For those leaving the hustle and bustle of a city, life in a rural area can be idyllic. In terms of country living, New Brunswick is among the top places to live.
The cost of living is lower than some other provinces, which means residents have more money left over at the end of the month for their savings account or retirement plan.
Buying a home is another way to save money. Looking at housing markets across the country based on affordability, and once again New Brunswick was found to be a very low-cost province for home ownership.
Looking at three housing markets: two large metropolitan areas, including Fredericton and Saint John, and one rural town – Woodstock – that best represent the province. The combination of a strong economy, an affordable housing market, job growth and low unemployment has created the ideal conditions for homeownership.
Let’s take a look at the cheapest places to live in New Brunswick.
By most standards, Moncton is the most affordable city in New Brunswick.
It was also recently ranked among the best places to live in Atlantic Canada.
The average price for a single family home is $247,000; the average price of a one-bedroom apartment is $723; and the average cost of groceries including meat, dairy products and fresh vegetables comes in at $423 per month.
What is the Price Range for a 1-bedroom Apartment in Moncton, NB?
The price range for a 1-bedroom apartment in Moncton, NB is between $1,000 and $1,400. While still affordable, Moncton is quickly losing affordability, similar to the rest of the country.
There are definitely apartments available for under this price range, though they are becoming harder to find.
If you’re planning in moving to Moncton, check out our guide on finding some reliable moving companies in Moncton. This will be able to help smooth out an otherwise stressful process for you.
You can also check out our post on jobs in Moncton if you’re planning on moving here and looking for employment.
Sackville is known as Canada’s university town.
People looking for a place to live with a lower cost of living will find what they are looking for in Sackville, where the average rent on a one-bedroom apartment is $712.
The average sale price for a single family home comes in at $218,986 and the monthly cost of groceries (including meat and dairy products) is $443.
Fredericton has one of the highest average household incomes in New Brunswick ($72,064) and the lowest unemployment rate.
The average price for a single family home is $288,621; the average cost of a one-bedroom apartment is $700; and the average monthly cost of groceries (including meat and dairy products) comes in at $450.
Shediac is a tidal-based community located on the south shore of the Saint John River.
Because of low taxes and high incomes, Shediac ranks as one of Canada’s best places to live in.
The average price for a single family home is $245,000; the average cost for a one-bedroom apartment is $610; and the cost of groceries (including meat and dairy products) comes in at $420 per month.
Miramichi is another affordable place to live in New Brunswick. It shouldn’t come as a surprise that Miramichi is a good place to live.
The average price for a single family home is $228,000; the average cost for a one-bedroom apartment is $629; and the cost of groceries (including meat and dairy products) comes in at $426 per month.
Saint John is one of the best places in the province to live if you are in the market for a home.
It’s also one of the best places to visit in New Brunswick, which is something you’ll want to do if you’re planning on living here.
The average sale price for a single family home in Saint John is $249,000; the average price for a one-bedroom apartment is $691; and the cost of groceries (including meat and dairy products) comes in at $477 per month.
Check out our post on things to do in Saint John if you’re planning on moving here as well.
A rural community located west of Saint John, St. Stephen is a quaint place to live with a slower pace of life. T
he average cost for a one-bedroom apartment in St. Stephen is $718; the average price for a single family home comes in at $246,074; and the average cost of groceries (including meat and dairy products) comes in at $443 per month.
Located on the western edge of New Brunswick, Woodstock has been recognized as having some of the best restaurants in Canada by Air Canada’s enRoute magazine (Random fact).
The average apartment rent in Woodstock is $742; the average price for a single family home is $232,527; and the average cost of groceries (including meat and dairy products) comes in at $445 per month.
Reasons Why You Should Move to New Brunswick
- New Brunswick is one of the most affordable places to live in Canada.
- The cost of living in New Brunswick is lower than other provinces.
- There is a good selection of housing and home prices are more reasonable than they are in many other places in Canada.
- New Brunswick has a diverse and growing economy, creating opportunities for workers.
- The unemployment rate in this province is among the lowest across Canada.
Why are houses so cheap in New Brunswick?
It’s a question that many people have been asking as New Brunswick’s economy continues to suffer from low mineral prices and the fallout from the collapse of oil prices. But now, there is some good news for those who are looking to buy a house in the province.
There was a 4% increase in home sales and listings in August 2021 compared to last year, which means that consumers may soon be able to find their dream houses at affordable prices.
So why are houses so cheap in New Brunswick?
Houses are cheap in New Brunswick because in recent years, prices have been dropping in the province. In fact, New Brunswick’s economy and housing market has been in a downward spiral for some time now.
New Brunswick has been heavily dependent on the natural resources sector to spur its economy. The province is home to the Sisson Brook mine, which is one of Canada’s largest uranium mines and is owned by Cameco (TSE:CCO). But its mineral resources are now valued at only $8.8 billion, roughly half of what they were worth in 2011.
The mine’s output fell by 37% between 2013 and 2015. Although the province is currently working on a plan to diversify its economy, this hasn’t been enough to bring more jobs to the province. New Brunswick has also suffered from low oil prices, which continue to hamper the economy of the province.
Enjoying the Low Cost of Living in New Brunswick
If you are looking for a place to live that has reasonable housing prices, low unemployment and plenty of job opportunities, New Brunswick should be at the top of your list.
With affordable housing markets and strong economies, residents can enjoy all that rural living has to offer.