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November 8, 2024 | 04:48 pm
TEMPO.CO, Jakarta - Canada is a vast country with the longest coastline in the world and six different time zones. The country is often praised for its international influence in many areas of life, including the economic environment with an estimated GDP of $2.2 trillion by 2024.
Despite this, citizens have faced several economic challenges in recent years, ranging from high housing rents to exorbitant education fees and expensive groceries. Let's take a look at these 8 most expensive cities in Canada to serve as living examples.
Citing Best Diplomats and Spring Financial, this article reveals Canada's most expensive cities, with Vancouver and Toronto making it into the round.
1. Vancouver
Vancouver is dubbed as one of the top cities with the highest cost of living in the world as seen in its growing real estate market and overall cost of living. Today, housing prices start at $1,302,794, indicating tremendous growth compared to 2022. As a result, limited housing supply constantly threatens citizens, factors by minimum land availability, high demand issues, and low interest rates.
2. Toronto
Including various expenses such as food, transportation and entertainment, the cost of living in Toronto has risen rapidly, exceeding the national average by 20 percent. Housing affordability has also been a concern in recent years, demonstrating a notable escalation past $1 million, says Best Diplomats.
3. Victoria
Known as "The Jewel of the Island," Victoria boasts impeccable charms of both natural wonders and urban experiences. However, the cost of living is still an enduring affair as housing prices keep seeing a leap by year-on-year comparison. A one-bedroom apartment rents for an average of $1,839 and other utilities are priced from $213,23.
4. Calgary
Despite being a leader in tax affordability, Calgary is still considered expensive, primarily because of the housing market and daily living expenses. For single-family homes, residents are charged prices ranging from $300,000 to more than $9 million. Other additional monthly costs for food are priced at $500, while basic utilities can be covered at around $350.
5. Ottawa
Similar to Vancouver, Ottawa is considered one of the most expensive cities in the world due to its housing market and entertainment costs. While the quality of life in Ottawa is guaranteed, as evidenced by an index of 89, the overall cost of living still takes up a large portion of the average salary.
6. Hamilton
Housing prices in Hamilton have risen rapidly recently, with a one-bedroom apartment costing over $1,000 per month. Budgeting plans need to be adjusted accordingly as other expenses such as utilities, food and entertainment are relatively high. For a fair calculation, residents in Hamilton typically pay around $400 for their monthly groceries.
7. Edmonton
According to Moving Waldo, the average cost of living in Edmonton is $2,635 per month, with housing rent taking up as much as $1,197 of the total. Basic utilities such as electricity, internet, heating, water, cooling, and garbage are billed at $353 per month.
8. Alberta
Like other major cities, Alberta has a fairly high cost of living, with monthly house rent recorded at $1,922. While other Canadian cities continue to have increases, the average salary in Alberta is said to remain at $38,829.
Understanding the cost of living for each of these most expensive cities in Canada is crucial to ensure that budgeting planning is achieved seamlessly.
Best Diplomats | Spring Financial
Editor's Choice: 10 Things to Know About Canada Before Moving There
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