Tuesday , 23 May 2017


Trump Victory Has Many Thinking of Moving to Canada? Here’s a Cost of Living Comparison

…You might have heard people claiming that they’d flee to Canada if Trump — or11-10-24-canada 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.)

Conversion Rate

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.

Taxes

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…

Housing

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.

Cost-of-Living Comparisons

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.

Conclusion

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.

Related Articles from the munKNEE.com Vault:

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Test your knowledge of Canadian history with our online quiz. If you score 21 out of 21, it states ‘You deserve the Order of Canada’!

2. An Open Letter to Americans: “Canada IS Better!” Here’s Why

Most of the rest of the world (especially the U.S.) looks at Canada as the weaker, more polite North American cousin. We’ve even gotten pretty good at playing the second fiddle over the years. That doesn’t mean, however, we don’t sneak up from time to time like Donovan Bailey and claim a few victories over our Yankee neighbours. Here are 20 ranked reasons why Canada is way better than the United States, all selected by a true Canadian.

3. Canada is a Great Place to Retire – Here’s Why

While [Green Valley] Arizona, [Naples] Florida, [Ajijic – Mexico or Mendoza – Argentina,] or some hidden island in a foreign land, might seem like the dream place to live out the end of one’s life, it turns out that Canadians just might be better off at home [and Americans and others should seriously consider emigrating to Canada sooner than later]. Here is a brief summary of the reasons why.

4. Canada’s Many Economic Advantages Make it #1 – Here’s Why

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5. U.S. Health Care Most Expensive – Yet Worst – In World! Which is the Best?

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6.  Canada Votes to Spend Itself Into Prosperity

Canada has surprisingly often been the place where the future happens first – and it’s happening again. Last Monday, Canadian voters swept the ruling Conservatives out of power, delivering a stunning victory to the center-left Liberals led by Justin Trudeau in a clear rejection of the deficit-obsessed austerity orthodoxy that has dominated political discourse across the Western world. The Liberals ran on a frankly, openly Keynesian vision, and won big.

7. Canada vs. USA: Which Is the Most Innovative Country?

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!

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