As the cost of living continues to rise, it should come as no surprise that some are looking to relocate – but where is the grass greener?
In a new study published by NoDeposit 365, the minimum salary required to live in major cities from coast to coast was revealed and what they found may surprise you.
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“With each passing day, the cost of living is becoming more expensive for Canadians,” they explain.
“As many people consider moving for a cheaper cost of living, it’s valuable to know the salary needed in various Canadian cities to live comfortably. To that end, we investigated the salary needed in Canadian cities to both survive and to thrive.”
Using data sourced from the Statistics Canada database, as well as the Market Basket Measure (MBM), and the Consumer Price Index (CPI), the following is what they suggest you need to make in order to reside in Toronto. Vancouver, Calgary, Montreal, and Ottawa.
Toronto, Ontario
According to the gambling platform, the minimum salary needed for the year (adjusted with CPI) is $61,321, and the median cost of housing is approximately $2,219 per month.
As for the living wage for a family of four? They believe it’s around $104,208.
Vancouver, British Columbia
Thinking of moving to Vancity? The median cost of housing is $2,060 per month, and the minimum salary needed (adjusted with CPI) is $61,837.
The current living wage for a family of four sits at $100,172.
Calgary, Alberta
As for the biggest city in Alberta? The minimum salary needed for the year (adjusted with CPI) is $61,886 and the median cost of housing is $2,037 per month.
The living wage is approximately $98,592 for a family of four right now.
Ottawa, Ontario
If, however, you’re looking to move to Ottawa – you’ll need a minimum salary of $60,117.
The median cost of housing is $1,732 per month and the living wage is $91,312 for a family of four.
Montreal, Quebec
Those hoping to head East should prepare to pay $1,358 per month for housing and will need to make a minimum of $51,073 a year.
The living wage is $71,161 for a family of four.
But there you have it!
If you were thinking of moving, does this sway you in any way? Let us know and good luck out there, Canada.
Times are tough, but we’ll get through them!
Cassandra Stefanic
Regional Editor, Prairies – Cassandra is a Calgary-based journalist with a deep appreciation for music, film, food, travelling and story-telling. When she’s not chasing a story, writing or editing, you’ll likely find her binge-watching a new TV series, at a speakeasy with friends, cooking, or getting lost in a Taylor Swift re-record.
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