Canadian city named the best for 'low cost of living'
If you’re looking to lower your cost of living significantly in Canada, you may have to move cities.
Tangerine released a list of Canada’s 10 best cities for meeting your financial goals this year, highlighting one of them as the best if you want to lower your cost of living.
“From St. John’s to Victoria, many Canadian cities offer a unique blend of affordability, opportunity and quality of life that can help you reach your financial and personal goals,” reads the report. “We call it wealth-life balance — the sweet spot where financial growth meets everyday happiness.”
The Canadian bank partnered with AskPolly.ai, a social listening and sentiment analysis platform, to explore how residents feel about their cities.
The report measures each element of a city using a “Joy Score,” which is indicated by very low, low, average, high, and very high. It also uses an “Importance Rank,” which means a goal was frequently mentioned and emotionally resonant. The higher the rank, the more important that factor is to people in that city. Lower scores may be less urgently or frequently mentioned.
“By analyzing thousands of online conversations about money, work and lifestyle, we uncovered where people are most satisfied while pursuing their goals,” explained the bank.
Canadians who live in major cities like Toronto or Vancouver, who are tired of the soaring cost of living, may want to consider moving to Winnipeg.
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Tangerine has named Manitoba’s capital city as the best for “low cost of living.”
According to the report, it has some of the lowest average home prices in the country, at $381,500.
“Winnipeg is an enjoyable place to settle down while you make your budget go farther than in other locales,” it reads.
Tangerine highlights the city’s affordable transportation, groceries and entertainment that’ll allow you to “live comfortably without stretching your paycheque.”
The bank found that Winnipeg hits a high Joy Score due to its low cost of living and accessible lifestyle, “proving that low-cost does not mean a low quantity of fun, culture and community.”
Other highlights from the report include Calgary being named the best city in Canada to “work and play.”
If you want to buy a home but have been priced out of your city, you may want to move to Halifax, where homes are priced over 19 per cent below Canada’s August 2025 average of $686,800, according to the report.
Canadians who are prioritizing family may want to look into moving to Saskatoon, Sask.
“Saskatoon offers a family-friendly lifestyle without the high costs of other cities,” reads the report. “Green space, playgrounds and community events are abundant. The community is also investing heavily in public safety, which is good news for families who want to see safer communities.”
Learn about more cities that can help you meet your financial goals in Tangerine’s report.