As many as 27 Percent of Canadians live on paycheque; that’s about 10 million people, according to BDO Canada.
As many Canadians live in the largest cities, the cost of rent and food keeps growing. The most significant expenses many Canadians face are food and rent costs, which are everyday essentials.
The cost of living, including rent and food, is prohibitive in cities like Toronto and Vancouver. The Most Expensive Cities To Live In Canada 2020 are based on rent, food, and other essentials.
Here Are The Most Expensive Cities To Live In Canada 2020
10. Guelph
According to a study done by The Huffington Post, Guelph is the most expensive city to live in in Canada. To afford a home in the city, you would need an annual salary of $161,000. This is due to the high cost of rent and mortgages.
The average rent for a one-bedroom apartment in Guelph is $1,047, and the average mortgage payment is $2,129. However, despite being the most expensive city to live in Canada, Guelph offers many opportunities and benefits.
The city has a strong economy, with a low unemployment rate of 5.3%. There are also plenty of job opportunities available in Guelph’s growing technology sector. The city is also home to several post-secondary institutions, which makes it an excellent place for young professionals and students.
Cost OF Living Index: 61.58
Cost OF Rent Index: 27.30
Cost of 1 Bedroom: $1,463
Cost of 2 Bedrooms: $1,781
9. Calgary
Calgary is the most expensive city to live in Canada. The study, conducted by RBC, looked at the cost of living in 20 Canadian cities and found that Calgary was the most expensive. The average monthly cost of living in Calgary was $2,639, which is significantly higher than the national average of $2,233.
The main reasons for Calgary’s high cost of living are its high housing costs and low availability of rental units. The average rent for a one-bedroom apartment in Calgary is $1,362, well above the national average of $1,101. Additionally, the vacancy rate for rental units in Calgary is just 1.3%, the lowest in the country.
Cost OF Living Index: 61.82
Cost OF Rent Index: 25.70
Cost of 1 Bedroom: $1,216
Cost of 2 Bedrooms: $1,459
8. Edmonton
Edmonton is the most expensive city to live in Canada. The study looked at the cost of living in 27 different categories, including housing, transportation, and groceries.
The study found that Edmonton was the most expensive city for both renters and homeowners. The average rent in Edmonton is $1,362 per month, while the average home price is $421,000.
Edmonton was also found to be the most expensive city for transportation, with an average monthly cost of $236. And it was the second most expensive city for groceries, with an average monthly cost of $235.
So why is Edmonton so expensive? One reason is that the city has been experiencing a housing boom in recent years. The demand for housing has driven up prices and made it more difficult for people to find affordable homes.
Cost OF Living Index: 61.39
Cost OF Rent Index: 25.39
Cost of 1 Bedroom: $1,058
Cost of 2 Bedrooms: $1,298
7. Mississauga
Mississauga is the most expensive city in Canada to live in. The report ranks cities based on how much it costs to live there, and Mississauga came in at number 26 out of 231 cities analyzed. The cost of living in Mississauga is high for some reasons. Housing is the most significant expense, with the average rent for a one-bedroom apartment costing $1,493 per month.
Utilities are also expensive, with the average monthly bill coming in at $235. And then there are the taxes: the provincial sales tax is 8%, and the municipal taxes are among the highest in Canada. If you’re looking for a less expensive option, consider Toronto.
Cost OF Living Index: 62.40
Cost OF Rent Index: 38.82
Cost of 1 Bedroom: $1,903
Cost of 2 Bedrooms: $2,291
6. Victoria
Victoria, BC, is the most expensive city in Canada as of 2020. The average rent for a one-bedroom apartment is $1,500/month. Utilities, groceries, and transportation are also more expensive in Victoria than in other Canadian cities.
While the cost of living is high, Victoria offers a wealth of natural beauty and opportunities for recreation and leisure. It is also home to a thriving arts and culture scene.
Cost OF Living Index: 63.63
Cost OF Rent Index: 34.98
Cost of 1 Bedroom: $1,649
Cost of 2 Bedrooms: $2,048
5. St. John’s
St. John’s. The city has been ranked as the most expensive city in Canada for 2020. A report by RBC found that the cost of living in St. John’s is 31% higher than the national average. The report cites high housing costs and steep prices for goods and services as the main reasons for the city’s high ranking.
Other cities that rank near the top of the list include Toronto, Vancouver, and Calgary. These cities have seen dramatic increases in housing prices in recent years. If you’re looking for a less expensive option, consider moving to Quebec or Atlantic Canada. These regions have lower costs of living than the major Metropol
Cost OF Living Index: 64.18
Price OF Rent Index: 19.66
Cost of 1 Bedroom: $905
Price of 2 Bedrooms: $1,271
4. Halifax
According to a report by RBC, Halifax is the most expensive city to live in Canada. The average cost of a home in Halifax was $420,000 in 2019, making it the most expensive city in the country. Rents also continue to rise, with the average rent for a one-bedroom apartment now at $1,030 per month.
The high cost of housing is driving up the cost of living in Halifax. This is causing some residents to struggle to afford necessities such as food and transportation. The rising cost of living is also causing many people to leave Halifax for other provinces where the cost of living is more affordable.
Some things can be done to help make housing more affordable in Halifax. These include building more affordable housing, encouraging development outside the downtown core, and reforming rent control laws.
Cost OF Living Index: 64.58
Cost OF Rent Index: 27.60
Cost of 1 Bedroom: $1,286
Cost of 2 Bedrooms: $1.614
3. Red Deer
Red Deer is the most expensive city to live in in Canada. This is based on the cost of living index, which measures the amount of money needed to maintain a certain standard of living. The index considers factors such as food, housing, transportation, utilities, and clothing costs.
Red Deer edged out Vancouver for the top spot. The average cost of a one-bedroom apartment in Red Deer is $1,020 per month, while it is $1,050 in Vancouver. A litre of milk in Red Deer costs an average of $2.27, while in Vancouver, it costs $3.02. And a loaf of bread in Red Deer sells for an average of $3.14, while in Vancouver, it sells for $3.51.
Cost OF Living Index: 66.15
Price OF Rent Index: 20.02
Cost of 1 Bedroom: $959
Price of 2 Bedrooms: $1,038
2. Vancouver
Vancouver is the most expensive city in Canada to live in. The study found that the average family would need an income of $161,000 to cover basic costs like food, shelter and transportation.
This is significantly more than the average income of $77,000 in Toronto and $74,000 in Calgary. Vancouver also ranks as one of the most expensive cities to live in.
The high cost of housing is a significant factor contributing to this ranking. For example, the average price for a detached home in Vancouver is over $1.5 million, while the average rent for a one-bedroom apartment is over $2,000 per month. There are some signs that things are starting to slow down, though.
Cost OF Living Index: 66.65
Cost OF Rent Index: 46.73
Cost of 1 Bedroom: $2,026
Cost of 2 Bedrooms: $2,798
1. Toronto
According to a study by RBC, Toronto is the most expensive city in Canada. The report found that the average Toronto household spends $67,857 per year on groceries, transportation, and housing. That’s more than any other city in Canada.
Vancouver was the second most expensive city, with an average annual expenditure of $64,587. Calgary was third, with average yearly spending of $59,547. Ottawa was the fourth most expensive city, with an average yearly expenditure of $55,512. Montreal was fifth, with average yearly payments of $53,068. The study found that the main reason for Toronto’s high cost of living is its high housing costs.
Cost OF Living Index: 70.28
Cost OF Rent Index: 45.55
Cost of 1 Bedroom: $2,240
Cost of 2 Bedrooms: $2,910
The Most Expensive Cities To Live In Canada 2020 Source:|Rental|Numbeo|
