…You might have heard people claiming that they’d flee to Canada if Trump — or Clinton — won (maybe you’ve even said so yourself) but you might be surprised to learn that life can get costly over the border. Here is a quick look at what you would pay were you to flee to our neighbors to the north.
The comments above and below are excerpts from an article by Dan Rafter (WiseBread.com) which may have been enhanced – edited ([ ]) and abridged (…) – by munKNEE.com (Your Key to Making Money!) to provide you with a faster & easier read. Register to receive our bi-weekly Market Intelligence Report newsletter (see sample here , sign up in top right hand corner.)
First, a bit of good news. One U.S. dollar (USD) as of Nov. 6 was equal to $1.34 in Canada so if you head north with $30,000, you’ll have a bit more than $40,000 once you cross the U.S./Canadian border.
Hate paying taxes in the United States? Well, you won’t like it in Canada, either. The Fraser Institute think tank reported that the average Canadian family spent $34,154 (Canadian) in taxes in 2015. By comparison, NerdWallet in 2015 reported that the average American family paid about $26,000 (Canadian) in taxes. That figure, like the Canadian one, includes real estate, income, and sales taxes…
Homes are expensive in Canada. The Real Estate Board of Greater Vancouver said that the average price of a single-family detached home in Vancouver rose to about $1.19 millionUSD in September – and Vancouver isn’t the only expensive place to buy a home in Canada. The Toronto Real Estate Board said that the average selling price for all home types in Toronto came out to about $537,000USD in August.
The average selling price for all Canadian homes sold in August of 2016 was $345,000USD, according to the Canadian Real Estate Association. In comparison, the National Association of Realtors said that the average sales price for all homes sold in the United States in August was $240,200USD.
Renting an Apartment
Renting an apartment instead is pretty costly, too. According to RentGorilla, the average rent for:
- a one-bedroom apartment in Vancouver in September of 2016 came in at $1,850USD/month.
- an average two-bedroom apartment in Toronto was $1,136USD the same month in the United States.
- an average two-bedroom apartment in Ottawa was $934USD while
- an average two-bedroom apartment n Montreal stood at $644USD….
Goods and Services
What about basic necessities, everything from a gallon of gas to a gallon of milk? You’ll find that with the conversion factor, prices in Canada are similar to what you’d pay for the same items in the United States.
Consider a gallon of gasoline. According to the Expatistan Cost of Living Index, a liter of gas — which is equal to one quarter of a gallon — came out to $1.20 in Vancouver. That means a gallon of gas would cost an average of $4.80 in the city. That comes out to $3.63 in U.S. currency, a bit higher than what you’d pay at the pump in most U.S. cities today.
Two liters of Coca-Cola, though, come out to an average of $2.48 in Toronto, according to Expatistan. That comes out to $1.88 in U.S. money. A pair of jeans here costs an average of $68, or $51.46 in U.S. currency.
In Montreal, a 40-inch flat screen TV costs an average of $509, according to Expatistan. That comes out to about $385 in U.S. money, while a pair of athletic shoes sell for an average of $110 in Montreal, equal to about $83 in the United States.
Expatistan compiled its own cost-of-living comparisons between Canadian cities and several in the United States. As you’ll see, if you live in higher-priced areas of the United States, you might actually find it cheaper to live in Canada:
- Toronto is 9% cheaper than it is in Chicago,
- Toronto is 32% cheaper than living in New York City,
- Vancouver is 35% cheaper to live in than San Francisco,
- Vancouver is 15% cheaper to live in than Seattle.
On the other hand,
- Toronto is 24% more expensive than it is in Omaha and
- 30% more expensive to live than in Iowa City.
- Vancouver is 15% more expensive than living in Wichita and
- Vancouver is 7% more expensive than living in Columbus.
It’s really up to you [where you should live in Canada were you to decide to do so].
What do you think? Have your say in the Comment Section below.
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An in-depth report on global innovation has been co-released by Cornell University, INSEAD, and the World Intellectual Property Organization covering a total of 141 countries that make up 98.6% of global GDP. The report uses innovation inputs and outputs to create an overall Global Innovation Index with a score for each country. Rather than comparing all countries together, we decided to look at Canada and the United States to see which of the 49th parallel neighbours is the most innovative country. Here it is!