When deciding where to settle in Canada, it can take time to figure out what city fits your budget and interests the most. Of course, Vancouver and Toronto are the most expensive: but their costs will scare some buyers away.
Here’s everything you need to know to make an informed decision.
Most Overvalued Housing Market in the World
Canada’s housing market has been repeatedly listed as the most overpriced housing market in the world. This makes the properties you see, and the expense of everything else, far more inflated than it needs to be.
Although you can find pockets of cities and towns where things are more affordable, there’s no reason to assume that you’ll be able to find these when it’s time for you to purchase. This is why it’s a good idea to know the cost of living in these cities and why it matters.
Crowned the most expensive city in Canada time and time again, Vancouver is known as the Hollywood of Canada as well as the biggest tech hub in the country. It’s got a lot of industry work available, and because of this, many people are trying to buy property to live here.
Unfortunately, this boosts the price of living for everyone in the city, with the general cost of living before rent sitting at $1325 and rent at $1,543 per month on average. This means a person would have to make almost $5,000 a month to be allowed to rent and to afford their cost of living.
Toronto often goes head to head against Vancouver as the most expensive city to live in, but homes for sale in Toronto have recently dipped in price. There’s no end to the number of things to do and see in Toronto, which can be nice- but the cost of living here makes people question if it’s worth it.
All in all, Canada has always been known as a great place to live. However, the cost of living in Canada could be higher than what you were typically used to in your home country. Household costs will take-up about 50% of your salary so it’s important to come well prepared
Before rent, the cost of living sits at around $1,226 a month, with rent often sitting at $1,454. This can make it prohibitively expensive, even if you’re rooming with several people.
The third most expensive city on this list, Calgary, can cost around $1,168 a month before rent, with the cost of housing usually sitting at about $1,300 a month. This makes it generally affordable, which can be nice for those looking for a place that has an easy commute, fantastic views, and affordable housing.
Unfortunately, the cost of entertainment in this area can be expensive, so it can be difficult for some people trying to make the most out of their nightlife.
Montreal is far more affordable than most people would expect. Before rent, it’s 30% less expensive than New York- with monthly costs not including housing sitting at $1,098.
The average accommodation cost in this gorgeous city is around $1,230 a month- which means you’d have to make at least $3,690 to be able to rent here. The houses are less expensive than any other city on this list, but they can still be overpriced depending on your market.