How Much Does it Cost to Live in Canada – 2024 Guide

Canada is one of the preferred destinations for living for millions of people around the world. It is said to be the updated version of the United States that provides great education and free health care for the citizens. When people from all around the world are asked where they want to live, this country is usually one of the top three choices. The fact that it is a huge country, and its size is almost 10 million square kilometers, combined with the fact that less than 40 million people live there, shows that this country is a great place for those who are open to having a new adventure and starting a new chapter in their lives. Canadian citizenship is not an easy thing to get, but if you put your mind to it, you can find different ways to stay in this place permanently. However, before making the biggest decision of your life, you need to know how much does it cost to live here.

Many people make the mistake of believing that getting into a country is the hardest thing they will do, but in reality, you cannot stay somewhere if you cannot afford it. If you are planning on relocating to Canada, you’ve come to the right place! Here we are going to tell you more about the costs of living, and how much you need to make per year to be able to have a comfortable life, pay all your bills on time, and even think about owning real estate.

How much money do you need to make?

This is the first question most people have when it comes to living a comfortable life. Even though you can survive with the minimum wage, everyone strives for something better, and all of us want a comfortable life.

There is no way to give you the exact number of how much you would need to make to be able to afford the things you want because it all depends on the place you choose. For example, bigger cities are better for some things, like the availability of products and bigger competition. When there are so many different stores to choose from, there are more likely to lower the prices so they can get new customers. The same goes for services, and if there are hundreds of mechanics in one city, they are more likely to provide cheaper services. On the other hand, living in a big city means that you will have to think about the costs of transportation, and note that you may need to commute for hours just to be able to get from one side of the city to the other. The rent is usually higher in places like Toronto and Vancouver, so think about the overall money you are willing to spend before you choose the right location for you.

According to the latest statistics, as a single person, you would need to make at least two thousand Canadian dollars to be able to afford a good life, and when it comes to families of four or fewer members, they should be able to have a comfortable life with about 6 thousand dollars. If you are looking for a cheaper place to live, it is said that Quebec City and Winnipeg are great places to start with. They are said to be some of the cheapest cities in Canada, and there the costs of living are much lower when compared to the rest of the country. Kevs best suggest that you can easily lower the costs of living by choosing the right stores in a city, so you should always check the reviews of places before you choose a service or a store. Always do your research before you make a choice, and spending just an additional hour comparing places can help you save a lot of money in the long run.

Costs of living

The costs of living greatly depend on where you are and what you want to do. For example, when it comes to renting a place, Canada is said to be much cheaper than the UK, the US, or even Australia. For example, if you want to rent a one-bedroom apartment in Toronto or Montreal, it should cost you between 1000 and 2000 CAD. On the other hand, renting the same place in London or New York may cost up to 5 thousand Canadian dollars per money. The transportation costs are about the same as other places, and a monthly pass in some of the biggest cities in Canada will cost you between 50 and 150 CAD.

The overall costs also depend on your status in the country, and if you are living there with your family or if you are single. When it comes to students, they should be able to have a comfortable life with less than 1000 CAD per month, without calculating the rent. If you are single, you should not need more than 1500 CAD, and a family of four people should be able to live comfortably with about 4000 CAD, again, if we are not putting rent into the calculation.

Salaries

The last thing we are going to talk about is the average salaries. They depend on the place where you live, so, the more expensive the city is, the bigger your paycheck is going to be. When it comes to Toronto, the salaries vary between 20 thousand CAD per year, and they can go up to six figures, depending on the position.

If you are a graphic designer, a manager, or a developer, you can easily make more than 60 thousand per year. The positions that are paid the least include cashier and receptionist, but these are things that will still let you live a relatively comfortable life. You can greatly decrease the costs if you choose to steer away from restaurants and if you try to cook your meals at home. Sometimes purchasing a vehicle can be the best investment you’ve ever made, and it may lower the costs of transportation.

If you choose to move to Canada, it may be the best decision you’ve ever made. This country is far more affordable than parts of the United Kingdom and the United States, and if you work hard, and if you have the right degree, you will be able to make enough money for a luxury life.