Are you planning on relocating to Canada and have no idea of the average cost of living? This article got you covered.
We will be going through the cost of Living In Canada for single person, couple and international students.
The average cost of living in Canada vary depending on the city/ province.
You won’t want to miss out.
Let’s dive in!!!
Cost of Living In Canada For A Single Person
In Canada, the average cost of living for a single individual is $1708 per month.
The average cost of comfortably residing in Canada for a single person is $2,771 per month when we start taking the capacity to save money and purchase a few indulgences into account.
The required wage is about $45,000 per year on average.
The amount required for a couple is just marginally more.
Cost Of Living In Canada For Couple
It is suggested that a couple have $3,500 or more per month or $50,000 or more per year in order to live comfortably.
Whether the couple is a one-income or two-income household, as well as the size of the apartment or house you choose to live in, can greatly affect this.
Cost Of Living In Canada For International Students
The typical monthly cost of living for an international student includes between $600 and $800 for food and other expenses
In addition to tuition, rent outside of school might go from $700 to $2200 each month.
Although Canada has lower tuition than many other nations, the average undergraduate degree costs about $28,000 per year.
Not to mention the cost of books, which may run from $100 to $500 every semester, and the price of housing, which can range from $550 to as much as $2900.
A vehicle or mode of public transit costs money, as does health insurance.
Transit charges are between $80 and $110, however car costs are substantially higher and the price of private health insurance can range from $600 to $1000.
Since there are limitations on how long you must have been a Canadian resident for in order to be eligible for universal health care.
International students are permitted to work up to 20–40 hours per week due to a significant portion of these fees.
Cost Of Living In Toronto Canada
In comparison to other countries, Toronto has a fairly low cost of living.
This is essential because affordability varies greatly throughout the communities of Toronto.
This implies that you can locate a neighborhood that meets your lifestyle and financial requirements.
According to realtor.ca, the average home price in Toronto as of July 2017 was $613,000.
Although this may seem like a lot, it’s vital to keep in mind that the average annual salary in Canada is $51,000.
Therefore, even if it is more expensive than other places, it is still considerably less expensive than New York City or Los Angeles.
Prices for these commodities will be comparable to those in most major Canadian cities as far as consumer goods are concerned.
The typical monthly expenses for an individual living alone in Toronto are as follows:
- Housing: $1672.13
- Phone and Internet: $127.50
- Transit and Taxis: $176.25
- Groceries: $283.60
- Entertainment: $354.00
- Health and fitness: $75.00
Summary of the Cost of Living In Toronto
- Costs per month projected for a family of four: C$7,471
- Costs per month for a single person: C$4,504
- Canada’s second-most costly city is Toronto (2 out of 8)
- Compared to 69% of American cities, Toronto has a higher cost of living (13 out of 39)
- Toronto’s cost of living exceeds that of 90% of cities worldwide (23 out of 220)
Cost Of Living In Ontario Canada
In comparison to the national average, Ontario has a $2014 cost of living, which is 1.17 times more.
Ontario came in at number two in terms of cost of living and number four for quality of life.
A person can live comfortably for 1.7 months on the average Ontario wage after taxes, which is $3484.
Total Cost of Living With Rent
- One person: $2014
- Family of four: $4602
Cost of Living Without Rent
- One person: $780
- Family of four: $2538
Cost of Living with Rent and Utilities
- One person: $1235
- Family of four: $2063
- One person: $507
- Family of four: $1326
- One person: $153
- Family of four: $395
Monthly Salary After Tax
- One person: $3484
- Family of four: $3484
Cost Of Living In Canada by Province
The average salaries (after taxes) across Canada are as follows, according to the 2019 Canadian Income Survey from Statistics Canada:
- Canada as a whole: $62,900
- Canada as a whole (excluding seniors)- $93 800
- Newfoundland and Labrador-$56,500
- Prince Edward Island-$60,300
- Nova Scotia-$53,300
- New Brunswick-$56,400
Frequently Asked Questions
- Is it costly to live in Ontario, Canada?: With over 14.7 million residents, Ontario is the largest province in Canada and one of the most costly. This is partly accounted for by the fact that Ontario has some of the highest housing expenses in Canada, particularly in the Greater Toronto Area (GTA), where 48% of Ontarians reside.
- Which Canadian province has the most expensive cost of living?: Ontario.Cost of living in Ontario on a Monthly Basis. The largest and most expensive province in Canada is Ontario, which has a population of more than 14.7 million. The Greater Toronto Area (GTA), where 48% of Ontarians live, has the highest housing costs in Canada relative to the country as a whole.
- Is living in Canada or the US more affordable?: The cost of living is greater in Canada, even if the average annual income in both countries is comparable. Rent and health insurance will cost less in Canada, but you’ll pay more for groceries, utilities, and gas. The city you live in has an impact on costs as well.
Canada is a vast country, the cost of living there might be quite expensive.
You don’t need to worry. Make sure you read through the cost discussed above to know which part suits you best.