The Cost of Living in Canada in 2019In 2019, Canada is a popular destination for anyone looking to relocate for career opportunities or to experience life in the Great White North– with free health care and an excellent school system, there are great reasons to consider a permanent move there. Or maybe it’s the increased likelihood of meeting Rolling-stone 2017 cover star Justin Trudeau in person, that makes moving to Canada so appealing. 😉 CurrencyFair has created a guide to the cost of living in Canada in 2019 for expats from across the globe who are planning to move there.
Cost of Living in Canada 2019Moving to Canada can mean the chance to earn more money to send home to family, build savings to purchase a property or simply to save a nest egg for the future. From how much average monthly rent is to the price of a morning coffee, it is important to understand these costs and how they can impact the money you could be saving or how much you are able to remit from Canada each month. The average Canadian monthly salary is calculated to be approximately C$3,207.92 by Numbeo. When combining this salary average with the higher quality of life on offer there, it means Canada is a leading choice with expats compared with other cities worldwide.
Property prices in CanadaWhen calculating the cost of living in a new country, expats typically estimate the monthly rent or the price of property if making a permanent move to Canada. According to a Numbeo.com comparison, the price of a property in any of the major cities in Canada varies greatly across the Canadian territory. If buying a city centre apartment in Vancouver, you are paying almost 330% more than if you were to buy the same size apartment in Quebec. This notable difference in property prices can be attributed a “real estate bubble” having emerged in some Canadian cities. For anyone thinking of buying a home in Canada in 2019, there may be an end in sight to this property bubble, with house prices rising by just 2.51% in 2018 and the Canadian Real Estate Association (CREA) projecting a decade-low for national home sales in 2019. A UBS Global Real Estate Bubble Index looked at 20 cities worldwide and indicated that Vancouver and Toronto show signs of having significant “housing bubbles.” For anyone living and working in Canada, UBS estimates it would take a highly skilled worker approximately 10 years of earning a salary to afford a 675-square-foot apartment near the city-center of Vancouver. For a highly skilled worker in Toronto, it would take seven years to afford the same size apartment in a similar location.
Rent prices in CanadaSource: numbeo.com Expats relocating to Canada for a short period of time often choose to rent in different areas before they settle on a final location to live. One advantage to renting in Canada is that Canadian tenant protection laws are strong according to globalpropertyguide.com. However, an unintended consequence of these tighter rent controls is that landlords are selling their rental properties, which has led to rental demand outweighing supply in many of the major Canadian cities. Looking at the data on Expatistan, we can see renting in an expensive area of Vancouver in March 2019 will cost you 80% more than renting in an expensive area in Quebec City.
Don’t forget, the official language spoken in the Quebec province is French, so being able to speak un peu de français would be an advantage to finding work there.Interestingly, a September 2018 consumer report by Mortgage Professionals Canada found in the long-term, Canadian homeowners are financially better off compared to tenants who are similar in age and level of income.