Canada has always been rated a country with a high standard of living, and also one of the most secure places to live in the world. However, Canada is a vast country filled with diversity and has a lot to offer to citizens and foreigners as well. Starting from the Cosmopolitan city of Toronto to the Rocky Majestic Mountains, Canada sure has a package for everyone.
Speaking of the high expense of living, relocating to another city is usually a big deal.
One has to be careful in choosing a city that is quite affordable and will deliver every desired need.
The Most Expensive Cities in Canada
This is a list of the Most Expensive Cities in Canada to live in, in 2022. This will help guide you on which city to move to.
1. Vancouver:
(Recommended City For Lovers of Outdoor and Hiking Activities).
A lot of South American cities such as New York and Los Angeles are known for their extremely high real estate prices and expensive standard of living. The city of Vancouver sure gives these cities a run for their money.
In 2020, a media outlet known as Insider ranked Vancouver the second most expensive place to live on earth, while the Chinese Capital, Hong Kong, ranked first. The average cost of housing in this city is $1.4 M, With a 3-bedroom apartment going for 2.2M. The average rent for a single-bedroom flat is said to be around $2,200 per month.
Why Vancouver is This expensive
Due to the limited land available, the cost of land tends to be very high. Soft payment costs such as legal and insurance fees are also very high. Generally, the standard of living in Vancouver is high.
2. Toronto:
(Best City For Job Applicants, Database Analysts, and Designers):
Toronto is not just one of the most expensive, but also one of the most populated Canadian cities one can live in. Just like Vancouver, this city is also on the list of the most expensive cities in the world. On average, purchasing a house in this city might cost up to $1.2M, while the monthly average rent is around $1,900 for a one-room apartment.
Why Toronto is This Expensive
Because of the very high population in this city, there is usually a lesser supply of real estate than demand. This results in a significant increase in the price of the available properties.
In addition, Toronto is the economic and business hub of Canada, which is why there is a massive influx of people into this city, because of the job opportunities filled in it. These factors influence the standard of living in this city.
3. Mississauga: (Best Proximity to Toronto):
Mississauga has an ever-increasing working population and accounts for more than a quarter of the Gross Domestic Product of Canada.
It is one of the most expensive cities to live in Canada as the average housing cost in this city approximates $1.2M, while the average cost for a room apartment is $1,805.
Why Mississauga Is So Expensive
This city suffers a shortage in the quantity of real estate as a result of the limited available lands for housing and population density. This shortage breeds a rise in the cost of available land and house
The proximity of Mississauga to Toronto is another factor behind its high cost of living.
4. Markham ( Best For Families):
Even though the standard of living in Markham is a bit more affordable than in Toronto, it is still one of the most expensive Canadian cities. Purchasing a house in this city averagely costs up to $1.5M. On the other hand, renting a one-room apartment costs an average of $2,000.
Why Markham is So Expensive
Markham was not always an expensive Canadian City, until recently. It earned a spot in this list as a result of its recent developmental and infrastructural projects.
A lot of building constructions, roads, parks, and community facilities have undergone renovations, resulting in a price rise. The once-agricultural city of Markham is massively undergoing a robust transformation and urbanization.
5. Victoria:
Mildest Climate in Canada
This city has been severely compared to Vancouver due to the two cities’ similarities.
However, Victoria is way cheaper than Vancouver, given that it is a smaller city. Housing in Victoria averagely costs $1.22M, While renting will cost at least $1,700.
Why Victoria Is So Expensive
The major factor influencing the very high standard of living, and high cost of real estate in this city is the construction of newer houses. Also, it is practically impossible to expand the landmass of Victoria, given that it is situated on an island; this, in turn, gives rise to an increase in demand, which results in a price increase as well.
Lastly, Victoria is the capital city of British Columbia.
6. Kelowna: (Nice Environ for Water Sports Activities):
Kelowna is quite smaller than Vancouver, by land mass, and much cheaper as well, but still ranks among the list of the most expensive Canadian cities.
The average cost of housing in this city is currently $1M, for a single-family house, while the median cost of rent is around $1,7945.
Why Kelowna is Expensive
Because of its admired climate and the beautiful mountains and lake surrounding it, Kelowna is one very attractive place to live, and this high demand navigates the price of rent.
Other factors such as the high rate of raw materials and building permits impact the price.
7. Surrey: (Best for Lovers of City and Nature)
Currently, the average rent for a single-bedroom apartment in Surrey, BC is $1,600(A 19 percent increase compared to the preceding year.
The most expensive city around the province of Murrey is the Metro center, where the average rent is more than $1,650 per month. The cost price for purchasing a house in Surrey is $1,1667.
Why Surrey Is Expensive
This city is expensive for several reasons, but its nearness to Vancouver is one of the most distinguished. These two large British Columbia are barely an hour apart from each other.
So it’s very common to see people who work in Vancouver but resides in Surrey, In other to save the cost of the rent.
8. Ottawa:
In Ottawa, the average rent for a bedroom apartment is presently at $1,500 (A 5% increment as compared to the preceding year). New Edinburgh is said to be the most expensive in the Ottawa Province, where the annual rent can be around $2,900 per month.
As stated by the University Magazine, In November 2022, the sale prices for condominium-related goods increased by about 19%, scaling from the previous cost price of $432,099 to about $716,992.
Why Ottawa is so expensive
Ottawa is the capital city of Canada, which automatically makes it a dwelling place for members of the parliament.
This is the major reason why people who intend to work in the Government of Canada relocate to this city. This for sure has a considerable impact on housing and rent prices.
9. Brampton
This is the most expensive city on Queen Street, where the annual rent paid is up to $1,810 per month. On the down coast of Brampton, the annual rent could go for $1,775 per month, while in Brampton south, the usual rent is about $1,650 per month.
The average cost of purchasing a house in this city increased to $1,140,140, in November 2021.
Why Brampton is Expensive
Brampton is so expensive because of how close it is to large population centers thronged in the Greater Toronto Area (GTA). These cities usually have housing markets, which are closely related and in high demand and price.
10. Guelph:
The typical rent paid for a one-room apartment in this city is currently $1,700. This is a 10% rise compared to what was paid in the previous year.
The most expensive community in the city of Guelph is Parkson Garden, where the average rent is almost $2,000.
According to a record in 2021, the average price of residences was about $995, 536 with an increase of about 28.8% from November 2020.
The Most Expensive Cities in Canada in Ascending order are:
1. Vancouver
2. Toronto
3. Mississauga
4. Markham
5. Victoria
6. Kelowna
7. Surrey
8. Ottawa
9. Brampton
10. Guelph
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