Cost of Living in 2023 For a single person in Canada, without rent, the average cost of living is now $1,337.10. With rent, the average cost is now $3,445. For a family of 4, the average cost without rent is $4,779.20 and the average cost with rent is $6,306 per month.
The average rental property cost around $1,662 in April 2021, according to data compiled from new listings on Rentals.ca, but the average price to rent is now around $2,002 as of April 2023. This is 9.6 per cent higher than the same time period last year as well.
A family of four estimated monthly costs are 3,612.7$ (4,787.0C$) without rent. A single person estimated monthly costs are 1,010.8$ (1,339.3C$) without rent. Cost of living in Canada is, on average, 8.8% lower than in United States.
The national average rent last month was $2,005 – an increase of more than 12 per cent compared with December 2021, according to Rentals. ca's January 2023 Rent Report. Vancouver remains the most expensive city to rent in Canada, with the average price of a one-bedroom unit at $2,596 per month.
And how does it differ by age. To begin, on average Canadians say they need to earn $79,280 (before taxes) annually to live a comfortable life. It is higher for those with a partner ($85,445) and lower for those without ($72,919).
A new report by real estate company Point2Homes found that Canada does indeed have several cities that you can live in for below $1,000 a month, as both a homeowner and a renter. However, the catch is that they're almost all in Quebec.
What is regarded as high income in Canada? In 2021, the average monthly salary in Canada was $5,481. So, an annual pay of $70,000 or more will be above average.
British Columbia, on the other hand, which is home to the country's priciest real estate, has the highest share of of households using more than 50 per cent of their income to pay rent, at 21.3 per cent. Ontario ranks second (20.9 per cent), while Nova Scotia (19.3 per cent) comes in third, the data shows.
Rent within your budget
In general, your rent and household-related expenses should not be higher than 35% of your gross household income. Your gross household income is all income you receive before taxes and deductions. For example, if your gross pay is $4,000 a month, limit your housing costs to $1,400 a month.
Statistics Canada numbers show that the average Canadian household spends about $217 per person on food each month. This does not include eating out. If you're single or live in certain parts of the country, the average will be higher.
Very few Canadians earn that much—nor do they need to. Most individuals can get by fine on nearly $5,000 a month, he says. “Unless you are living like a king, $10,000 a month is enough for even a couple to live very, very comfortably, assuming you don't have debt,” he says.
The average monthly salary in Canada is $42,000 per year or $21.54 per hour. Entry-level positions start at $34,125 per year, while most experienced workers make up to $135,000 per year.
Yukon minimum wage rate is the highest in Canada, $16.77 per hour. BC minimum wage in 2023, $15.65 per hour. Ontario minimum wage in 2023 is $15.50 per hour. Minimum wage Northwest Territories, $15.20 per hour.
The average monthly housing costs are: $712 for a bachelor apartment. $932 for a 2 bedroom apartment. $1,146 for a 3 bedroom apartment.
In fact, inflation has caused a complicated snowball effect that has led to Canada's soaring rent costs. Higher interest rates and a decline in mortgage appetite are both results of inflation. The average inflation rate has decreased but is still high, 6.9% by the end of September and 8% yearly.
According to the report, Ontario and British Columbia are the most expensive provinces to live in, so much so that its cities dominated the top 15 list. The most expensive city for housing costs in Canada is Oakville, Ontario.
The average U.S. renter now spends 30% of their income on rent, a new all-time high. Heard on: The housing affordability crisis has reached a new milestone.
As a new homeowner: It is recommended that your monthly housing costs should be no more than 32% of your average gross (pre-tax) monthly income.
Saskatoon, Saskatchewan
Saskatoon, Saskatchewan, is the city with the cheapest rent in Canada. The average rent for a one-bedroom apartment is only $1000 per month. While this may seem like a great deal to some, it's important to note that the cost of living in Saskatoon is relatively high.
Toronto is the most expensive city in Canada, outpacing Vancouver in the rankings, according to Mercer. Other Canadian cities that made it to the list are Montreal, Ottawa and Calgary. But all these cities are far from being the most expensive in the world. Globally, Toronto ranks 90th while Vancouver landed at 116th.
In 2021, 10.0 million households in Canada owned their home, which is more than at any point in the country's history. However, while the number continues to grow, Canadians overall were less likely to own their home in 2021 (66.5%) than they were a decade earlier, when a record high (69.0%) were homeowners.
What percentage of Canadians make over $100,000? Only around 11% of Canadians make more than $100,000 a year according to statistics Canada.
The average salary in Toronto is $62,050, which is 14% higher than the Canadian average salary of $54,450. A person making $25,000 a year in Toronto makes 59.7% less than the average working person in Toronto and will take home about $22,028.
The average household income in Canada is just over $75,452 per year, and approximately 15.7% of Canadians make more than $100,000 annually. So, if you're making $50,000 a year, you're right around the average – which means that you're doing just fine.