Most people from the UK and Europe find the cost of living in Canada is significantly lower than their home country.
Toronto – Canada’s Financial Capital
Canadian housing is cheap compared with other developed nations – the average house price in Canada is around seven times the average annual wage. Prices are highest in Ontario and Alberta (six to seven times the average wage) and Vancouver (eleven times the average wage).
People moving to Canada with the proceeds of house sales from countries with more expensive housing can often buy a house in Canada with a considerably reduced mortgage.
This leaves more of their income for other activities and lowers their cost of living in Canada significantly.
Compared with many other western countries, although not the USA:
Mercer carried out an extensive cost of living survey for overseas workers in 2012. The survey covers 214 cities and measures the comparative cost of over 200 items in each location, including housing, transport, food, clothing, household goods and entertainment.
The survey revealed that Toronto (61st) has the highest cost of living in Canada, followed by Vancouver (63rd), Montreal (87th), Calgary (92nd) and Ottawa (115th).
The survey found that Canadian cities have lower living costs than many other locations in the developed world.
Since the last survey Canada as a whole is becoming more expensive relative to other cities because of the strength of the Canadian dollar, Mercer says. Toronto was the most expensive due in part due to its relatively high rental costs.
The rankings for Canadian cities out of the 214 cities surveyed are:
- Toronto (61st)
- Vancouver (63rd)
- Montreal (87th)
- Calgary (92nd)
- Ottawa (115th)
Top 50 Cities 2012 Ranking
|12||Sao Paulo, Brazil|
|13||Rio de Janeiro, Brazil|
|22||Seoul, South Korea|
|25||London, United Kingdom|
|28||St. Petersburg, Russia|
|31||Tel Aviv, Israel|
|33||New York, U.S.|
|36||Kinshasa, Dem. Rep. of the Congo|
|41||Abidjan, Cote d’Ivorie|
|47||Noumea, New Caledonia|