Most Expensive Cities in Canada to Live in 2024: Despite its reputation as a relatively affordable country, the cost of living in Canada can be high in certain cities.
From housing to transportation to food, expenses can quickly add up, making it challenging for many people to live comfortably.
In this article, we’ll take an in-depth look at the most expensive cities in Canada and the factors contributing to their high cost of living.
Whether you’re considering a move to Canada or simply curious about the cost of living in different cities, we will provide valuable insights into the most expensive places to call home in the country.
SEE ALSO: List of Pastors Jobs in Canada for Foreigners
Most Expensive Cities in Canada to Live in 2024
1. Toronto
Toronto is the largest city in Canada with a population of almost 3 million people It is also one of the most expensive cities to live in the country.
This is confirmed by Remax, which places Toronto at 89th on the list of the world’s most expensive cities.
The cost of buying housing in Toronto is around $1 million on average. In addition, the average monthly rent for a one-bedroom apartment is $2,279, which represents a 25% increase from the previous year.
What Makes Toronto So Costly?
Toronto’s high population density and its status as the economic center of Canada have resulted in a high demand for real estate and a limited supply.
This combination has driven up the prices of the available properties in the city.
Furthermore, the abundance of job opportunities in Toronto attracts many people to the city, further fueling the demand for housing and contributing to the high cost of living.
2. Vancouver
Vancouver, once known as the most expensive city in Canada, has now placed second.
The city is in competition with cities such as New York and Los Angeles for high real estate prices and cost of living.
According to recent data, Vancouver ranks 108th on the list of the world’s most expensive cities.
The median cost of housing in Vancouver is $1.4 million, and the average monthly rent for a one-bedroom apartment is $2,500.
What Makes Vancouver So Costly?
The high cost of living in Vancouver is because of several factors. These factors are; limited available land, and high soft costs such as legal fees, and insurance.
Additionally, the general cost of living in Vancouver is high, further contributing to the city’s reputation as a costly place to live.
3. Victoria
Victoria, BC, is often compared to Vancouver due to their many similarities.
However, the city of Victoria offers a more affordable option as it is smaller in size.
The average cost of housing in Victoria is $1.6 million, while the average monthly rent for an apartment is $2,095, which has risen by 16% compared to previous years.
What Makes Victoria So Costly?
Several factors contribute to Victoria being one of the most expensive cities in Canada.
The high cost of living and real estate prices in Victoria are pretty high.
One of the main reasons for this is the construction of new homes in the city, leading to an increase in demand.
Additionally, Victoria’s location on an island makes it impossible to expand the land, further driving up demand and prices.
Finally, as the capital city of British Columbia, Victoria also attracts a large number of residents, contributing to the high cost of living.
SEE ALSO: 15 Top Best Pet Insurance in Canada
4. Markham
Despite being less costly compared to Toronto, Markham still ranks as one of the priciest places to reside in Canada.
The average cost of buying a house in this city is approximately $1.4 million. If you choose to rent a 1-bedroom apartment, be prepared to pay an average monthly rent of $1,995.
What Makes Markham So Costly?
Markham’s recent inclusion in the list of the most expensive cities in Canada is a result of its ongoing reconstruction and development initiatives.
The city has undergone extensive renovation of its buildings, roads, parks, and community facilities. This has led to a significant increase in prices.
Markham has transformed from an agricultural town to a bustling urban center, which is evident from its robust urbanization.
5. Surrey
Surrey ranks fifth on the list of Canada’s most costly cities and is the largest city in British Columbia, surpassing Vancouver in size.
Despite being twice as large as Vancouver, Surrey is not necessarily more expensive. But it still ranks among the most expensive cities in Canada.
You can find housing in the city for $1.1 million. Also, the average rent for a one-bedroom apartment is $1,825, which has seen a 14% increase over the past year.
What Makes Surrey So Costly?
The city’s close proximity to Vancouver is a significant factor. As the two largest cities in BC are only an hour apart, many individuals who work in Vancouver opt to reside in Surrey to cut costs on housing and rent.
Additionally, the cost of utilities in Surrey is quite high, even more so than in Vancouver.
An average 85m² apartment in Surrey can expect to pay approximately $226.78 per month for electricity, heating, cooling, water, and garbage.
6. Mississauga
The working population in Mississauga is expanding and contributes to over a quarter of Canada’s Gross Domestic Product (GDP).
Despite being one of the most costly cities in the country, with an average housing price of $1.0M, the average monthly rent for a 1-bedroom unit has reached $2,122. This is a significant increase of 18% from the previous year.
What Makes Mississauga So Costly?
One of the main reasons for the high cost of living in Mississauga is the scarcity of real estate. This is a result of limited land for construction and a high population density.
This shortage drives up the cost of available properties and housing. Additionally, Mississauga’s proximity to Toronto also contributes to its expensive cost of living.
SEE ALSO: How to Become an Immigration Lawyer in Canada
Conclusion
Canada is known for its high standard of living, but this comes at a price, especially in the major cities.
Some of the most expensive cities in Canada to live in are very well deserved because of what they offer. These are in terms of job opportunities, infrastructure, and social amenities.
While these cities offer many advantages, such as diverse job opportunities, world-class amenities, and a high quality of life, it’s important to consider the cost of living when making a decision about where to live.
