If you are thinking of a move to one of the most scenic and popular countries then you should be aware of the costs before you go. Moving away from the UK is currently extremely popular for many reasons including the costs rising and the disappointment many feel for the UK government in helping the public.

Canada is known for beautiful lakes, fun cities and a fairly transparent government which people appreciate. Despite Canada being a popular move for brits, Canada is also very expensive to live and the prices are only rising too.

 

The cost of living in Canada

For a family of 4 living in Canada excluding the cost of rent, their monthly costs average at around £3,065 ($5208.07).

This is 7% higher on average than the cost of living in the UK.

Rent in Canada is around 10.5% higher than the average rent in the UK as well.

The high inflation and interest rates which are at the highest level in 22 years, are causing prices to become unbearable for many residents.

 

Where to live in Canada

The most expensive place to live would be Vancouver and small towns in Quebec are the cheapest areas to live.

 

Why are prices so high?

The rising prices of houses and rented property is due to the limited supply and high demand in cities like Vancouver and Toronto. This increases the prices of living here as there is a massive increase in the population here.

Due to the rising population, 315,000 new residences will need to be built every year between now and 2023 to keep up with the demand.

The government is trying to solve their housing crisis by building more homes including affordable housing. They aim to bring down the cost of building and helping cities to create homes quickly and efficiently on a lower cost.