Top 10 Most Expensive Cities in Canada
- Last updated on: May 25, 2022
Like every other typical market, the real estate market in Canada depends on factors such as the economy of the country and the interest rates. Due to this, the price of houses and rent vary from city to city. If you’re wondering what are the most expensive cities in Canada, we’ve got you covered. In this article, we’ve highlighted 10 of the most expensive cities in Canada. We will also explain why these cities are costly.
Methodology
Like every other typical market, the real estate market in Canada depends on factors such as the economy of the country and the interest rates. Due to this, the price of houses and rent vary from city to city. If you’re wondering what are the most expensive cities in Canada, we’ve got you covered. In this article, we’ve highlighted 10 of the most expensive cities in Canada. We will also explain why these cities are costly.
The Top 10 Most Expensive Cities in Canada - 2022
1. Vancouver
Best for the outdoorsy & hiking lovers
Many North American cities like New York and Los Angeles are known for their insanely-high real estate prices and cost of living; Vancouver gives these cities a run for their money. In 2020, Insider ranked Vancouver as the second most expensive city to live in in the world, after Hong Kong, while BC Business ranked it the third most expensive city. The median cost of housing in Vancouver, BC, is $1.4M, with 3-bed detached houses going for $2.2M. The average rent for a 1-bedroom in Vancouver, BC, is $2,200 per month.
Why is Vancouver so expensive?
Vancouver is so expensive because available land is limited, so the land cost is high. Soft costs such as payment for legal fees, insurance, and more are high. In fact, the general cost of living in Vancouver is high.
(*Fancy Pants Home & BC Business)
Vancouver, British-Columbia
2. Toronto
Best for job opportunities: database analysts & software engineers and designers
Toronto is one of the most expensive places to live in Canada and also the most populated. Like Vancouver, Toronto ranks high among the most expensive cities to live in the world. It costs an average of $1.2M to buy a house in Toronto. The average monthly rent in Toronto is $1,900 for a 1-bed apartment.
Why is Toronto so expensive?
Due to the high population in Toronto, there’s a high demand and short supply of real estate. This causes a spike in the price of the available properties. Additionally, Toronto is the economic center of Canada with many job opportunities, which also contribute to the influx of people. These factors also affect the cost of living in Toronto.
(*New Canadian Life & Medium)
Toronto, Ontario
3. Mississauga
Best for close proximity to Toronto
Why is Mississauga so expensive?
Mississauga experiences a limited quantity of real estate due to limited land for building and high population density. The shortage leads to an increase in the price of available land and houses. Mississauga’s proximity to Toronto is another reason explaining its expensiveness.
(*Mississauga Homes Daily)
Mississauga, Ontario
4. Markham
Best for families
Why is Markham so expensive?
Markham didn’t always make the list of the most expensive cities in Canada. Its addition is linked to the city’s recent reconstruction and development projects. Many buildings, roads, parks, and community facilities have undergone a recent renovation, giving rise to an increase in price. Markham is undergoing robust urbanization from the agricultural city it once was.
(*Real Estate News Exchange)
Markham, Ontario
5. Victoria
Mildest climate in Canada
Victoria, BC, is commonly compared with Vancouver because of the many similarities. However, Victoria is cheaper than Vancouver given that it is a smaller city. The average cost of housing in Victoria is $1.22M. At the same time, it costs an average of $1,800 to rent an apartment in Victoria.
(*CHECK News & Zumper)
Why is Victoria so expensive?
The primary factor responsible for the high cost of living and real estate in Victoria is the construction of newer homes in the city. Moreover, it is impossible to expand the land in the city of Victoria since it’s located on an island: this leads to an increase in demand and therefore to a price increase. Finally, it is the capital city of British Columbia.
(*Cube Toronto)
Victoria, British-Columbia
6. Kelowna
Best for water sports & activities
Kelowna is much smaller than Vancouver and significantly cheaper, but it is still incomparable with other cities in Canada. The median cost of housing in Kelowna is now above $1M for a single-family home. The average rent in Kelowna is $1,795 per month.
(*Global News & Zumper)
Why is Kelowna so expensive?
With its enviable climate and its beautiful mountains and lake, Kelowna is a desirable place to live in, so the demand drives the rent price. The limited number of available homes and apartments also affects the price. Other factors like the cost of raw materials and building permits also affect the price.
(*Info News)
Kelowna, British-Columbia
7. Surrey
Best for both nature and urban city lovers
Surrey is the fourth British Columbia city to make the list of most expensive cities in Canada. It is the largest city in BC, above Vancouver. Surrey is around twice as big as Vancouver, but that doesn’t make it more expensive. You can find housing in Surrey for $1.3M. Concerning the average rent in Surrey, it’s $1,513 for a 1-bed apartment.
Why is Surrey so expensive?
Surrey is expensive for many reasons, but its proximity to Vancouver is one of the most prominent. The two largest cities in BC are just 1 hour apart. So it’s not uncommon for people who work in Vancouver to choose to live in Surrey to save costs on rent and housing. Also, the cost of utilities in Surrey is relatively expensive, even more expensive than Vancouver’s cost. Electricity, healing, cooling, water and garbage cost an average of $128.95 per month in Surrey for 85m² apartment.
(*Liv & New Canadian Life)
Surrey, British-Columbia
8. Ottawa
Best for access to federal government jobs
Ottawa joins the list of expensive cities in Ontario, making it one of the most expensive places to live in Canada. Although cheaper than other cities on this list, it still ranks above most places in Canada. It costs an average of $702,000 to get a house in Ottawa. The median rent in Ottawa is $1,500 monthly for a 1-bed apartment.
Why is Ottawa so expensive?
Ottawa is the capital city of Canada, which makes it the home to Parliament Hill. For this reason, many people who desire to work in the Government of Canada relocate here. This has a significant effect on housing and rent prices.
(*La Merceria)
Ottawa, Ontario
9. Brampton
Best for access to many parks
After Toronto and Mississauga, Brampton is the third-largest city in the Greater Toronto Area (GTA). It is also one of the most populated and one of the most expensive cities in Canada. The average cost of housing in Brampton is currently $1.4M. The median rent for a 1-bed in Brampton is $1,689 every month.
Why is Brampton so expensive?
Brampton is expensive because of its proximity to large population centers clustered in the Greater Toronto Area (GTA). These cities often have closely related housing markets in demand and pricing. Many people working in Toronto prefer to live in Brampton because of the smaller population and slightly lower cost of living. Moreover, the cost of utilities and transport in Brampton are quite expensive. Brampton is also considered Ontario’s most expensive city for car insurance.
Brampton, Ontario
10. Etobicoke
Best for quiet area not far from downtown Toronto
Etobicoke is a district in southeastern Ontario. However, it is sometimes considered a part of Toronto. Etobicoke has a distinct neighborhood. Etobicoke is a safe and calm neighborhood that ranks among the most expensive cities in Canada because of its location in Toronto. The average cost of housing in Etobicoke is $1.2M. The median rent is $1,832 monthly.
(*Realosophy & Zumper)
Why is Etobicoke so expensive?
Etobicoke is so expensive because of its location in Toronto. Like every other community in the GTA, Etobicoke reflects similar real estate trends. In addition, the majority of homes in Etobicoke are detached or semi-detached single-family houses on large streets. Finally, Islington-City Centre West, a commercial and residential neighborhood makes Etobicoke one of the most expensive cities in Canada.
(*Livabl & Acriteam)
Etobicoke, Ontario
Why People Move to Canada
Canada is also often ranked as one of the best countries to live in globally, and because of this, many people desire to live in the Great White North. Canada offers excellent opportunities for employment and personal, educational, and professional growth. The country has a lot to offer: such beautiful landscapes, a solid healthcare system, and a quality education system. Besides, the World Population Review ranks Canada 4th for its robust education system, after the US, the UK, and Germany. There are so many reasons why people move to Canada; some of these include:
- Multiculturalism
- High quality of life
- Safety
- A thriving economy
- World-class education
- A vibrant and expanding job market
- Spectacular hideaway spots
- Great and affordable healthcare
Conclusion
There you go! The list of the most expensive cities in Canada. These top 10 cities have great offerings for their residents, from the premium quality of life to more job opportunities and higher salaries. Perhaps you are less concerned about how much your home costs. Maybe you consider safety a more critical factor before choosing a home; check out Canada’s top 10 safest cities.
Share this article on social media
The Impact of Covid-19 on the Moving Industry in 2020
The Impact of Covid-19 on the Moving Industry The COVID-19 health crisis has affected our lives in significant ways, and has disrupted many habits and behaviors, both at the personal and collective level. We wanted to
5 Best Storage Units in Rosser
Best Self Storage in Rosser – Find the perfect storage units near you. Looking for affordable and professional self storage in Rosser ? Here’s how we help. We’ve built a list of curated storage units that
Best Home Security Systems in Fort Saskatchewan
If you are moving into a new home, one of the main things that people worry about is how safe their new residence is going to be. A new home is always an expensive investment, and
Discover 3 Piano Movers in Winnipeg you can trust.
Piano’s are wonderful instruments that spark joy, which is why they are often brought along when moving. Piano’s are so fragile and heavy that it is best to have them moved by professional movers to avoid
The Best Moving Checklist (Printable)
MovingWaldo is Canada’s largest online resource when it comes to moving. This is our best moving checklist. Use it for a flawless move!
5 Best Montreal Movers
Nous avons sélectionné les 5 meilleures compagnies de déménagement à Montréal. Cette sélection se fonde sur plusieurs critères objectifs. Parcourez cet article afin de vous assurer un déménagement tranquille.
Sparta Movers: Reviews, Pricing, Services & More!
Sparta Movers: Reviews, Pricing, Services & More! Sparta Movers is a multi-award-winning moving company that offers full-service moving solutions in Calgary and surrounding areas. From packing to moving, storing, and even specialty moving services, you can
Need help moving?
Check out MovingWaldo’s free moving platform and find everything you need for your move. No sign up required!
