What is the cost of living in Canada?

By MSHomestay In Blog Posted February 16, 2020

Studying abroad can be the best experience of your life; however, this must be carefully planned; expenses and paperwork required. We share everything you need to know about the cost of living in Canada.

Why Canada? Canada presumes the best quality of life over the world because of its universal healthcare, a socially progressive government, a reputation for kindness and a geography perfect for hikers, skiers and photographers. It’s easy to see how many people from around the world have considered moving to Canada.

The first thing you must consider is what the most expensive and cheapest major cities are across Canada are. The following list shows the top five most expensive cities to live:

  1. Vancouver, British Columbia
  2. Toronto, Ontario
  3. Victoria, British Columbia
  4. Calgary, Alberta
  5. Hamilton-Burlington, Ontario

On the other hand, living in Montreal is less expensive than living in the above-mentioned cities. If we compare rent rates in Toronto against the rent rates in Quebec, we’re talking about a difference of almost 50%. Remember, it depends on the type of accommodation you choose.

Montreal is Canada’s second most populated city, for instance, you can rent an apartment for CAN$791 per month, while in Toronto the average asking price is CAN$2,252, according to an analysis of rental listings in 2017.

Our commitment as an accommodation agency located in Montreal and Toronto is to find the right home away from home for your stay in Canada. For this reason, we offer affordable accommodation options for short- and long-term stays. Whether you decide to stay in a fully furnished apartment located close to Downtown Montreal and to the main universities such as HEC Montreal, Université de Montréal, UQAM, McGill, and Concordia University, or to live with a homestay family in Montreal or Toronto choosing either 2 or 3 meal plan, we will offer you the most affordable options.

Now, let’s consider what the general living expenses in Canada are, such as transportation, groceries, leisure activities, and communication services. The following tables obtained from TransferWise’s website compares the living expenses in Toronto vs Montreal:

Total Living Expenses in Toronto Average cost
1 person, per month (without rent) $1,038.73
1 person, per year (without rent) $12,464.76
student, per month (without rent) $879.95
4-person family, per month (without rent) $3,790.91
4-person family, per year (without rent) $45,490.92


Living Expenses in Montreal Average cost
1 person, per month (without rent) $944.66
1 person, per year (without rent) $11,335.92
student, per month (without rent) $675
3-person family, per month (without rent) $3,481.98
3-person family, per year (without rent) $41,783.76

Haven’t you decided yet? Do you need more information? Don’t hesitate to contact us through our website or look for us in Facebook and Instagram as @mshomestays.