Last Updated On 13 January 2024, 12:05 PM EST (Toronto Time)
The cost of living in Canada has always been a topic of discussion among Canadians as well as newcomers who do research while planning to move here.
Lately, we all have been feeling the pain more than ever, with prices already rising for groceries, rentals, and other daily living necessary requirements.
Furthermore, the Canadian government just announced doubling the cost-of-living requirement for upcoming international students applying for study permits to ensure they have enough finances to support their daily basic needs.
In this article, we enlist the real average cost of living in Canada as well as the top 10 major Canadian cities since it varies from coast-to-coast.
Average Cost of Living in Canada
Without rent, the projected monthly costs for a household of four are $5,085.8 CAD, while for a single person, this cost is estimated at $1,419.10 CAD.
Since we all know rent greatly varies from one city to another, it cannot be accounted for in the average cost of living in Canada.
The average rent per month for a 1-bedroom apartment in the city centre of Canadian cities ranges from $1,250 to as high as $2,900 for downtown Vancouver or Toronto.
| Region | Average rent | Average Highest | Average Lowest |
|---|---|---|---|
| 1 Bedroom in the city centre | $1,973.79 | $2,900.00 | $1,250.00 |
| 1 Bedroom outside the city centre | $1,687.08 | $2,500.00 | $1,125.00 |
| 3 Bedrooms in the city centre | $3,178.20 | $5,183.46 | $2,053.50 |
| 3 Bedrooms outside the city centre | $2,665.84 | $4,000.00 | $1,831.12 |
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Latest Cost of Living For Top 10 Canadian Cities
While Canada is known for its great quality of life and social services, residents should be aware of regional differences in living costs.
When compared to smaller towns or rural areas, urban centres such as Vancouver, Victoria, and Toronto have higher expenses, notably in terms of housing.
| City | Cost of living (single person) without rent | Cost of living (family of four) without rent | Average monthly rent (1 bedroom) City Centre | Average monthly rent (3 bedrooms) City Centre |
| Vancouver, B.C. | $1,594.7 | $5,815.70 | $2,859.53 | $5,183.46 |
| Victoria, B.C. | $1,578.90 | $5,678.30 | $2,138.15 | $4,514.55 |
| Toronto, Ontario | $1,541.30 | $5,673.90 | $2,616.89 | $4,309.43 |
| Ottawa, Ontario | $1,525.50 | $5,622.00 | $1,968.19 | $3,248.00 |
| Calgary, Alberta | $1,524.10 | $5,584.10 | $1,893.78 | $3,026.97 |
| Quebec City, Quebec | $1,481.00 | $5,340.70 | $1,305.00 | $2,053.50 |
| Edmonton, Alberta | $1,477.70 | $5,201.20 | $1,488.15 | $2,418.85 |
| Hamilton, Ontario | $1,465.90 | $5,223.70 | $1,797.50 | $2,825.00 |
| Winnipeg, Manitoba | $1,386.90 | $4,947.40 | $1,250.20 | $1,994.44 |
| Montreal, Quebec | $1,345.30 | $4,960.90 | $1,643.51 | $2,870.00 |
To conclude, the cost of living in Canada is relative and fluctuates according to individual circumstances, lifestyle preferences, and geographical region.
So, prospective residents and citizens should be prepared to manage the complexities of the employment market and comprehend the potential influence on their disposable income.
When considering the financial aspects of living in this diverse and inviting country, it is recommended that individuals perform thorough studies, budget sensibly, and make informed decisions based on their personal requirements and preferences.
How much is the inflation rate in Canada?
The latest inflation rate in Canada is 3.1%, as per Statistics Canada data for the month of October 2023.
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