What Is The Cost Of Living In Calgary
Statistics Canada’s Consumer Price Index (CPI), or the inflation rate, which measures increases in consumer prices, determines the cost of living in Canada. It is one of the most relevant metrics since it is measured both monthly and annually and is used globally. Many different metrics are used to calculate the CPI, including food, transportation, and housing; however, we use household wages, housing costs, and provincial income tax rates to calculate the cost of living in Canadian cities.
Calgary is Canada’s fourth-largest city, with a population of just over 1,500,000 inhabitants, after Toronto, Montreal, and Vancouver. The cost of living in Calgary would be compared to the cost of living in these three cities. Calgarians have a lower cost of living than residents of these areas, as determined by the above-mentioned metrics.
Household Income
Household income varies by province, but the Canadian median household income after taxes was $61,400 in 2018, according to Statistics Canada. Alberta has the highest annual after-tax household income of $72,700, followed by Ontario with $66,200, Quebec with $53,200, and British Columbia with $62,000. Albertans have one of the highest average household incomes in the world, according to this data.
Housing Prices
The Canadian Real Estate Association (CREA) compiles monthly real estate figures, and Calgary home costs were among the lowest in the world last month (October 2020). Home prices in Calgary averaged about $419,600, in Greater Toronto about $897,700, in Montreal about $418,000, and on Vancouver Island about $515,000.
Rent
Calgarians have the good fortune of paying lower rent than residents of other major Canadian cities. According to Rentals.ca, the average monthly rent in Calgary for a one-bedroom apartment is $1,198. The average rent in Toronto was $1,922 per month, Montreal was $1,474 per month, and Vancouver was $1,901 per month. Toronto and Vancouver, as two of the world’s biggest cities, have some of the highest rents in the country.
Taxes
Alberta has the lowest corporate tax rates in comparison to Quebec, Ontario, and British Columbia, according to the Government of Canada (2019). Since there is no federal income tax and no healthcare insurance, Albertans pay smaller taxes.
The Cost of Living in Calgary
Albertans have a low cost of living and a high standard of life as we assess provincial family jobs, property costs, and taxation. Calgarians can afford to buy a home and still have savings left over thanks to a higher net family income and reduced property costs. As a result, we have a better quality of living, with less financial pressures and more resources to devote to things we love.