Many people think that Canada is a great place to live. It has a high quality of life, low crime rate, and the cost of living is reasonable. But when it comes to how much money you need in order to live comfortably there, the answer might not be as straightforward for everyone.
Canada is a beautiful country, and the cost of living varies depending on where you live. The average Canadian family needs to earn $1,000 per week just to get by in some parts of Canada. This blog post will explore what that looks like across the country.
How much money do you need to live comfortably in Canada? On average, a single person needs about $2,771 CAD per month for living expenses, and for families of four, the necessary salary is $5,230 CAD monthly.
The amount of money you need to live comfortably in Canada differs from one city to another. That’s why I considered different monthly costs for seven Canadian cities and two lifestyles: single, and family with kids. With this knowledge at hand, it will be easier for you to calculate how much do your own expenses add up per month.
What “living comfortably” really means?
I would like to start by explaining what “living comfortably” means. In Canada, this is defined as earning enough money so that you can buy the things you need and have time for leisure activities like going out with friends or hobbies. You should also be able to save some of your earnings each week in case something unexpected happens such as a medical emergency or you lose your job.
I picked up seven cities in Canada from 5 different regions so you can have a better idea of how much money it takes to live comfortably there.
Cost of living Toronto
Toronto is Canada’s largest city with great economic growth, especially in the tech sector where tech giants such as Google, Uber, and Shopify have camps. Plus it offers over 200,000 tech and internet-related jobs which continue to rise in number.
The average annual income for someone living in Toronto is $98,174. The cost of living there is about 36% higher than the national average.
- Family of four estimated monthly costs: C$6,144
- Single person estimated monthly costs: C$3,551
Cost of living Vancouver
Vancouver has a diverse population as it embraces a mix of people from different racial backgrounds, ethnicities, and cultures. According to the United Nations population projections, the current population in Vancouver’s metro area is 2,581,000, making it the third-most populous city in Canada.
The average annual income for someone living in Vancouver is $79,000. The cost of living there is about 28% higher than the national average.
Family of four estimated monthly costs: C$5,955
Single person estimated monthly costs: C$3,445
Ottawa is the capital city of Canada It is the fourth-largest city in Canada with a population of just over 900,000. It also boasts one of the lowest crime rates on record.
The average annual income for someone living in Ottawa is $78,500. The Rent cost in Ottawa is, on average, 21.71% lower than in Toronto.
Family of four estimated monthly costs: C$5,329
Single person estimated monthly costs: C$2,822
Montreal is the second-largest city in Canada with a population of just over four million people. It’s also one of the most multicultural cities on earth, as well as North America’s foremost centre for French culture and language.
The average annual income for someone living in Montreal is $62,000.
Family of four estimated monthly costs: C$4,799
Single person estimated monthly costs: C$2,384
Calgary is a beautiful city with many things to do and places to go. Whether you’re looking for outdoor adventures, professional sports, theatre or fine dining in Calgary has it all.
The average annual income for someone living in Calgary is $66,00. The Rent cost in Calgary is, on average, 17% lower than National Average.
Family of four estimated monthly costs: C$5,110
Single person estimated monthly costs: C$2,449
Halifax is a city that has the power to make you feel at ease. It’s a city with an energy that feels fresh and exciting, where people are friendly and welcoming. Halifax is full of opportunities: from watching the ocean waves crash against the shoreline in Peggy’s Cove to enjoying all sorts of seafood at one of our world-famous eateries, there are so many ways for you to experience this coastal destination.
The average annual income for someone living in Halifax is $61,000.
Family of four estimated monthly costs: C$4,698
Single person estimated monthly costs: C$2,377
Quebec City is the capital of Quebec, one of Canada’s 10 provinces and 3 territories. It has a population of more than 1 million people with an area of 276 square kilometers (105 sq mi). The city is located at the confluence of the Saint Lawrence River and the Sainte-Anne River in the heart of North America.
The average annual income for someone living in Quebec City is C$71,400.
Family of four estimated monthly costs: C$4,126
Single person estimated monthly costs: C$1,871
How Much is the average salary in Canada?
The average salary in Canada is $59,822. This number is based on the median income of Canadians and it has been steadily increasing over the years. With a higher wage comes greater spending power which means that people will be able to buy more goods and services with their earnings. However, there are still some things that we need to consider when looking at this number. We need to consider is that this number does not take into account people who live in rural parts of the country- they make less than $45,000 on average.
Is Canada a good place to live?
The cost of living in Canada is quite high when compared to other countries. Canada is a diverse country with lots to offer, nice communities, beautiful scenery, and rich cultures.
There are many different factors that go into deciding if Canada worth the cost and if is a good place for you to live including the climate, crime rates, and government policies such as taxes and employment law.