The most expensive provinces to live in Canada

 

 

Canadians across the country are struggling to afford the cost of living. Everything, including essential goods and groceries, is going up in price. Some provinces in Canada are the most expensive to live in. A new study by Statistics Canada, titled 'Purchasing Power Parities for Consumption and Household Income Across the Canadian Provinces and Territories', is the first of its kind in Canada. It sheds new light on the differences in purchasing power between provinces and territories.

The standard of living that can be achieved by earning $75,000 in one province or territory may differ in another province or territory. Statistics Canada says that the standard of living there may not be equal to earning that amount. The study also explains that the cost of living may vary from place to place.

According to the report, the provinces of British Columbia, Ontario and Alberta have the highest cost of living since 2021. These provinces have very high rates in every aspect of daily life, including housing prices, rent rates, and the cost of essential goods. Meanwhile, the provinces with the lowest cost of living in Canada are Prince Edward Island and New Brunswick.

In terms of regions, Nunavut is the most expensive region. The study also points out that the Northwest Territories are very expensive to live in.