CEOWORLD magazine has released the result of its latest study, revealing that British Columbia has the highest cost of living. Meanwhile, the cost of living is the lowest in the provinces of Labrador and Newfoundland.
CEOWORLD magazine’s analysis indicated British Columbia is the place that charges the highest when it comes to flights, renting or purchasing a living space, and public transportation.
Additionally, British Columbia is the most expensive location to spend an evening at a hotel, shop for clothes, and avail a dental service. This ranking was based on a study that considered 50 contributing factors, including income, property prices, rent, bills, food, transport, health and personal care, and other lifestyle costs.
British Columbia’s natural beauty and outdoor activities make it a highly desirable place to live. The lifestyle offered here, including hiking, sailing, and exploring vineyards, contributes to its appeal but comes with higher costs. Housing is a significant factor.
The average rent for a one-bedroom unit in BC was $2,173 in 2022, a 16 percent increase from the previous year and much higher than the Canadian average. The average home price in BC is also the highest in Canada at $906,785. Vancouver and Victoria, in particular, are among the most expensive cities in the country. These factors collectively contribute to British Columbia’s high cost of living, making it one of the most expensive provinces in Canada.
Most expensive provinces in Canada, 2023
- British Columbia
- Nova Scotia
- New Brunswick
- Prince Edward Island
- Newfoundland and Labrador
Between 2016 and 2022, the cost of housing in Ontario increased dramatically, with 77.8 percent of homes in subdivisions rising more than 50% in value. The average cost of buying a home in Ontario was $836,300 in November 2022, with the most expensive city being Toronto, where the average home sells for over a million. Renting is also costly, with two-bedroom apartments averaging over $2,000 and small downtown Toronto apartments costing upwards of $2,100 per month.
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