IS IT COSTLY TO LIVE IN CANADA? A BRIEF GUIDELINE

Did you know that Canada is ranked as the 24th most expensive city in the world?

But Canada does not fail to balance it up as it provides some of the highest mean salaries in the world. Current Canadian employees are expecting a 4.2% salary increase in 2023. 21.5% of the Canadian population is expats. They earn better in Canada as compared to their home countries and send money back to their families.

If you also wish to live and work in Canada, this guide will help you understand the average costs of living there.

Common expenses of life in Canada

Renting apartments/houses is expensive in Canada.

Canada has the second-largest land mass in the world. Hence, the price of housing depends a lot on where you live. Vancouver is known to be the most expensive in terms of housing and rent. Monthly rent for a one-bedroom apartment in an expensive neighborhood can cost you anywhere around CAD 1600-1950. Basic utilities can cost around CAD 100 per month.

If you prefer to live in a remote area or a smaller town, you will pay a lot less and get larger spaces. For example, in Saskatoon, you can easily rent a one-bedroom apartment for CAD 1000 or less.

Food and entertainment prices in Canada are higher than in Europe or Australia.

Canada is a top food exported in the world for grain and seafood, but the cold climate cuts short the growing season. Hence, it imports two-thirds of its fruits and vegetables which makes them pricier than anywhere else around the world.

A regular dinner out for two in cities like Vancouver or Toronto will cost you around CAD 80. If you know how to cook, you can expect your monthly food groceries to be around CAD 400.

Transportation is easily accessible and affordable.

Public transport is viable in urban areas mostly. The price of gas in Canada is a little lower than in most European cities. A gallon of gas can cost around CAD 7.

Canada has top-notch healthcare.

Canada is widely known for its free health care system. This system is government funded and covers all the basic healthcare necessities. However, the definition of basic care differs from province to province.

Regardless of whether this system is intact, you will still need to buy health insurance. Many things aren’t covered in the plan. Sometimes, you also have to wait for long periods to get your turn.

What are some of the most expensive cities to live in Canada?

Canada is a mixture of affordable and expensive cities. Most of the expensive cities are metropolitans bustling with busy lives. These cities host most expats and international students. Here is the list of the top 5 most expensive cities in Canada

1. Toronto

Toronto is a versatile city with a population of 2.93 million people. It is the capital of Ontario and lies on the northwestern side of Lake Ontario. The average living costs per month for Toronto equals CAD 3547.

2. Ottawa

Ottawa is the country’s capital and lies in the east of southern Ontario. It is home to a rich history, Victorian architecture, and a plethora of museums. Around 994,837 people reside in the vicinity of Ottawa. The average living costs per month for Ottawa equals CAD 3261.

3. Vancouver

Vancouver is the most ethnically diverse city in Canada, which lies on the west coast of British Columbia. It is a popular filming location. It has a population of 675,218 people. The average living costs per month for Vancouver equals CAD 2850.

4. Montreal

Montreal is the largest city in the province of Quebec, with 1.78 million residents. The average living costs per month for Montreal equals CAS 2844.

What are some of the least expensive cities to live in Canada?

While the living costs of most metropolitans are high in Canada, there are smaller cities that are affordable.

1. St Catharine's

St Catharine's has the sixth largest urban area in Ontario. It has a population of 406,074 residents. The average living costs per month for St Catharine's equals CAD 1701.

2. Abbotsford

Abbotsford is a large rural city situated in British Columbia. It is known for having cheap gas. It has a population of 153,524 residents. The overall living costs of this city are 22% lesser than the provincial average. The average living costs per month for Abbotsford equals CAD 1579.

3. Moncton

Moncton is a populous city in New Brunswick. It is enriched with history and culture. The average living costs per month for Moncton equals CAD 1236.

How should you maintain your finances in Canada?

If you are a student, you can do part-time jobs for people on and off campus. If you are working full-time, you should be mindful of your expenses by writing them down. Compartmentalize your expenditure and lay down your priorities straight. Do not mindlessly spend luxuries such as food, clothing, and cars. Use cost-effective money transfer services like ACE to save. Make sure to keep a certain percentage of your monthly income for investments.

How much money is required to live a comfortable life in Canada?

Each individual has a different standard of comfort, so the amount varies depending on your lifestyle and expectations. However, most Canadians enjoy a luxuriously comfortable lifestyle at CAD 250,000 per year. The costs of living in Canada are relatively higher if compared to a global level. People considering moving here should keep in mind the extra expenditures they might face.

What is the average monthly expense of a single person living in Canada?

Actual costs vary from city to city and province to province. However, the national average cost of living for one person, including rent, transport, grocery, and utilities, is CAD 2,730 per month.

How to save money on remittance-sending services from Canada?

On average, more than CAD 5.2 Billion is sent as remittances each year from Canada. Most global money transfers are costly and time taking. You can save on the transfer fee by switching to ACE Money Transfer which operates on a global network with hundred plus receiving corridors and 25 sending countries.

• ACE Money Transfer delivers your funds to your destined country within a day at affordable rates

You can use ACE Money Transfer as your budget-friendly savings strategy because it offers market-competitive exchange rates with the lowest transfer fee. It is also ideal for emergencies because transactions are complete within 24 hours.

Keep your finances intact before planning the big move to Canada. Plan saving strategies to lessen the financial strain once you are in Canada. Use ACE Money Transfer to send money back home at affordable rates and unbelievable speed. Sign up today for free to make unlimited international transactions.