Living In Canada: What You Need To Know About Expenses

In general, it causes anxiety to most applicants before coming to Canada as an international student. Some of the candidates believe that the cost of living in Canada is very expensive, but this is a myth. It is cheap when compared to other countries such as the USA, the UK, Australia, and New Zealand among others. However, to help you settle your confusion about the cost of living in Canada per month, it is wise to go through this blog. By reading the blog you shall know the details. About Canadian Currency 

After exchanging your money, you will have Canadian dollars in your bank account. These are commonly referred to as "dollars". In Canada, money is usually represented by a dollar sign ($), however, it is sometimes written as C$ or Can$ to indicate that it is Canadian. It may also be written as CAD.

Here's an estimate of the worth of Canadian dollars in comparison with a few major foreign currencies:

• $1000 equals C$1343 

• £1000 is equal to C$1550 

• €1000 is equal to C$1553 

• A$1000 is equal to C$874

Most Expensive and Cheapest Major Cities

The cost of living in Canadian cities varies greatly, with some being significantly more expensive. Toronto, Ontario, and Vancouver, British Columbia, are among the most expensive places to live in Canada, with high housing and general living costs putting them at the top. Montreal, Quebec, and Ottawa, Ontario, follow closely, providing a combination of urban facilities at a little cheaper cost than Toronto and Vancouver. Calgary, Alberta, completes the list, where living costs can be high, particularly for housing. These cities have the highest cost of living in Canada.

Average Cost of Living in Canada

This table combines the living expenses in both cities for different household sizes, showing the average cost per month and per year.

Cost of Living in Canada: Housing, Healthcare, Transportation, and Education

Without a doubt, living in Canada can be an exciting experience, but it's always good to know what things cost. Whether you are looking to rent an apartment in Montreal, Toronto, or Calgary, or thinking about healthcare, transportation, or education, it is important to know the average costs. The table below lists 

Average salaries in Canada

Keeping the cost of living in mind, the second significant financial concern is how much you'll earn. Your wage could vary greatly depending on where you live in Canada, as businesses compensate for the cost of living in their location. The table below will give you an indication of what kind of wage you may expect in your field in the cities of Toronto and Montreal.

Also Read:- Canada Tourist Visa Requirements: What You Need To Apply

Conclusion

Obviously, Canada might be a wonderful place to live in but you must know that there are certain costs you will have to face. Costs involving rent per house or mortgage, buying food, visiting a doctor, and other transport charges are usually expensive. Larger cities such as Toronto and Vancouver are costly, whereas, small towns are relatively inexpensive. When it comes to financial concerns, Canadians are proud of their health care and can afford to pay for all the living expenses and other costs in Canada, so, if you do proper planning and proper budgeting you will not be a financial burden in Canada and you can enjoy your time while studying.

Frequently Asked Questions (FAQs)

1. What are the benefits of living in Canada?

Canada has a good standard of living, a stunning landscape, free medical care, and a friendly population.

2. What is the cost of living in Canada?

The cost of living in Canada differs depending on the city and is relatively high in big cities as compared to others for housing, food, and other necessities.

3. Is the cost of living in Canada high? As in any developed country, the cost of living depends on the location that one resides in, it may be cheap in some areas like in the rural areas as compared to the urban areas.