Cost of Living in Canada (2024)

FAQs

Is it expensive to live in Canada? ›

Overall, Canada is more affordable than the US, but the US has a higher median income. Comparing the cost of living in both countries is tricky because living costs vary dramatically within each city. It's important to consider the hidden costs and savings of public goods and services when comparing costs of living.

A single person needs a yearly salary of $45,000 and up (after taxes) to live comfortably in Canada, while a family of four needs roughly $90,000 to $100,000. Factors will affect this, such as the lifestyle and region you live in.

You wouldn't be alone; most expatriates want to move there. However, rent and housing costs will be more expensive. For monthly rent in an area like Vancouver, you can expect to pay $1,600-$1,950 per month. In Toronto, you can expect to pay $1,480-$1,800.

Thus, the average cost of living in Canada can be around CAD 18,340 (INR 11,14531) per annum. Additionally, the monthly cost of living in Canada is estimated to be INR 68,792 (C$1,132 per month), excluding rent. Monthly expenses with rent are estimated to be $1,708 per month per person and $3,911 for a family of four.

Canadians pay more taxes compared to those in the United States because of this country's more extensive social services, such as universal healthcare. Research also suggests that Canadians will face a higher tax burden in the future because of the current federal government's program spending.

Can Americans Move to Canada as Permanent Residents? Canada has a range of permanent residence programs for those seeking immigration to Canada from the USA. The system of selecting candidates for many popular economic programs (i.e. not family reunification, or refugee programs) is called Express Entry.

On average, couples in Canada can expect to spend between $3,500 and $5,000 per month in 2024 to cover their living expenses. However, this is a broad estimate and can vary significantly depending on the factors mentioned above.

The average salary in Toronto is $62,050, which is 14% higher than the Canadian average salary of $54,450. A person making $70,000 a year in Toronto makes 12.8% more than the average working person in Toronto and will take home about $52,743.

Canada has a universal health care system funded through taxes. This means that any Canadian citizen or permanent resident can apply for public health insurance. Each province and territory has a different health plan that covers different services and products.

Factors such as work hours, vacation time, and general well-being also affect your decision-making process. Canada provides ample work hours and vacation time, which align with European norms. Additionally, Canada has better air quality, and its citizens tend to live longer lives.

Can US citizens rent in Canada? ›

If you are renting in Canada as a foreigner, keep in mind that some landlords might require a guarantor. This needs to be someone that has Canadian documents. They may also run a Canadian credit check on you, but if you are a foreigner, you may not have any history in Canada.

Lower Cost of Living

The good news is that Canada's cost of living is significantly lower than that of California. So you can look forward to paying less for housing, food, utilities, and everyday essentials. The cost of living may vary depending on where you're moving to and from.

One of the most significant factors to consider when comparing the cost of living in Canada and the United States is housing. When it comes to the average cost of rent in Canada, overall, rent prices in the United States are 25.2% higher.

Naturally, if you have a family, the cost of living does go up, so you should be sure that you can afford at least the bare minimum of $3,911 for a family of four. The advisable amount that you should have each month is $5,230 so that your entire family can live well and comfortably.

The average selling price of a single-family home in Canada decreased by 3.7% year-over-year to $801,600 in July 2024. The average selling price of a townhouse/multiplex in Canada decreased by 3.6% year-over-year to $666,900 in July 2024.