Guide

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The Cost of Living in Canada [2025]

Living in Canada generally means a high quality of life, including access to universal healthcare and superb education. With these privileges comes a high cost of living. However, most residents feel the benefits of living here are worth it. Keep reading to learn all about the cost of living in Canada.

By Jennifer Olson · Updated February 3, 2025

Many residents can agree that Canada is a prime place to live. Canada offers a perfect balance, from vast, sweeping natural land and seascapes, to diverse multiculturalism, and a strong economy.

It’s also one of the more expensive countries to live in. However, it's still more affordable than living in countries like the US, UK, Japan or New Zealand.

There's a lot to juggle when planning a move to a new country. One way to prepare is by doing the right research. By comparing your income with the general cost of living in Canada, you can discern whether Canada is the right fit for you.

Reasons to move to Canada

Canada’s cold, dark winters aren’t enough to keep approximately 500,000 new immigrants from moving here annually.

People from all around the world come to Canada seeking a high quality of life combined with friendly neighbours, multiculturalism and access to some of the most beautiful nature that the world has to offer.

In Canada, the cities are safe, the government is stable, healthcare is accessible, and there is a strong economy with a diverse job market. All of these factors, combined with the benefit of high-quality educational institutions and great social benefits and programs make Canada an ideal place for studying, raising a family, retiring, starting a business, or living closer to relatives.

What is the average salary in Canada?

Canada ranks 9th on the list of highest average annual salaries by country. The median hourly wage in Canada is CA$36.01 per hour, and the median annual salary is CA$67,282. Average and median salaries are highest in Calgary, followed by Edmonton, Ottawa and Vancouver.

If you are looking to enrol at a college or university to get a degree, or are coming to Canada with a bachelor’s degree already—know that with your degree, you can earn up to 24% more income than the national average.

The average minimum wage in Canada is CA$16.27 per hour, reflecting the varying rates set by provinces and territories. The federal minimum wage will increase to $17.70 per hour as of April 2025—applying specifically to workers in federally regulated industries like banking and telecommunications. The federal rate is adjusted annually for inflation and is typically higher than the national average

High-paying professions

Immigration.ca and Indeed Canada (the #1 job searching site) both list cardiologists and medical anesthesiologists as the careers with the highest-paying salaries in Canada. These salaries average at CA$355,989 and CA$356,849.

Other high-paying professions include:

Surgeon: CA$391,886
Psychiatrist: CA$345,665
Orthodontist: CA$278,549
Controller: CA$214,405
Petroleum Engineer: CA$185,472
Airline Pilot: CA$184,861
Cloud Architect: CA$152,636
Software Engineering Manager: CA$148,051
Dentist: CA$134,919
Data Scientist: CA$139,684
Geoscientist: CA$119,300
IT Manager: CA$118,207
Financial Manager: CA$118,112
Corporate Lawyer: CA$113,468
Pharmacist: CA$109,038
Electrical Engineer: CA$107,999
Human Resources Manager: CA$107,148
Marketing Manager: CA$103,656

Tax in Canada

Canada’s income tax system is easy to understand. You pay a certain percentage of taxes from your salary or income, based on your annual earnings.

In Canada, the federal tax brackets for 2024 are as follows:

15% up to CA$55,867 of taxable income
20.5% between CA$55,867 and CA$111,733
26% between CA$111,733 and CA$173,205
29% between CA$173,205 up to CA$246,752
33% on any taxable income exceeding CA$246,752

In addition to federal taxes, each province/territory has its own tax rates, which vary. This results in a combined tax rate depending on where you live.

If you are an employee, your employer will deduct your income taxes off of your earnings every time they pay you. If you are self-employed, you must tax your services and put aside the required amount until it's time to file your taxes.

Cost of living in Canada

Most Canadians spend 35% to 50% of their income on housing and utilities. This varies by province/territory; for example, wages and salaries are generally higher in Alberta, and housing prices and rental rates are lower than other parts of Canada.

An analysis by the Royal Bank of Canada revealed that Canadian housing reached its highest level of unaffordability in 2022. That record was surpassed a year later, with 63.8% of the median household income needed to cover the costs of owning a typical home.

As of January 2025, the national average home price decreased to $676,640, representing a 2.6% decline from November 2024.

Regional house prices

In 2024, Canada's housing market showed signs of recovery following a significant slowdown in 2023. Nationally, home sales reached 43,239 in December 2024, a 14% increase compared to December 2023.

Throughout 2024, total home sales increased by 2.6% to 67,610 units, with new listings up 16.4%.

The Canadian Real Estate Association (CREA) forecasts that approximately 532,704 residential properties will trade hands, resulting in an 8.6% increase from 2024.

Average regional house prices:

Here are the average home prices for major cities in Canada for 2025:

Toronto: CA$1,067,186
Vancouver: CA$1,275,672
Montreal: CA$620,644
Calgary: CA$605,074
Edmonton: CA$436,401
Ottawa: CA$619,708
Quebec City: CA$510,884
Halifax: CA$440,020

Average house prices by province:

British Columbia: CA$1,013,556 (Provincial Average)
Quebec: CA$510,884
Alberta: CA$493,828
Nova Scotia: CA$440,020
Newfoundland and Labrador: CA$329,346
Prince Edward Island: CA$358,000
Manitoba: CA$392,000
Saskatchewan: CA$382,000
New Brunswick: CA$391,000
Northwest Territories: CA$375,000
Yukon: CA$475,000
Nunavut: CA$450,000

Renting in Canada

In Canada, rental payments are due on the 1st of every month, and rental rates vary by city.

Here are some average rental prices for Canadian cities as of 2024:

Vancouver: CA$2,512 (1-bedroom), CA$3,430 (2-bedroom)
Toronto: CA$2,360 (1-bedroom), CA$3,077 (2-bedroom)
Montreal: CA$1,740 (1-bedroom), CA$2,260 (2-bedroom)
Calgary: CA$1,711 (1-bedroom), CA$2,073 (2-bedroom)
Winnipeg: CA$1,360 (1-bedroom), CA$1,760 (2-bedroom)
Saskatoon: CA$1,183 (1-bedroom), CA$1,387 (2-bedroom)
Quebec City: CA$1,305 (1-bedroom), CA$1,711 (2-bedroom)
Edmonton: CA$1,312 (1-bedroom), CA$1,639 (2-bedroom)
Kelowna: CA$1,914 (1-bedroom), CA$2,375 (2-bedroom)

The monthly cost of living in Canada

The cost of living in Canada for a family of four in a major city, is between CA$5,500– CA$7,700 per month.

For a single person living in a 1-bedroom apartment, the monthly cost of living averages between CA$2,200–CA$3,900, depending on the city.

Cost of living by city

Toronto

Toronto is Canada’s largest city and the financial epicentre of the country. Finance, tech and media are huge industries here—adding high-paying jobs to the job market. You will need a high-paying career to live comfortably in Toronto, due to the fact that it's the second most expensive city in Canada.

According to the website Canada For Newbies, the average cost of living per month for a single person in Toronto (living simply) is CA$3,800. For a family of four, you would need on average CA$7,750 per month to live.

Rent is high in Toronto. If you live alone, expect to pay CA$2,360 on average for a 1-bedroom apartment. For families, expect to pay a minimum of CA$3,100 for a place with 2 bedrooms or more.

Public transit is great if you live in and around Toronto’s centre. Expect long commute times if you are coming from one of the many surrounding suburbs—you may want to consider investing in your own vehicle.

For more about the 'The Cost of Living in Toronto.

Montreal

One of the many desirable things about Montreal is that the cost of living is lower than in other major Canadian cities. On top of that, you get diversity from a unique blend of French and North American cultures. Montreal has a strong arts scene, and is a hub for some of the best education Canada has to offer. The city attracts creatives and students to join the multitude of immigrants from all over the world who call Montreal home. These factors make Montreal a cultured, artistic and diverse city to live in.

A one-bedroom apartment in Montreal averages around CA$1,740 per month. For families, expect to pay on average CA$2,260 or more for a 2-bedroom (or larger) place.

You don’t need a car, because Montreal’s network of buses and subways can get you anywhere you need to go, quickly and conveniently.

Read more about The Cost of Living in Montreal.

Vancouver

Vancouver’s beauty and mild, temperate weather comes with a price. Being the third most expensive city in the world following Hong Kong and Sydney, Australia, Vancouver is inaccessible to many. The city is known for its modern, metropolitan feel, its booming film industry, and its close proximity to the great B.C. outdoors, specifically Whistler, a globally-renowned ski destination. Its popularity amongst Canadians, as well as widespread foreign property investments have driven up the cost of living exorbitantly.

A one-bedroom apartment in Vancouver averages around CA$2,512 per month, while an apartment or home with 2 bedrooms or more averages CA$3,430.

Vancouver’s public transit network is decent and cost-effective—however, if you are commuting from surrounding areas such as Abbotsford, you will need a vehicle in order to save time.

Read more about The Cost of Living in Vancouver.

Calgary

Calgary has a strong job market and is known and loved for its beautiful natural surroundings, specifically its proximity to world-famous Banff National Park. The cost of living in Calgary is lower in comparison to other Canadian cities, making it appealing to many. In general, wages and salaries in Alberta are higher, adding to Calgary’s appeal.

A one-bedroom apartment in Calgary averages around CA$1,711, and is cheaper if you rent outside of the downtown core. A 2-bedroom place or larger will average around CA$2,073 in the city centre.