Canadian insurance experts ranked Canadian provinces based on cost of living and beautiful British Columbia surpassed them all. The study, conducted by Westland Insurance and sourced by Statistics Canada and the Canadian Real Estate Association, found BC, Ontario, and Alberta as the most expensive provinces and Newfoundland the least. “Most assume that working in the most populous cities yields a higher income,” a press release from Westland Insurance said. “However, our data contradicts that idea.”Each factor was rated on a scale from one to ten — BC scored in the top three on 60% of them, top spot on 21% — and finally the research was indexed into a score out of 100. BC earned a score of 79 out of 100, with Ontario clocking in at 71 and Alberta 67. Newfoundland scored 20. Categories included income, property prices, rent, bills, food, transport, health and personal care, as well as other living expenses and lifestyle costs. The average BC and Ontario resident has “the lowest capacity to save to buy once living costs are considered,” the press release said, noting in these provinces annual incomes generally cover less than 5% of the median house price. “In contrast, Newfoundland and Labrador residents’ salaries cover four times that in the same timeframe, meaning this province may be the easiest way to get on the property ladder.”BC got a score of 79 for its high costs in property — the average home cost $996,460 in 2022 — as well as hotels, travel, health and dental services and clothing. The province’s median income is third-highest in Canada, but “only 4.2% of the local median house price, the lowest in Canada, compared to the national average of 10%,” Westland Insurance said. Ontario is the second-costliest province attributed to expensive real estate — $931,870 for the average home — with the price of fruit and vegetables, home repairs, vehicles, home appliances and furniture also making a substantial contribution. “First-time buyers in Ontario will take the longest to save for a home, with the yearly median income ranking fifth, covering just 4.5% of the median property price,” the study found. Alberta scored 67 with high expenses such as childcare, water, fuel, electricity, parking, restaurants and groceries, with its second-highest median income but the fourth-highest house price, $447,445. The upside is the median income equals the national average. Manitoba comes in fourth with a score of 61. The median income is the lowest in the country, but house prices average $360,373. The province has high prices when it comes to fruit and cereal and some other food items, parking, and children’s toys and low costs on pets, water, fuel, electricity, childcare, restaurants and vehicles. Saskatchewan scored 60, with housing costs $303,261 on average. Its income matched that in BC, and allows a larger savings margin at 14% of the cost of an average home. While groceries, gas, vehicle maintenance, childcare and pet expenses are high, others such as vehicles, internet, furniture and utilities are low. Nova Scotia ranks sixth with a score of 56. The average house price is high — $411,784 — and the median income is ninth-lowest, but food is inexpensive and so are health and dental services. New Brunswick is close behind with score of 55.4. House prices are the lowest in Canada and the average median income is 13% of the average cost of a home. Air travel, public transportation, rent, alcohol, haircare and school supplies are also very low, but gas and electricity are its more expensive commodities. Quebec scored 55.2 with the average home costing $483,573 — the third highest in Canada and the sixth-highest income in Canada. Health and personal care costs are high, as are rent, utility bills, alcohol and household appliances. However, the province makes up for it with pet expenses, internet access, gas, public transportation and air travel being the cheapest in Canada. Prince Edward Island got a score of 51, with the average home costing $388,844. Its median income is seventh in Canada. Fifty-eight per cent of the factors considered rank cheapest nationwide, including groceries such as seafood, meat and fruit and veg. Health and personal care services are low, but vehicles, gas, internet access and pet costs are high. Newfoundland and Labrador is the least expensive province to live in, with a low score of 20. The average cost of a home is $291,807, and the median income is 20% of house prices. Child care, pet expenses, eye and dental care, vehicles and restaurants, are all very low.
