When it comes to one of the most aesthetic natural locations in Canada, Prince Edward Island ranks as one of the most remarkable. With the beautiful landscape view in its main Island, and also the endemic aura that revolves around about 231 other regions that you would find in this province, there is no doubting the fact that most first-timers who visit the province newly would be inquisitive about the cost of living here.
The average cost of living in Prince Edward Island is $1,316 every month. This average is inclusive of rent, utilities, groceries, entertainment, transportation, and other basic things.
A lot of people who have seen several commendable pictures of the great province have been inquisitive about the cost of living in Prince Edward Island, and this is why the focus of our article today would revolve around the cost of living in Prince Edward Island.
WHAT IS THE COST OF LIVING IN PRINCE EDWARD ISLAND?
GENERAL COST OF LIVING
If you are considering settling and starting a new life in Prince Edward Island, you should know that it is one of the most appealing provinces to be in Canada. The warmness of the inhabitants of the city is one reason to consider starting a life in one of its suburbs.
At the moment, the cost of living in Prince Edward Island is currently pegged at an interesting $1316. This means that living on this Island is less than the average cost of living in many major cities in Canada. However, in many recent reviews, geographical experts have been able to deduce that despite the cost of living in Prince Edward Island, it is the tenth most expensive and the twelfth best place to live in Canada.
It is interesting to state here that Prince Edward Island’s average salary after tax payment is $1658, and this is more than enough to live for one month and a few weeks in the province.
If you find yourself in the heart of this great Island and you intend to have the best lunch in any of its suburbs, the average cost for a healthy lunch is $9.87, and considering what you would be offered, it is a fair enough price for a great meal. Most of the residents of Prince Edward Island are typical people who love to eat out, and on a random night out in one of the choice restaurants in the city, the average cost of a quality dinner for two is $35.7
It is common knowledge that the inhabitants of Prince Edward Island live a good life. A typical depiction of this is with the accommodation of inhabitants of the province. For every apartment that is put up for rent, there is always a lower price range substitute, and so irrespective of your budget, you are sure that there is an apartment for you. For instance, the average rent range for a one-bedroom apartment in the downtown region of Prince Edward Island is $673, but the cheaper substitute that you would find in the suburb region is $501.
Should you be thinking about buying an apartment in Prince Edward Island, the average purchase price is currently pegged at $243,000. Most of the homes that you would find in its vicinity have modern facilities that you can easily customize to suit your taste. There are also mortgage packages that allow you to pay a 3.96% interest rate for a mortgage that spans across twenty years. This means that you can always afford to own a home while you stretch the payment across a twenty-year timeframe.
While the cost of purchasing homes in Prince Edward Island varies from city to city, numerous rural segments offer far lesser pricing in comparison to that of the most populated parts of the Island. Hence, in case you are thinking of living in a suburb where you can own your home, as well as enjoy the benefits of an affordable payment structure, there are numerous cities that you can easily move to. The interesting part about most of the cities in Prince Edward Island is that they are closer to the metropolitan segments, and so with just a public bus, you can move from one segment of the province to the other within minutes.
One aspect of this formidable province that would impress you is the cost of transportation. With the stellar utility services and the essentials that the government offers the inhabitants of the province, you would think that you have to spend heavily to traverse from one segment of its environs to the other. This is however not the case because the minimum cost for a local transport ticket is $1.48, and $47.4 a month. The price of gasoline is pegged at $0.92/liter and boarding a taxi for an 8km distance is pegged at a low charge of $19.1
Prince Edward Island is the core hub for agricultural activities in Canada and this has a core impact on the price range for grocery items in the province. You can buy a one-liter pack of milk for a low price of $2 and the highest price that you would purchase grocery items in the state is $16 only.
IS IT WORTH LIVING IN PRINCE EDWARD ISLAND?
An interesting fact to note about Prince Edward Island is that its capital city, Charlottetown was rated as one of the cheapest cities to live in Canada according to a ranking which was conducted in the year 2018.
While the cost of living in Prince Edward Island is a core reason why you could consider relocating to this part of Canada, it might also interest you to know that there are many tourist attractions on the Island that would sweep you off your feet. If you happen to be a picturesque person, and you are looking out for a city that allows you to express your flair for taking quality pictures, then you shouldn’t think twice about the great Prince Edward Island.
Aside from the sparse population of people living in this amazing city, it is a great place to live in if you are thinking about taking a break from your luxurious life.
You must have heard that saying that you don’t have to break a bank to have some of the best things in life. Well, one of those things that you don’t have to break a bank to have, is life in Prince Edward Island.