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Vaughan Festival Condo.How much is the cost of living in Canada?

Vaughan Festival Condo.How much is the cost of living in Canada?

Posted on October 15, 2022

Vaughan Festival Condo.How much is the cost of living in Canada? Although the 2020 pandemic led to a decline in the Canadian labour market, average wages in Canada are on the rise across the country.Please Visit: Vaughan Festival Condo to Get Your VVIP Registration Today!

This does not mean that wages are the same in every province and region. The average salary is still high in traditionally economically strong provinces, including Alberta (C $61865), BC ($53416), Ontario (C $55524) and Saskatchewan (C $54371), but at the same time, these provinces tend to have a much higher cost of living.

When it comes to the cost of living in Canada, the real estate market definitely accounts for half of the country. Whether it’s renting or borrowing money to buy a house, it can be said that many people spend most of their salary on it. So choosing where to settle will determine how much to pay.

Currently, more than 1/3 Canadians live in Canada’s largest metropolitan areas: Toronto, Vancouver and Montreal.

These first-tier cities are prosperous and lively, with complete living facilities, convenient life, cultural diversity, more employment opportunities in various fields and rich educational resources, attracting young professionals, foreign workers and immigrants. But as a result, housing costs in these cities are also the highest.

But economists predict that house prices in Canada will fall by 7 per cent as a result of COVID-19. This means that families who want to buy a house in Toronto only have to pay an average of $850, 000, instead of $900000 last year.

If you plan to rent, Canadian cities will also offer a variety of housing types, including detached houses, semi-detached houses, townhouses, apartments and various duplex homes (two-bedroom, three-bedroom, four-bedroom) for families, couples or cohabiting and people living alone.

Vancouver has the highest rent in Canada, with an average rent of C $2793 a month for a two-bedroom apartment, according to Statistics Canada (StatsCan). The cheapest major city is Edmonton, Alberta, where you can rent a two-bedroom apartment for C $1601.5 a month. Utility costs are usually included in lease contracts (but not always) and may include parking, electricity, heating and water charges.

If you find it expensive to live in urban areas, you can choose to live in remote areas of a province, such as Timmins, North Bay and Barrie, Ontario. In North Bay, Ontario, for example, a two-bedroom apartment costs as little as $1, 000 a month, just a three-hour drive from Toronto.

Here are the average rents for two-bedroom apartments in some of the cheapest cities in Canada:

Canada is famous for its medical benefits. In 2020, Canadian Medicare was officially rated as the best health care system in the world. Its health insurance is a government-funded health care system that can be enjoyed by citizens and permanent residents of Canada, regardless of your economic status, with coverage of up to 70%.

Each province and territory has its own health insurance plan, which is monitored by the federal government, and some provinces may provide more insurance than others. For example, the Ontario Health Insurance Program provides free prescription drugs to Ontario residents under the age of 25 and residents over the age of 65.

Drug prices in Canada are relatively low because the government controls prices to curb inflation. The cholesterol drug Lipitor, for example, costs less than $50, while the same dose costs more than $150 in the United States.

Canada also has private health insurance, where about 65% of Canadians buy some form of private health insurance, which is usually purchased and subsidized by employers. Private health insurance fills the gap in Medicare and meets other medical needs (prescription drug plans, glasses and eye examinations) and professional health services (visiting massage therapists and psychologists).

Generally speaking, new immigrants will have a waiting period of three months before they can enjoy Canadian Medicare when they arrive in the province where they live. As a result, most people will buy private health insurance during this period.

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