t strain your budget.

The real estate market offers everything from apartments to single-family homes, so you can find what fits your needs. Housing costs much less than in Edmonton, which is located 100 kilometres northeast of Camrose.

The job market is bustling, too. Whether you work in healthcare, schools, or stores, Camrose supports your career growth. The local economy stays steady, helping you build a secure future.

Add in friendly community events and recreation options, and Camrose becomes a place where you can truly enjoy life without spending too much.

Cheapest Calgary Area Communities

Want to be close to Calgary without paying Calgary prices? The communities around Calgary give you the best of both worlds: affordable homes and easy access to the big city. 

While they don’t rank among Alberta’s cheapest cities, proximity to Calgary’s job market and savings compared to the big city make them affordable options for the area. 

From lakeside living to mountain views, these areas help your money go much further.

Airdrie

Homes in Airdrie average around $600,000.

Airdrie sits just 30 minutes north of Calgary on Highway 2. This fast-growing city gives you big-city amenities without big-city prices.

Houses here start in the $400s for single-family homes, with condos available from the high $200s. That’s way less than most Calgary neighbourhoods, even after you factor in the short commute.

Airdrie is home to neighbourhoods like Chinook Gate, which is one of the best master-planned communities near Calgary.

Airdrie doesn’t feel like a bedroom community, either. The Genesis Place Recreation Centre rivals anything in Calgary. Cross Iron Mills shopping center puts major retailers right at your doorstep. Plus, the city has its own festivals and community events that make it feel like home, not just a place to sleep.

The commute to Calgary is simple—straight down Highway 2. Most people find the drive easy, and many employers offer flexible hours that help you avoid rush hour traffic.

Cochrane

Homes in Cochrane average around $650,000.

Just 20 minutes west of Calgary, Cochrane offers stunning Rocky Mountain views and genuine small-town charm. This heritage town manages to feel both historic and modern.

Home prices run below Calgary averages while giving you more space and character. You’ll find everything from affordable condos to luxury properties with mountain views.

What makes Cochrane special is its location. You’re less than an hour from excellent Rocky Mountain road trips and activities, and just 20 minutes from Downtown Calgary. The Bow River runs right through town, creating beautiful pathways for walking and biking.

The downtown core has an authentic Western feel, with local shops, cafes, and restaurants. It’s not trying to be cute—it’s a real small town that happens to be perfectly located.

Calgary’s Most Affordable Neighbourhoods

Not ready to leave city limits? Several affordable neighbourhoods in Calgary offer significant savings compared to trendy areas like Upper Mount Royal or Altadore.

Deer Ridge in Southeast Calgary offers single-family homes starting in the $500s. The neighbourhood is near Fish Creek Provincial Park and offers excellent recreational facilities, including a swimming pool and ice rink.

Taradale offers condos from $200,000 to $300,000, with many single-family homes in the $600s and $700s. Schools, ponds, and recreational pathways make it friendly without the premium price tag.

Ranchlands features townhomes in the $300,000 to $400,000 range and detached homes in the $700s. With nearly 8,000 residents, it has a vibrant community feel.

Huntington Hills provides some of Calgary’s most affordable housing with great access to Nose Hill Park. Condos start in the mid-$200s, while detached homes typically range from $500,000 to $750,000.

These neighbourhoods prove you don’t need to pay downtown prices to enjoy Calgary living. Each offers its own character and amenities while keeping housing costs manageable.

Find Your Affordable Alberta Community 

Alberta’s cheapest cities, like Medicine Hat, Grande Prairie, and Wetaskiwin, combine low living costs with good job markets. These smaller cities offer something special, like close community ties and chances you might miss in bigger, pricier places. 

Check out these cities and find your perfect match in Alberta.

If you’re interested in Alberta real estate, contact Justin Havre Real Estate Team with eXp Realty with Calgary Homes at (403) 217-0003 to get in touch with a local real estate agent who can help you find your Alberta dream home today.