Why Cold Lake, family there? Because if you going to move to Alberta I would recommend one of the medium sized centers such as Red Deer, Lethbridge, Medicine Hat....that is if you don't want to move to Edmonton or Calgary. There are also lots of younger people in the towns of Banff and Jasper.
But if your set on Cold Lake I'm sure the housing will be relatively inexpensive, but I am not sure about the job prospects there.
Oh yea and there is always Ft Mcmurray!!