Cost of Living in Calgary Compared to other Canadian Cities (Toronto, Vancouver & Montreal)
Calgary has a lower cost of living compared to most other Canadian cities. These cost savings are distributed among different expenses but the biggest factor is the lower cost of housing and rental prices. This article will compare the cost of living in Calgary versus other top major cities in Canada; Toronto, Vancouver and Montreal.
Cost of Living Comparison - Calgary vs All of Canada
Rent & Real Estate Prices - Calgary vs 10 Major Canadian Cities
Salary - Calgary vs the rest of Canada
Cost Of Living Comparison - Calgary vs Toronto
Breakdown Of Monthly Costs - Calgary vs Toronto
Rent & Real Estate Prices - Calgary vs Toronto
Other Financial Factors - Calgary vs Toronto
Salary - Calgary vs Toronto
Cost Of Living Comparison - Calgary vs Vancouver
Breakdown Of Monthly Costs - Calgary vs Vancouver
Rent & Real Estate Prices - Calgary vs Vancouver
Other Financial Factors - Calgary vs Vancouver
Salary - Calgary vs Vancouver
Cost Of Living Comparison - Calgary vs Montreal
Breakdown Of Monthly Costs - Calgary vs Montreal
Rent & Real Estate Prices - Calgary vs Montreal
Other Financial Factors - Calgary vs Montreal
Salary - Calgary vs Montreal
Cost of Living Comparison - Calgary vs All of Canada
As you read this article, you will discover that living in Calgary is less expensive than many of the larger Canadian cities and more expensive than some of the smaller cities. Calgary does rank among the top cities in Canada when it comes to healthcare, culture, environment and stability. When comparing the cost of living in Calgary to the average cost of living in Canada, it is more expensive. This is due to the reduced costs associated with living in rural areas. On average the cost of living in Calgary is 14.3% more expensive than the rest of Canada. When comparing the cost of living in Calgary to the cost of living in 10 major Canadian cities (Toronto, Montreal, Vancouver, Calgary, Edmonton, Ottawa/Gatineau, Quebec, Winnipeg, Hamilton & Victoria), on average the cost of living in Calgary is 2.84% more expensive.
Rental Rates & Real Estate Prices - Calgary vs 10 Major Canadian Cities
The cost of purchasing a home in Canada is generally higher in metropolitan cities versus rural areas. Looking at the housing affordability statistics of a composite 10 Canadian cities (Toronto, Montreal, Vancouver, Calgary, Edmonton, Ottawa/Gatineau, Quebec, Winnipeg, Hamilton & Victoria), we see that the average monthly mortgage payment is $4,137. In comparison, the average monthly mortgage payment in Calgary is $3,077, over $1,000 less a month. If you're interested in looking at some new homes and condos in the Calgary area, you can visit the Minto Communities Calgary home page.
Looking at these same 10 Canadian cities, we see that to rent a one bedroom apartment in the city center would cost $1,887 versus just $1,730 in Calgary. If you're interested in looking at some rental options in the Calgary area, visit our Apartments site to see the current vacancies.
In general, the cost of purchasing a home/condo, or renting, in Calgary (compared to other Canadian cities) is quite affordable.
* Non-condo home prices. Data retrieved from the Housing Affordability Monitor
Salary - Calgary vs the rest of Canada
The low cost of living is not the only benefit of living in Calgary; Calgary is known to have high salaries. According to Statistics Canada data from 2021, the average yearly salary is $61,400.00 in Calgary versus $54,000.00 in the rest of Canada, 13.7% higher.
*Source: Statistics Canada
Cost Of Living Comparison - Calgary vs Toronto
Toronto is one of the most expensive cities to live in (Canada) and not surprisingly living in Calgary is more affordable than living in Toronto. On average the cost of living in Calgary is 11.1% cheaper than Toronto. According to Numbeo, $4,229.60 Calgary would give you the same standard of living as $4,700 would in Toronto. Some of the factors contributing to the high cost of living in Toronto, the provincial capital of Ontario, are high housing demand & low housing supply, international appeal and the harmonized sales tax (HST).
Breakdown Of Monthly Costs - Calgary vs Toronto
Although Calgarians do spend 11.1% less a month compared to those in Toronto, these savings are not evenly distributed amongst all expenses. For instance, while consumer prices are only 0.6% lower in Calgary versus Toronto, the disparity is more noticeable in areas like restaurant and grocery prices, which are 6.5% and 4% lower, respectively.
Rental Rates & Real Estate Prices - Calgary vs Toronto
The biggest difference you see in the cost of living difference is accommodation. Calgary is significantly cheaper in terms of rental rates and real estate prices when compared to Toronto.
If you were to purchase an apartment in the city center, it would cost $12,999.50 per m2 (1,207 /sq.ft) in Toronto versus $6136.79 per m2 ($598 /sq.ft) in Calgary. This translates to a notable difference in monthly mortgage payments: the average monthly mortgage payment in Toronto is $6,175 versus $3077 in Calgary. Furthermore, to purchase a home, a downpayment of $222,236 can be expected in Toronto versus $30,363 in Calgary.
To rent a one bedroom apartment in the city center, it would cost $2,594 in Toronto versus $1,736 in Calgary, which is an additional $858 a month (Dec 2023).
Other Financial Factors - Calgary vs Toronto
Personal income tax rates vary by province. In Alberta, the 2023 taxable income for the first $142,292 is 10%. In Ontario, the 2023 taxable income for the first $49,231 is 5.05%, over $49,231 up to $98,463 it is 9.15% and over $98,463 up to $150,000 it is 11.16%. Therefore this is a wash and depending on your income bracket, either province could potentially be a better option in terms of lower income taxes.
Salary - Calgary vs Toronto
The low cost of living is not the only benefit of living in Calgary; Calgarians also benefit from higher salaries. According to Statistics Canada data from 2021, the average yearly salary is $61,400.00 in Calgary versus $56,700.00 in Toronto, 8.3% higher.
Cost Of Living Comparison - Calgary vs Vancouver
In order to maintain an equivalent lifestyle, you would require $3,947.50 in Calgary for monthly expenses compared to $4,700 in Vancouver. This means on average, people from Calgary spend 19% less a month compared to those in Vancouver.
Breakdown Of Monthly Costs - Calgary vs Vancouver
Like Toronto, the comparative costs of living in Calgary compared to Vancouver differ across the type of expenses. Consumer prices are 0.7% lower in Calgary versus Toronto, the disparity is more noticeable in areas like restaurant and grocery prices, which are 5.7% and 12.4% lower, respectively.
Rental Rates & Real Estate Prices - Calgary vs Vancouver
The most noticeable disparity between the two cities, when it comes to the cost of living, is housing. Calgary's rental and property prices are notably lower than those in Vancouver.
Purchasing an apartment in Vancouver's city center would cost $15,522.52 per m2 ($1,442 /sq.ft) versus $6136.79 per m2 ($598 /sq.ft) in Calgary. This results in a significant variation in monthly mortgage installments. The average monthly mortgage payment in Vancouver is $6,607 versus $3077 in Calgary. The average downpayment for a home in Vancouver is $237,787 versus $30,363 in Calgary.
To rent a one bedroom apartment in the city center, it would cost $2,866 in Vancouver versus $1,736 in Calgary, which is an additional $1,130 a month (Dec 2023).
Other Financial Factors - Calgary vs Vancouver
In Alberta, the 2023 taxable income for the first $142,292 is 10%. In British Columbia, the 2023 taxable income for the first $45,654 is 5.06%, over $45,654 up to $91,310 it is 7.70%, over $91,310 up to $104,835 it is 10.50%, over $104,835 up to $127,299 it is 12.29% and over $127,299 up to $172,602 it is 14.70%. Therefore if you are making $91,310 to 142,292, you can benefit from a lower income tax rate in Calgary.
Salary - Calgary vs. Vancouver
Not only is the cost of living in Calgary more affordable, but residents also enjoy better wage rates. According to Statistics Canada data from 2021, the average yearly salary is $61,400.00 in Calgary versus $55,300.00 in Vancouver. This means the average salary in Calgary is 11.3% more than in Vancouver.
Cost Of Living Comparison - Calgary vs Montreal
Montreal is the second most populous city in Canada and since it's located in Quebec, French is its official language. Montreal is also more affordable than many other metropolitan cities in Canada. According to Number, you would need around $5,364.70 in Calgary to maintain the same standard of life that you can have with $4,700 in Montreal assuming you are a renter. The cost of living is therefore around 14.14% higher in Calgary than in Montreal.
Breakdown Of Monthly Costs - Calgary vs Montreal
Calgarians spend on average 14.14% more than Montrealers. Looking at types of expenses: consumer prices in Calgary are 13.7% higher than in Montreal, grocery prices in Calgary are 6.1% higher than in Montreal and restaurant prices are 3.9% lower in Calgary than in Montreal.
Rental Rates & Real Estate Prices - Calgary vs Montreal
Yet again Calgary is the winner when looking at housing costs. Purchasing an apartment in Montreal's city center would cost $8,305.12 per m2 (771 / sq.ft) versus $6136.79 per m2 in ($598 /sq.ft) Calgary. Looking at mortgage payments we see a slight switch in affordability. The average monthly mortgage payment in Montreal is $2,791 versus $3077 in Calgary. The average downpayment for a home in Montreal is $25,229 versus $30,363 in Calgary.
To rent a one bedroom apartment in the city center, it would cost $1,805 in Vancouver versus $1,736 in Calgary (Dec 2023). Montreal is the slight winner here but the costs are very comparable and it would depend what areas of the city you lived in.
Other Financial Factors - Calgary vs Montreal
In Alberta, the 2023 taxable income for the first $142,292 is 10%. In Quebec, the 2023 taxable income for the first $49,275 is 14%, over $49,275 up to $98,540 it is 19%, over $98,540 up to $119,910 it is 24% and over $119,910 it is 25.75%. Therefore income tax rates are quite high, for certain tax brackets in Montreal (double at times) when compared to Calgary.
Salary Calgary vs Montreal
Although the cost of living is cheaper in Montreal, salaries are generally higher in Calgary and offset the difference. The average yearly salary is $61,400.00 in Calgary versus $53,300.00 in Montreal according to 2021 data. This means the average salary in Calgary is 15.20% higher than in Montreal.
Summary
In analyzing the cost of living across four major Canadian cities (Toronto, Vancouver, Montreal, & Calgary), Calgary consistently emerges as an attractive choice. Calgary is a much more affordable place to live when compared to Toronto and Vancouver. Comparing Montreal to Calgary, the difference is much closer and would depend on lifestyle and where in each city you choose to live. In general, the types of expenses/savings seen across each city varies, but the number one factor is usually real estate and rental prices.
In terms of Real Estate and rental prices, Calgary is much more affordable than Toronto and Vancouver (it's not even close) and quite comparable to living in Montreal.
Other financial benefits include: Calgarians typically enjoy higher salaries and lower tax rates (particularly for higher income brackets).
Beyond the financial metrics, Calgary provides a balance of cultural richness, healthcare quality, and environmental stability. Overall, Calgary presents a compelling blend of affordability and quality of life in the Canadian urban landscape. For both financial and lifestyle reasons, Calgary is a great place to live.
