Planning to Move to Canada? Here’s the Cost of Living You Need to Know

Canada, known for its stunning landscapes, diverse culture, and friendly people, has long been a sought-after destination for individuals looking to start a new chapter in their lives.

However, recent times have seen a significant increase in the cost of living, pushing some to explore other options. If you’re considering moving to Canada, it’s essential to understand the reality of the expenses you may face.

Cost of Living in Canada

Inflation Hits Hard

The dual crises of Covid-19 and the Russian invasion of Ukraine have left their mark on Canada’s economy, leading to soaring inflation. Although recent interest rate hikes have helped lower inflation to its lowest point in years, the overall cost of living remains a major concern for Canadians.

Record-High Grocery Prices and Mortgage Costs

Despite reduced inflation in certain areas, Canadians continue to grapple with record-high grocery prices and skyrocketing mortgage expenses. These financial burdens have left many struggling to make ends meet, prompting some to contemplate a move to greener pastures.

The Perplexing Cost of Living

As some Canadians voice their concerns, Roland Cameron, a 48-year-old business owner from Hamilton, candidly admits that the fundamentals behind the high cost of living in Canada “doesn’t make sense.” He and his wife decided to leave Canada permanently and found their new home in Barbados.

A Growing Exodus

Cameron is not alone in his decision to leave the country. Many people in Canada are considering relocating to countries where the standard of living is not on a steady decline. Real-time demographic data indicates that approximately one person leaves the country every twenty minutes, a trend that may indicate an underlying problem in the Canadian economy.

The Unaffordable Canadian Dream

Even the nation’s highest-paid income earners find it challenging to afford everyday essentials in Canada. The average cost of a home reached a staggering $709,218 in June, with markets in Vancouver and Greater Toronto Area heavily influencing this number. Excluding these markets, the average house would still cost around $579,218.

Rentals Are No Bargain Either

Renting a home is not a more affordable option. The average price for a two-bedroom rental has risen to $2042.00 per month, representing a 20% increase over the past two years. As housing costs surge, many find it difficult to secure a place to call their own.

Cars: A Luxury Few Can Afford

Even owning a vehicle has become a luxury in Canada. The average cost of a new car reached an astonishing $66,288 in June, while used vehicles were priced at an average of $39,645. These high costs have made it challenging for many Canadians to own a car, impacting their daily lives and mobility.

From Hotdogs to Necessities

The soaring cost of living in Canada is evident in both big-ticket items and everyday expenses. Little things like a hotdog at a restaurant have become unaffordable for many. Steve Thurrott, who moved to Cambodia to escape Canada’s high living costs, was taken aback when he returned for a visit and saw the prices of everyday items.

A Tough Decision

With the cost of living in Canada on the rise, some people are left wondering how they can survive in their home country. For those on fixed incomes, like military and disability pensions, making ends meet becomes a challenging feat, driving them to seek more affordable living options abroad.

Consider Your Options

While Canada undeniably offers an enriching and vibrant lifestyle, it’s crucial to carefully assess the cost of living before making the decision to move. Researching other countries with a more affordable standard of living may be the key to finding your ideal destination.

Conclusion

In conclusion, life in Canada has become increasingly expensive, leaving many individuals struggling to cope with the rising costs. Whether it’s the high prices of groceries, housing, transportation, or even a simple hotdog, the impact is felt across the nation.

As you plan your move to Canada, make sure to consider the cost of living carefully and explore all available options to find a place that suits your budget and lifestyle best.

(With Inputs From CTV News)