The cost of living in Canada: A 2024 guide for you

Canada is a popular destination for people with its strong economy, multicultural society, and world-class healthcare and education system. It’s no surprise that many people from all over the world are interested in moving to Canada. However, it’s important to understand the cost of living in Canada before making the big move. The cost varies based on province and whether you live in the city or in rural areas. How much does it really cost to live in Canada and are the provincial differences really that big? In this article, our DNBC Financial Group’s experts will give a clear guide to help you know about the cost when living in Canada.

The cost of living in Canada: A 2024 guide for you

Cost of living in Canada per month – Is it expensive?

The cost of living in Canada can vary depending on where you live. Generally, living in larger cities such as Toronto or Vancouver will be more expensive than living in smaller towns or rural areas. However, even in smaller towns, the cost of living in Canada can still be relatively high compared to other countries.

Cost of living in Canada per month for a single person

According to Numbeo, a website that compares the cost of living data for different countries, the average cost of living in Canada per month for a single person is approximately CAD $2,500. This includes expenses such as rent, utilities, groceries, and transportation.

Cost of living in Canada per month for a couple

It is advised that a couple has roughly CAD $3,500 per month or CAD $50,000 or more per year to live comfortably. This varies greatly depending on whether the pair is a one-income or two-income household, as well as the size of the apartment/house in which you wish to reside.

Cost of living in Canada per month for a family of four

Then there’s the price for a four-person family. The basic minimum is CAD $3,911, and the suggested amount is CAD $5,230. With all of these living expenses, it’s crucial to keep inflation in mind. It is also advised to live within your means. If you barely make CAD $5,200 each month, even with savings, you don’t have much room for unexpected bills or growing prices. These figures are only an average and are subject to frequent change.

Cost of living in Canada per month for international students

The typical monthly cost of living for an international student is between CAD $600 and CAD $800 for food and other expenses. Outside of campus, rent can range from CAD $700 to CAD $2,200 per month, including tuition. While tuition in Canada is lower than in many other countries, an undergraduate degree in Canada costs roughly CAD $28,000 per year on average. Not to mention the cost of books, which can range from CAD $100 to CAD $500 every semester, and dorms, which can range from CAD $550 to CAD $2,900 or more.

If you’re looking for a service to send tuition to your school, DNBC’s international transfer service is ideal. DNBC provides competitive exchange rates, and low transfer fees and helps you manage your finances with ease.

The average cost of living in Canada with rent

Rent is typically the largest expense for people living in Canada. According to the Canada Mortgage and Housing Corporation (CMHC), the average cost of rent in Canada varies depending on the province or territory, as well as the type of housing. In general, the average cost of rent in Canada for a one-bedroom apartment is approximately CAD $1,200 per month, while a two-bedroom apartment can cost around CAD $1,500 per month.

However, as mentioned earlier, the cost of rent can vary significantly depending on where you live in Canada. For example, in Vancouver, the average cost of rent for a one-bedroom apartment is approximately CAD $1,900 per month, while in smaller cities such as Halifax, the average cost of rent for a one-bedroom apartment is around CAD $1,100 per month.

Other Living Expenses in Canada

In addition to rent, there are other living expenses to consider when living in Canada. Here are a few examples:

• Utilities: The cost of utilities, such as electricity, gas, and water, can vary depending on the province or territory. On average, the cost of utilities in Canada per month is around CAD $150 to CAD $200.
• Groceries: The cost of groceries can also vary depending on where you live in Canada. On average, a single person can expect to spend approximately CAD $300 to CAD $400 per month on groceries.
• Transportation: The cost of transportation in Canada can vary depending on whether you own a car or use public transportation. On average, a monthly pass for public transit in major cities can cost around CAD $100.

Tips for saving money when living in Canada

Living in Canada can be expensive, but there are ways to save money. Here are a few tips:

• Consider living in a smaller town or city where the cost of living is lower.
• Use public transportation instead of owning a car.
• Cook meals at home instead of eating out.
• Take advantage of free activities, such as hiking or visiting local museums.
• Buy second-hand items instead of new ones.

About DNBC Financial Group

DNBC Financial Group is a well-established financial institution that offers a wide range of services such as digital banking, payment transactions, including transfers of funds, and money remittance. With a strong focus on innovation and customer satisfaction, DNBC Financial Group is committed to staying at the forefront of the industry, leveraging cutting-edge technology and best practices to deliver superior financial services to its clients.