Cost of Living in Canada 2024: City Wise Cost

Every year, thousands of candidates go to Canada to study or work due to its reasonable standard of living. On average, the standard of living in Canada ranges from CAD 15,000 to CAD 20,000 (INR 9.03L to INR 12.05L).

Most Canadian universities charge tuition fees for courses starting at CAD 15,000 (~INR 9,03,999) per year. However, it can vary based on lifestyle and preferences. Moreover, monthly living expenses in Canada for students is 880 CAD (INR 53,034) without rental costs. International candidates can easily handle and manage this cost of living in Canada if they avoid unnecessary expenses.

The average cost of living in Canada for international students is from 9.03 lakhs to 12.05 lakhs. This will cover your daily and necessary expenses, including lodging, food, groceries, basic utilities, clothes, entertainment, and travel-related health insurance.

Furthermore, it is anticipated that the cost of living in Canada per month is INR 68,792 (about C$1,132) without rent, $1,708 per person and $3,911 for a family of four with rent. Candidates can manage their expenses by following the below-mentioned percentage on overall cost.

• Rent – 31.3%

• Restaurants – 14%

• Transportation – 9.1%

• Clothing and Shoes – 2%

• Sports - 4.4%

• Markets – 31.4%

• Utilities (Monthly) – 7.8%

Below, you can check the cost of living in Canada per month for international students.

International candidates interested in studying in Canada or moving to Canada with their families must have accurate information on living expenses in Canada. The country is immigrant-friendly, extremely well-developed, and offers amazing facilities for its citizens.

When you consider the context of the country and the window of ease it has for its citizens and foreigners, you will realise that the cost of living in Canada per month is not overpriced. You can find some cities in Canada with low cost of living and similar facilities. The average cost of living in Canada for Indian families depends on the number of people. It is usually between 2 and 4 since most families in Canada are nuclear families. The average living cost in Canada is as follows -

• For a single person per month, excluding rent, it's $1,245.

• For a single student per month, excluding the amount of rent, it's $880.

• For a family of two per month, excluding rent, it's almost $2,500.

• For a family of 4 per month, excluding rent, it's nearly $5,000.

• For students, personal residences can cost around $625 per month, while on-campus housing can cost around $800 per month.  

Although understanding the basic cost of living in Canada is vital, it is equally important to know how much money you will need to live comfortably in Canada. To live comfortably, one must be able to save some money and have enough for both essentials and leisure activities.

Depending on where you live in Canada, the amount needed may change; in large cities, this difference is frequently in the thousands. Here are the details of the standard of living in Canada for different cities.

Below, you can check the average cost of living in Canada for the 5 most expensive Cities. 

Here are the affordable cities in Canada for international students:

A student's living expenses in Canada often change depending on where they live and how they live. The living on-campus or off-campus also has different housing costs. Generally, the on-campus annual cost of living in Canada falls somewhere between CAD 8000 and CAD 10,000. The monthly cost of an off-campus shared unit would be between CAD 400 and CAD 700.

According to a housing research and market report published by Canada Mortgage and Housing Corporation, the average monthly rent for a two-bedroom flat in Canada is CAD 1,167. However, the location and season can impact the cost of renting. The rent for off-campus accommodation without sharing is more expensive than for on-campus living.

So, it is advisable to choose on-campus housing options or go with shared accommodation to manage living expenses in Canada. Below, you can check the average cost of living in Canada for different types of accommodation.

Below, you can check the comparison of accommodation costs from some important countries. 

According to the rental market report by CMH – 

• Canada's most costly cities are Vancouver and Toronto. The rent for a two-bedroom property is anticipated to increase by 2.2% to $ 3,000 and $3,180, respectively. 

• St. John's is the lowest rental city in Canada; a two-bedroom flat may be rented for as little as $900.

• The rent for a two-bedroom flat in Canadian cities like Halifax and Abbotsford is about $1300.

• On average, the rental cost in Canada is 28.1% lower than in the USA.

Below, you can check the city-wise average rental cost in Canada. It will help you to identify your living expenses in Canada.

There are other living expenses in Canada that international students must know before moving to Canada. These expenses are as follows -

Major cities have reduced transport expenses since there were more easily available transportation choices. The cost of travelling for students varies based on whether they live. There are commuter trains and subways if students would rather take public transit.

A monthly pass can cost between CAD 80 and CAD 150, but a one-way public transport fare can only cost a few dollars. The cost of each form of transportation is shown below.

The average cost of living in Canada for international students is often in the range of CAD 200 to CAD 300 (INR 12,053 to INR 18,079) for food and other daily costs (excluding housing). You can refer to the following table for Canadian food expenses.

You may find that living in Canada occasionally requires you to pay for certain infrequent charges such as -

• Purchasing prescription medicines that your health insurance does not cover.

• Long-distance phone conversations with family & friends. A monthly mobile phone plan is C$55.36, which includes 10 GB or more of data and calls.

• School materials.

• When it comes to clothing, the typical price range for men's and women's clothing is between $45 and $150 (For high-end brands).

• The basic utility costs for an average-sized flat (for example - 85 m2) with one or two rooms are C$199.25. These costs include garbage, water, heating, cooling, and electricity.

All international students who are studying in Canada are required to have health insurance. However, medical insurance coverage may vary based on province and how long they remain.

If students want to study in Saskatchewan, British Columbia, Newfoundland, Labrador, and New Brunswick, then their universities’ provincial health care policies will cover their health insurance.

But, if students want to study in Edward Island, Ontario, Nova Scotia, or Quebec, then they have to choose private health insurance. It is recommended that students review the university's official website for detailed information on health insurance. Overall, it is crucial to remember that Canadians may now access the country's free healthcare system.

When students decide to work after starting their studies in Canada, they will require a Social Insurance Number (SIN). It indicates that during the school year, students were permitted to work up to 20 hours a week during the school year, and during vacations, they were allowed to work full-time. However, their salary comes under the tax criteria. The average Canadian earns $250,000 a year, excluding taxes. 

Compared to other countries like the USA and UK, studying in Canada is less expensive. The teaching is just as excellent. The average cost of a single year for a four-year degree program in Canada is $22,750 for students living on campus and $11,330 for those living at home. For more costly colleges, the fees might increase by $135,000 or $65,000.

However, the cost of education in Canada might vary depending on the university, subject, and tuition fees. Additionally, Canadian institutions update the cost of tuition for undergraduate and graduate programs annually. Therefore, before applying to universities, it is vital to verify their tuition costs. The average tuition costs in Canada for various streams are given below. 

Check the tuition fees for undergraduate courses in Canada.

Check the tuition fees for postgraduate courses in Canada.

Below, you can check the tuition costs for popular universities in Canada.

 The cost of living index in cities across Canada ranges from 65 to 80, which is slightly better than the world average. The cost of living in Canada can be a bit higher than expected. Household expenses alone represent about 50% of your salary. With all the saving and investment aspects, you need to calculate your business money before writing a life plan in Canada.

Before moving to the country, the most commonly asked question is, "What is the lowest cost of living in Canada?" Most people in Canada live on $250,000 a year, excluding taxes. They think it is more than enough to provide them with a comfortable life. However, this is not even close to what the average person in Canada earns. The average monthly net salary is $3,400 after tax deductions. So, ensure you have the financial backing before making your Canada plan.

• The cost of a one-bedroom apartment downtown is $1,335 and out of town $1,120.

• The cost of a 3-bedroom apartment downtown is $2,170 and out of town $1,820.

• Toronto and Vancouver are the most expensive cities in the whole country. Rent has increased by 2.2% and now stands at $3,000 and $3,180 for a 2-bedroom house.

• Cities like Halifax and Abbotsford have 2-bedroom rents hovering around $1300.

• The cheapest city in Canada for rent is St. John's, where the rent for a 2-bedroom apartment is as low as $900. 

When you are in an abroad country, it is essential to focus on saving money. Some people spend all their money on things like shopping and entertainment, and while that's a good thing, doing what you love, it's not wise to spend all your paycheck on other things and nothing. Here are some steps to help you save money in Canada:

One of the first steps is to pay you. Most people pay their bills and buy things as soon as they get their paycheck, thinking they'll save later. The "later" never comes, and their savings are spent on other expenses. To avoid this, pay yourself first. From the start, keep a certain amount for yourself to save for future use. It could be 25% or your 80% salary - whatever you can afford to put aside. That doesn't mean cutting your luxury short. It only means safeguarding your future because things don't always stay the same.

Make a spending plan for yourself. Allocate the amount you wish to spend on clothing, groceries, entertainment, etc. Prevent yourself from going beyond. Stick to the plan. When formulating how you want to spend your money, you automatically keep the money-saving factor in mind. Your idea revolves around meeting your savings needs, which is a smart way to save your money.

An unused savings account. Yes, you read that right. Open a bank account, put only your saved money into it, and don't use it. Put your money in it and forget it even exists. Live your life. Also, do it at the beginning of the month because, at that time, you are more likely to save. Prioritise savings instead of putting the crumbs remaining at your month's end. This bank account is your safe door. Even in the future, when you urgently need money, you will not be vulnerable. You have your savings to lean on. Saving is an early part of being in your twenties and continuously after that until you keep earning. Make sure you do it right.

Sometimes, cut out some things. You don't have to buy new jeans every month. If you bought one in January, buy the next one around April. This is a necessary clause for students as they usually get carried away by their classmates. Don't fall into the "show-off" trap. Use your money for the things you need more than the things you want, at least sometimes. Cut out things that you can easily do without for four months but you buy every month.

To sum up, knowing the average cost of living in Canada for overseas students is essential to living a comfortable life. Canada may have significantly higher living expenses than India despite its beautiful scenery, lively culture, and excellent educational system. Above, we have discussed the living expenses in Canada, accommodation, cost, education fees, and extra living expenses which you can consider while deciding to study in Canada.

We hope the information above has helped you understand the cost of living in Canada 2024 and manage living expenses. If you would like to get a deeper insight into the topic or want to study in Canada, we encourage you to speak with our team of expert counsellors at Meridean Overseas Education Consultants (MOEC). Our counsellors will provide you with guidance throughout your study abroad. Get help with the application process, SOPs, and filing for a visa. Visit us and get one-to-one counselling, or avail yourself of free video counselling via our website. We will be happy to help you, so please do not hesitate to contact us at application02@meridean.org or 1800-1230-00011.

Question - How should you manage your living expenses in Canada?

Answer - Once you have completed your enrollment at a Canadian institution, students can easily choose to start their part-time jobs and study concurrently. The cost of living in Canada for students can be managed by part-time jobs for people on campus and off campus. You cannot do a job for more than 20 hours a week. International students can also work for an extended era during vacations or holidays. They can also apply for study scholarships based on their performance at their current educational institutions.

Question - What is the cost of living in Canada on campus?

Answer - Studying abroad is much more expensive than staying in your home country. Generally, the cost of living in Canada is from INR 4,75,007 to INR 5,93,759 annually for On-campus.

Question - How much does education in Canada cost?

Answer - The cost of education in Canada depends on the course, university, and tuition. Universities revise their tuition fees yearly for international undergraduate and undergraduate students. Students must confirm tuition fees before applying to a university.

Question - How much money do you need to live comfortably in Canada?

Answer - Each individual has a different standard of living. Most Canadians enjoy a comfortable life at C$250,000 (INR 250,87514.65) annually. Overall, the cost of living in Canada is relatively high, and people considering moving here should consider how they will manage to finance themselves.

Question - What are the average living expenses of a single person in Canada per month?

Answer - The cost of living in Canada varies from city to city. However, the national average cost of living for one person is estimated at $2,730 (INR 2,73,955.66) per month. 

Question - How much salary is required to live in Canada?

Answer - To live comfortably in Canada, the average salary of single person should be $45,000 and up (after taxes). On the other hand, the average salary for families (four members) should be $90,000 to $100,000.

Question - What is the cost of living in Canada in Indian rupees?

Answer - The cost of living in Canada for Indian students is around INR 12 to 15 lakhs per year.

Question - What are the funds' requirements for Canada 2024?

Answer - The required funds for Canada are as follows - 

• For a single applicant - CAD 14,690 (previously CAD 13,757)

• For a family of two - CAD 18,288 (previously CAD 17,127)

• For a family of three, - CAD 22,483 (previously CAD 21,055)

Question - Which Canada intake is best in 2024?

Answer - The Fall Intake or September Intake is the most popular intake for students who want to study in Canada in 2024. During this intake, all universities offer thousands of courses for international students.

Question - What is the GIC cost for Canada?

Answer - The GIC amount for Indian students is approx. CAD 20,635 (INR 12,71,619) from 1st January 2024.