Cost Of Living in Canada 2025

cost of living chart - average monthly expenditure in Canada

Average monthly spending for singles, couples, students, and families in Canada

Whether you're living in Canada or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.

Average Monthly Expenditure

Currency: CAD
480 6,200 62,000
MINIMUM AVERAGE MAXIMUM
$350 $4,600 $46,000

Monthly Expenditure ▶ Single

Currency: CAD
610 4,300 29,000
MINIMUM AVERAGE MAXIMUM
$450 $3,200 $21,000

Monthly Expenditure ▶ Couple

Currency: CAD
2,400 7,100 38,000
MINIMUM AVERAGE MAXIMUM
$1,800 $5,300 $28,000

Monthly Expenditure ▶ Family

Currency: CAD
3,300 9,500 62,000
MINIMUM AVERAGE MAXIMUM
$2,500 $7,000 $46,000

Monthly Expenditure ▶ Student

Currency: CAD
480 3,100 20,000
MINIMUM AVERAGE MAXIMUM
$350 $2,300 $15,000
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.

Singles

The average monthly expense for a single person living in Canada is 4,300 CAD. Expenses can range from 610 CAD at the minimum level to 29,000 CAD at the highest end.


Couples

The average monthly spending of couples in Canada is 7,100 CAD. Expenditure can range from 2,400 CAD to 38,000 CAD per month.


Families

The average cost of living for families in Canada is 9,500 CAD per month. Families spend anywhere from 3,300 CAD to 62,000 CAD.


Students

The average monthly expenditure for students in Canada is 3,100 CAD. Students spend from 480 CAD to 20,000 CAD per month.


Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.



Prices and cost of goods and services in Canada


Chart showing the prices and cost of grocery, food, restaurant meals, market, and beverages in Canada

Dining, food, and beverages costs


Fast food combo meal

6.8 CAD 14 CAD 23 CAD
MINIMUM AVERAGE MAXIMUM
$5 $9.9 $17

Restaurant meal for one

23 CAD 34 CAD 68 CAD
MINIMUM AVERAGE MAXIMUM
$17 $25 $50

Fine dining meal for one

45 CAD 68 CAD 270 CAD
MINIMUM AVERAGE MAXIMUM
$33 $50 $200

Cappuccino or latte

5.6 CAD 9 CAD 14 CAD
MINIMUM AVERAGE MAXIMUM
$4.1 $6.6 $9.9

Grocery and market costs


Milk large bottle

4.5 CAD 5.4 CAD 6.8 CAD
MINIMUM AVERAGE MAXIMUM
$3.3 $4 $5

12 eggs

3.4 CAD 4.5 CAD 6.8 CAD
MINIMUM AVERAGE MAXIMUM
$2.5 $3.3 $5

Fresh whole chicken

7.7 CAD 9.9 CAD 14 CAD
MINIMUM AVERAGE MAXIMUM
$5.6 $7.3 $10

Pack of beef

9 CAD 14 CAD 27 CAD
MINIMUM AVERAGE MAXIMUM
$6.6 $9.9 $20

Medium bag of rice

3.6 CAD 5 CAD 7 CAD
MINIMUM AVERAGE MAXIMUM
$2.7 $3.6 $5.2

Bag of tomatos

1.4 CAD 1.8 CAD 3.4 CAD
MINIMUM AVERAGE MAXIMUM
$0.99 $1.3 $2.5

Bag of apples

2.4 CAD 3.2 CAD 5.2 CAD
MINIMUM AVERAGE MAXIMUM
$1.8 $2.3 $3.8
Chart showing the prices and cost of commute, travel, and transportation in Canada

Commute, travel, and transportation costs


20 minutes taxi ride

5.6 CAD 6.8 CAD 14 CAD
MINIMUM AVERAGE MAXIMUM
$4.1 $5 $9.9

Average car full tank

34 CAD 45 CAD 90 CAD
MINIMUM AVERAGE MAXIMUM
$25 $33 $66

Average car 1-day rental

34 CAD 45 CAD 68 CAD
MINIMUM AVERAGE MAXIMUM
$25 $33 $50

Average car price

17,000 CAD 34,000 CAD 45,000 CAD
MINIMUM AVERAGE MAXIMUM
$12,000 $25,000 $33,000

Bus ticket one way

1.1 CAD 1.7 CAD 3.4 CAD
MINIMUM AVERAGE MAXIMUM
$0.83 $1.2 $2.5

Car Service

45 CAD 68 CAD 140 CAD
MINIMUM AVERAGE MAXIMUM
$33 $50 $99
Chart showing the prices and cost of utility, energy, water, and gas for a family in Canada

Utility cost (monthly)


Utility Bill - Individual

37 CAD 260 CAD 1,700 CAD
MINIMUM AVERAGE MAXIMUM
$27 $190 $1,300

Utility Bill - Couple

95 CAD 320 CAD 2,100 CAD
MINIMUM AVERAGE MAXIMUM
$70 $240 $1,500

Utility Bill - Family

170 CAD 480 CAD 3,100 CAD
MINIMUM AVERAGE MAXIMUM
$120 $350 $2,300

Internet and cable

34 CAD 68 CAD 90 CAD
MINIMUM AVERAGE MAXIMUM
$25 $50 $66

Mobile phone charges

27 CAD 45 CAD 140 CAD
MINIMUM AVERAGE MAXIMUM
$20 $33 $99

Leisure and activities costs


Movie ticket

17 CAD 23 CAD 34 CAD
MINIMUM AVERAGE MAXIMUM
$12 $17 $25

One month gym membership

54 CAD 68 CAD 140 CAD
MINIMUM AVERAGE MAXIMUM
$40 $50 $99
Chart showing the prices and cost of clothing and accessories in Canada

Cloths and accessories costs


Pair of jeans or pants

40 CAD 56 CAD 84 CAD
MINIMUM AVERAGE MAXIMUM
$29 $41 $62

Woman dress

38 CAD 52 CAD 170 CAD
MINIMUM AVERAGE MAXIMUM
$28 $38 $120

Woman shoes

36 CAD 48 CAD 110 CAD
MINIMUM AVERAGE MAXIMUM
$26 $35 $83

Men's shoes

31 CAD 38 CAD 75 CAD
MINIMUM AVERAGE MAXIMUM
$23 $28 $55

Men suit

34 CAD 42 CAD 230 CAD
MINIMUM AVERAGE MAXIMUM
$25 $31 $170

Regular t-shirt

17 CAD 23 CAD 68 CAD
MINIMUM AVERAGE MAXIMUM
$12 $17 $50
Chart showing the prices and cost of housing, accommodation, and rent in Canada

Housing costs / monthly rent


Studio apartment

560 CAD 840 CAD 2,300 CAD
MINIMUM AVERAGE MAXIMUM
$410 $620 $1,700

1-bedroom apartment

840 CAD 1,400 CAD 3,400 CAD
MINIMUM AVERAGE MAXIMUM
$620 $990 $2,500

2-bedroom apartment

1,100 CAD 1,700 CAD 4,500 CAD
MINIMUM AVERAGE MAXIMUM
$830 $1,200 $3,300

Housing costs / Buying


Studio apartment

110,000 CAD 170,000 CAD 340,000 CAD
MINIMUM AVERAGE MAXIMUM
$83,000 $120,000 $250,000

1-bedroom apartment

140,000 CAD 230,000 CAD 840,000 CAD
MINIMUM AVERAGE MAXIMUM
$99,000 $170,000 $620,000

2-bedroom apartment

230,000 CAD 680,000 CAD 1.4M CAD
MINIMUM AVERAGE MAXIMUM
$170,000 $500,000 $990,000
Chart showing the prices and cost of furniture in Canada

Furniture Costs


King Size Bed

680 CAD 840 CAD 1,100 CAD
MINIMUM AVERAGE MAXIMUM
$500 $620 $830

Double Bed

450 CAD 680 CAD 840 CAD
MINIMUM AVERAGE MAXIMUM
$330 $500 $620

Single Bed

400 CAD 520 CAD 680 CAD
MINIMUM AVERAGE MAXIMUM
$290 $380 $500

Living Room

750 CAD 960 CAD 3,400 CAD
MINIMUM AVERAGE MAXIMUM
$550 $710 $2,500

Dining Table

340 CAD 450 CAD 840 CAD
MINIMUM AVERAGE MAXIMUM
$250 $330 $620

Sofa or Couch

450 CAD 610 CAD 1,400 CAD
MINIMUM AVERAGE MAXIMUM
$330 $450 $990
Chart showing the prices and cost of electronic devices and appliances in Canada

Electronics and House Appliance Costs


TV Set

450 CAD 680 CAD 1,400 CAD
MINIMUM AVERAGE MAXIMUM
$330 $500 $990

Fridge or Freezer

400 CAD 610 CAD 840 CAD
MINIMUM AVERAGE MAXIMUM
$290 $450 $620

Washing Machine

520 CAD 750 CAD 1,400 CAD
MINIMUM AVERAGE MAXIMUM
$380 $550 $990

Stove or Cooker

480 CAD 610 CAD 840 CAD
MINIMUM AVERAGE MAXIMUM
$350 $450 $620

Mobile Phone

560 CAD 680 CAD 960 CAD
MINIMUM AVERAGE MAXIMUM
$410 $500 $710

Laptop or Computer

610 CAD 750 CAD 1,400 CAD
MINIMUM AVERAGE MAXIMUM
$450 $550 $990

Expenditure to Income Ratio in Canada

One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.

Cost of living and expenditure to income ratio in Canada

Spending to Income Ratio

81%

72% to 91%

( expenditure / income ) x 100


Expense to income distribution levels

Spending To Income Ratio% People
< 50%7%
50% - 60%13%
60% - 70%20%
70% - 80%27%
80% - 90%13%
90% - 100%8%
100% - 110%4%
110% - 120%3%
120% - 130%2%
130% - 140%1%
> 140%1%

Interpretation and Analysis

The average spending-to-salary ratio in Canada is 81% This means that on average, people spend around 81% of their income for living. According to the distribution table, 20% of the population spend approximately 60% to 70% of their income every month.


How can spending be more than income?

A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.



Individual
73%
Spending-Income-Ratio
65%
82%

Couple
77%
Spending-Income-Ratio
68%
87%

Family
85%
Spending-Income-Ratio
76%
96%
Distribution of monthly cost of living expenses in Canada

How do people spend their money in Canada?

We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.

The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.

Housing Expenditure29%

29% of total expenses on average (18% to 37%)

LOW$110   140 CAD
AVERAGE$1,400   1,900 CAD
HIGH$14,000   19,000 CAD
Per Month

People living in Canada typically spend from 18% to 37% of their total monthly expenditure on housing with 29% being the average. The average spend on housing is 1,900 CAD with expenditure ranging from 140 CAD to 19,000 CAD. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.

Utilities, Electricity, Water, Internet, Mobile6%

6% of total expenses on average (3% to 10%)

LOW$18   24 CAD
AVERAGE$230   310 CAD
HIGH$2,300   3,100 CAD
Per Month

Utility expenditure like electricity, water, and gas in Canada ranges from 3% to 10% of total expenses with 6% being the average. The average monthly cost of utilities is 310 CAD with 24 CAD and 3,100 CAD being the upper and lower limits.

Transport, Fuel, Commute9%

9% of total expenses on average (5% to 13%)

LOW$35   48 CAD
AVERAGE$460   620 CAD
HIGH$4,600   6,200 CAD
Per Month

Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 48 CAD to 6,200 CAD on commuting with 620 CAD being the norm for most people in one month. This means that money spent on transport constitutes about 9% of total spending on average but can go as low as 5% or as high as 13%.

Food and Groceries Cost26%

26% of total expenses on average (18% to 32%)

LOW$88   120 CAD
AVERAGE$1,100   1,500 CAD
HIGH$11,000   15,000 CAD
Per Month

The average outlay on groceries in a month in Canada is 1,500 CAD. The cost of groceries can range between 120 CAD to 15,000 CAD. People spend on average about 26% on food and groceries with upper and lower bounds of 18% and 32% respectively.

Healthcare and Medical Services8%

8% of total expenses on average (3% to 11%)

LOW$25   33 CAD
AVERAGE$320   430 CAD
HIGH$3,200   4,300 CAD
Per Month

People in Canada allocate 3% to 11% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 8%. The range of medical expenses range from 33 CAD to 4,300 CAD with 430 CAD being the norm.

Leisure and Shopping6%

6% of total expenses on average (3% to 10%)

LOW$14   19 CAD
AVERAGE$180   250 CAD
HIGH$1,800   2,500 CAD
Per Month

This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 19 CAD to 2,500 CAD with 250 CAD being the average. Speaking of percentages, that equates to 3% to 10% of total expenses with an average of 6% for most residents.

Education and Schooling6%

6% of total expenses on average (4% to 12%)

LOW$21   29 CAD
AVERAGE$270   370 CAD
HIGH$2,700   3,700 CAD
Per Month

Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 370 CAD per month with 29 CAD being the minimum spent amount and 3,700 CAD being the maximum.

Other Expenses11%

11% of total expenses on average (6% to 18%)

LOW$46   62 CAD
AVERAGE$590   800 CAD
HIGH$5,900   8,000 CAD
Per Month
Percentage of people who manage to save money from their income every month in Canada

How much money can you save in Canada every month?

We asked thousands of people what percentage of their income can they save in a month. Below are the answers.


What percentage of people in Canada manage to save money from their income every month?


Saving Money
69%
Not Saving
31%

Almost 69% of the surveyed people in Canada said that they can save some money at the end of each month while 31% said that aren't saving anything.


Percentage of people saving money by population group in Canada

GroupSaversNon Savers
Singles73%27%
Couples68%32%
Families63%37%

Savings-to-Income Ratio

The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.


Savings to income ratio in Canada

Saving to Income Ratio

13% 22% of income 33%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

200 CAD
$150
2,600 CAD
$1,900
26,000 CAD
$19,000
MINIMUM AVERAGE MAXIMUM

For most people, 13% to 33% of their monthly income is what they can allocate to their savings, with 22% being the average. The amount of money that people can save is approximately 2,600 CAD on average with savings ranging from 200 CAD to 26,000 CAD.

73% of surveyed singles reported some of their income going to savings while 68% of couples said the same. 63% of families confirmed their ability to save money.


How much money do people actually save in Canada?

The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.


Singles

Saving to Income Ratio

16% 26% of income 35%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

200 CAD
$150
1,800 CAD
$1,300
12,000 CAD
$8,800
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for singles

Saving To Income Ratio% Singles
0% - 10%28%
10% - 20%22%
20% - 30%15%
30% - 40%17%
40% - 50%13%
> 50%5%

Interpretation and Analysis

Singles who can afford to save reported that they allocate from 16% to 35% of their monthly income to savings, with 26% being the average for most singles. The average amount of money that singles are able to save is 1,800 CAD with 200 CAD and 12,000 CAD being the minimum and maximum respectively.


Couples

Saving to Income Ratio

14% 24% of income 34%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

990 CAD
$730
3,000 CAD
$2,200
16,000 CAD
$12,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for couples

Saving To Income Ratio% Couples
0% - 10%32%
10% - 20%24%
20% - 30%18%
30% - 40%12%
40% - 50%10%
> 50%4%

Interpretation and Analysis

Couples who confirmed their ability to save reported saving equivalent to 14% to 34% of their monthly income, with 24% being the average for most couples. The average amount of money that couples can save is 3,000 CAD with 990 CAD and 16,000 CAD being the minimum and maximum respectively.


Families

Saving to Income Ratio

12% 20% of income 30%
MINIMUM AVERAGE MAXIMUM

Average Monthly Saved Amount

1,400 CAD
$1,000
4,000 CAD
$2,900
26,000 CAD
$19,000
MINIMUM AVERAGE MAXIMUM

Savings to income distribution levels for families

Saving To Income Ratio% Families
0% - 10%35%
10% - 20%27%
20% - 30%19%
30% - 40%9%
40% - 50%7%
> 50%3%

Interpretation and Analysis

Families in Canada can save anywhere between 12% to 30% of their monthly income, with 20% being the average for most families. The average amount of money that families can put aside is 4,000 CAD with 1,400 CAD and 26,000 CAD being the minimum and maximum respectively.

Reasons that make it difficult for people to save money in Canada

Saving Challenges in Canada

Reasons that make it difficult for people to save money

We wanted to understand what is stopping people from maximizing their savings in Canada. Listed below are the answers given by the survey participants.


Reason% People
Low Income7%
High Expenses10%
Debt and Loans21%
Lack of Budgeting Skills10%
Impulsive Spending8%
Financial Emergencies5%
Living the moment7%
Will do it later15%
Inflation9%
Social Pressure4%
Market Instability4%

Around 7% of the people said that their salary is too low to accommodate a portion for savings while 10% said that the high cost of living leaves little room for savings. 21% of the residents said that they are burdened with debt and find it challenging to save money. 10% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 8% blamed impulsive spending as the reason for saving inability. Around 5% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 15% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 9% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 4% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 4% blamed market instability and price fluctuations.

Where do people choose to put their savings in Canada

Typical saving choices for people in Canada

Where do people choose to put their savings?


Saving Type% People
Emergency Funds10%
Gold8%
Savings Accounts18%
Retirement Accounts12%
Cash Savings13%
Real Estate11%
Investment7%
Stocks7%
Bonds7%
Mutual Funds4%
Certificates of Deposit4%
A typical and healthy budgeting structure. The 50-30-20 rule

A typical and healthy budgeting structure

The 50/30/20 rule

Spending among different people can vary significantly based on factors such as their income, lifestyle, location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule, which suggests allocating your income into three main categories in the following percentages.

  • 50% for needs and financial obligations

    This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.

  • 30% for wants and discretionary spending

    This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.

  • 20% for savings and emergency fund

    This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.

About financial planning, money management, and household budgeting

The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.

Income and cost of living compatibility. Is it affordable or economical to live in Canada

Affordable living in Canada

Income and cost of living compatibility

We asked residents one simple question and recorded their answers.

Is it affordable or economical to live in Canada?


Yes
80%
No
20%

Around 80% of surveyed residents think that living in Canada is affordable with proper budgeting while 20% reported that it is just too expensive and not affordable even with frugality and thriftness.

How easily is cost-cutting. Are there plenty of low-cost options in Canada

Low-cost alternatives in Canada

People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:

Plenty of low-cost options62%

Few low-cost options38%


Based on the survey, 62% of the people living in Canada have no problem finding low-cost alternatives to support a frugal lifestyle while 38% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.

Emergency Funds

An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of Canada whether they have an emergency fund and the answers were as follows.

Yes78%

No22%


Based on the survey, 22% of the people living in Canada said that they don't have an emergency fund while 78% said that they do.

Financial literacy and difficulty in budgeting and financial planning in Canada

Financial Literacy in Canada

Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.

Financial Leteracy75%


We asked residents of Canada whether they acquired any adequate personal financial training in their lives. Approximately 25% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 75% said that they know about the general principles of personal finance from sources other than their own experience.


Difficulty in Budgeting and Financial Planning

We wanted to understand whether residents of Canada have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 21% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 79% said that they have everything under control.

Struggles with finance21%

Easily manages finances79%

Financial goals and targets of people living in Canada

Financial goals of people in Canada

In an attempt to understand the economic situation in Canada, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.


Financial Goal% People
Emergency Fund6%
Debt Reduction27%
Retirement Savings6%
Education Funding9%
Homeownership16%
Investing10%
Travel or Lifestyle13%
Healthcare Expenses6%
Financial Independence10%

Around 6% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 27% said their number one priority is to pay off high-interest debt or loans and improve credit. 6% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 9% reported that their priority is saving for the tuition fees and education costs of their children while 16% choose to buy a home or pay off existing mortgage before other things. 10% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 13% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 6% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.

Retirement, pension plans, and life after work in Canada

What does the retirement lifestyle look like in Canada and how much retirement savings are required?

Retirement age

The retirement age for most employees in Canada is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.

Retirement planning and savings

There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.


The typical saved amount of money you should have at every age as multiples of monthly salary:
AgeAmount
255x monthly salary at age 25
3010x monthly salary at age 30
3515x monthly salary at age 35
4025x monthly salary at age 40
4532x monthly salary at age 45
5048x monthly salary at age 50
5556x monthly salary at age 55
6064x monthly salary at age 60
6578x monthly salary at age 65

The typical average saved amount of money you should have at every age in Canada:
AgeAmount
2518,000 CAD
3035,000 CAD
3561,000 CAD
4088,000 CAD
45130,000 CAD
50180,000 CAD
55220,000 CAD
60270,000 CAD
65320,000 CAD

Retirement Income Distribution

We asked residents of Canada about their retirement income sources and below are the results.

Source% People
Pensions14%
Savings21%
Investments14%
Social Security9%
Annuities9%
Part-time Job7%
Real Estate16%
Dividends and Interest9%

Retirement Monthly Expenses in Canada

340 CAD
$250
3,100 CAD
$2,300
20,000 CAD
$15,000
MINIMUM AVERAGE MAXIMUM
Chart showing the percentage of people who are in debt in Canada

Debt, loans, and mortgages in Canada


Percentage of people who are in debt


In Debt
25%
Debt Free
75%

According to the survey, 25% of the people in Canada have some kind of debt, loan, mortgage, or credit card payments while 75% reported that they don't have financial obligations to banks.


Chart showing debt-to-income ratio in Canada

Debt-to-income ratio in Canada

Debt to income ratio

26%

17% to 36%

( monthly debt payment / monthly income ) x 100

Interpretation

The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 26% of the people's monthly income in Canada goes to debt settlement.


Debt levels

Monthly debt settlement payment as percentage of monthly income

Debt-to-income ratio% People
> 60%2%
50% - 60%8%
40% - 50%9%
30% - 40%11%
20% - 30%18%
10% - 20%22%
0% - 10%29%

According to our data, 2% of the debtors in Canada pay 60%+ of their income as debt settlement while 8% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 9% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 11% dedicated 30% to 40% of income for same. Things are looking brighter for 18% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.


Distribution by type of debt in Canada

Debt% People
Real Estate Mortgage16%
Auto Loan27%
Student Loan2%
Credit Card22%
Personal Loan33%

16% of debtors in Canada confirm that real estate mortgages constitutes the main part of their outstanding debt while 22% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 27% of people and personal loans rose at 33%. Lastly, student loans are the main source of debt for 2% of debtors in Canada.


About credit score and debt management

Managing debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.

Good debt vs. Bad debt

Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.


Loan Affordability Index in Canada

Besides measuring the loan-to-income ratio, we asked residents of Canada how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.

Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.

Frequency% People
Never58%
Once a year21%
Twice a year11%
Three times a year7%
Four times a year3%
Housing and accommodation affordability, property price to income ratio, rent to income ratio, and housing affordability index chart in Canada

Housing costs, accommodation, and housing affordability in Canada

Rental costs and house/apartment prices can vary drastically between different areas and locations.


Rent Cost in Canada

Monthly Rent Prices

Studio apartment monthly rent cost

560 CAD 840 CAD 2,300 CAD
MINIMUM AVERAGE MAXIMUM
$410 $620 $1,700

1-bedroom apartment monthly rent cost

840 CAD 1,400 CAD 3,400 CAD
MINIMUM AVERAGE MAXIMUM
$620 $990 $2,500

2-bedroom apartment monthly rent cost

1,100 CAD 1,700 CAD 4,500 CAD
MINIMUM AVERAGE MAXIMUM
$830 $1,200 $3,300

3-bedroom apartment monthly rent cost

1,400 CAD 2,300 CAD 6,100 CAD
MINIMUM AVERAGE MAXIMUM
$990 $1,700 $4,500

Furnished apartment monthly rent cost

2,700 CAD 6,800 CAD 14,000 CAD
MINIMUM AVERAGE MAXIMUM
$2,000 $5,000 $9,900

Townhouse monthly rent cost

2,300 CAD 3,400 CAD 9,600 CAD
MINIMUM AVERAGE MAXIMUM
$1,700 $2,500 $7,100

House monthly rent cost

2,700 CAD 6,800 CAD 14,000 CAD
MINIMUM AVERAGE MAXIMUM
$2,000 $5,000 $9,900

Villa monthly rent cost

3,400 CAD 8,400 CAD 14,000 CAD
MINIMUM AVERAGE MAXIMUM
$2,500 $6,200 $9,900

The monthly rental cost of a studio apartment in Canada ranges between 560 CAD and 2,300 CAD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 840 CAD to 3,400 CAD. Two-bedroom rentals rate ranges between 1,100 CAD and 4,500 CAD per month. The monthly rental for a three-bedroom apartment ranges from 1,400 CAD to 6,100 CAD. The average rent of a townhouse in Canada is around 3,400 CAD while house rental costs can be as high as 6,800 CAD per month. Finally, if you want to rent a villa, expect to pay anywhere from 3,400 CAD to 14,000 CAD per month.



Apartment and house prices in Canada

Cost of buying a property

Studio apartment price

110,000 CAD 170,000 CAD 340,000 CAD
MINIMUM AVERAGE MAXIMUM
$83,000 $120,000 $250,000

1-bedroom apartment price

140,000 CAD 230,000 CAD 840,000 CAD
MINIMUM AVERAGE MAXIMUM
$99,000 $170,000 $620,000

2-bedroom apartment price

230,000 CAD 680,000 CAD 1.4M CAD
MINIMUM AVERAGE MAXIMUM
$170,000 $500,000 $990,000

3-bedroom apartment price

750,000 CAD 1.1M CAD 3.4M CAD
MINIMUM AVERAGE MAXIMUM
$550,000 $830,000 $2.5M

Townhouse price

960,000 CAD 2.3M CAD 8.4M CAD
MINIMUM AVERAGE MAXIMUM
$710,000 $1.7M $6.2M

House price

1.1M CAD 6.8M CAD 9.6M CAD
MINIMUM AVERAGE MAXIMUM
$830,000 $5M $7.1M

Villa price

1.4M CAD 7.5M CAD 11M CAD
MINIMUM AVERAGE MAXIMUM
$990,000 $5.5M $8.3M

The average price of a studio apartment in Canada can range from 110,000 CAD to 340,000 CAD depending on location. One bedroom cost can be anywhere from 140,000 CAD to 840,000 CAD. A villa can cost you 7.5M CAD on average with prices ranging from 1.4M CAD to 11M CAD.


If you're leasing or purchasing, housing costs in Canada will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.

House / apartment prices to income ratio


Property price to income ratio

( average property price / average monthly income ) x 100


46 x136 monthly income 222
MINIMUM AVERAGE MAXIMUM

Property prices in Canada can be x136 to x222 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x136 multiples of the average monthly salary in Canada.



Rent to income ratio


Rent to income ratio

( monthly rental / monthly income ) x 100


24% 34% of income 44%
MINIMUM AVERAGE MAXIMUM

The average rent-to-income ratio in Canada is around 34%. This means that people pay 34% of their income for rent. Those figures can range from 24% to 44% depending on the salary, location, and type of property.


The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.

Housing affordability index

The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.

Housing Affordability Index
32%

Property Taxes

Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.


FROM
2.4%
AVERAGE
3.4%
TO
4.4%

Home Maintenance Costs

Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.


9.5 CAD 120 CAD 1,200 CAD
MINIMUM AVERAGE MAXIMUM

Urban vs. rural living costs

Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.

Monthly costs and expenses of energy and basic utilities in Canada

Utilities expenditure can vary slightly between different areas and locations.


Energy, electricity, water, gas, internet, and mobile cost in Canada

Utility Bill Cost / Electricity + Water + Gas / Individual

37 CAD 260 CAD 1,700 CAD
MINIMUM AVERAGE MAXIMUM
$27 $190 $1,300

Utility Bill Cost / Electricity + Water + Gas / Couple

95 CAD 320 CAD 2,100 CAD
MINIMUM AVERAGE MAXIMUM
$70 $240 $1,500

Utility Bill Cost / Electricity + Water + Gas / Family

170 CAD 480 CAD 3,100 CAD
MINIMUM AVERAGE MAXIMUM
$120 $350 $2,300

Internet and cable cost

34 CAD 68 CAD 90 CAD
MINIMUM AVERAGE MAXIMUM
$25 $50 $66

Mobile phone bill and charges

27 CAD 45 CAD 140 CAD
MINIMUM AVERAGE MAXIMUM
$20 $33 $99

Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.


The average monthly expenditure for individuals on electricty, water, and gas in Canada ranges between 37 CAD and 1,700 CAD with average being 260 CAD, meanwhile the expenditure of couples is slightly higher at 320 CAD with 95 CAD and 2,100 CAD being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 480 CAD. The cost of internet and WiFi is unchanged among the three groups and ranges from 34 CAD to 90 CAD with 68 CAD being the average internet bill. Finally, the average monthly mobile charges is around 45 CAD but can range between 27 CAD and 140 CAD depending on consumption. Mobile charges include both calling minutes as well as data packages.


Energy / Utility expense to income ratio


( monthly utility expenses / monthly income ) x 100


2% 5% of income 9%
MINIMUM AVERAGE MAXIMUM

The average utility-to-income ratio in Canada is around 5%. This means that people pay 5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2% to 9% depending on salary and location.

Food Prices, Dining Expenses, and Grocery Costs in Canada

Grocery / Food expenditure and prices can vary drastically between different areas and locations.


Prices and cost of goods and services in Canada

Dining out, food, and beverages costs. Price variations for common food items.

Fast food combo meal price

6.8 CAD 14 CAD 23 CAD
MINIMUM AVERAGE MAXIMUM
$5 $9.9 $17

The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Canada is approximatly 14 CAD with meal cost ranging from 6.8 CAD to 23 CAD. The typical combo meal consists of a burger, french fries, and a drink.

Restaurant meal for one price

23 CAD 34 CAD 68 CAD
MINIMUM AVERAGE MAXIMUM
$17 $25 $50

If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 23 CAD and 68 CAD with 34 CAD being the average price of a plate for one person at a regular restaurant in Canada.

Fine dining meal for one price

45 CAD 68 CAD 270 CAD
MINIMUM AVERAGE MAXIMUM
$33 $50 $200

The price range of a meal at fine-dining restaurant is 45 CAD to 270 CAD with the average cost being 68 CAD for one person. This is what you would expect to pay a top-tier diner in Canada.

Beverage prices, cappuccino, latte etc..

5.6 CAD 9 CAD 14 CAD
MINIMUM AVERAGE MAXIMUM
$4.1 $6.6 $9.9

The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Canada is around 9 CAD. Price ranges between 5.6 CAD and 14 CAD depending on the type of beverage, the size, and optional add-ons.



Grocery and market costs

Large bottle of milk price

4.5 CAD 5.4 CAD 6.8 CAD
MINIMUM AVERAGE MAXIMUM
$3.3 $4 $5

The average price of a large bottle of milk in Canada is 5.4 CAD. The maximum what you would pay for milk is 6.8 CAD and the minimum being 4.5 CAD depending on the brand of milk and other properties.

12 eggs price

3.4 CAD 4.5 CAD 6.8 CAD
MINIMUM AVERAGE MAXIMUM
$2.5 $3.3 $5

A dozen eggs costs around 4.5 CAD on average with 3.4 CAD and 6.8 CAD being the lower and upper limits respectively.

Fresh whole chicken price

7.7 CAD 9.9 CAD 14 CAD
MINIMUM AVERAGE MAXIMUM
$5.6 $7.3 $10

The price range of a fresh whole chicken in Canada is between 7.7 CAD and 14 CAD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 9.9 CAD.

Pack of beef price

9 CAD 14 CAD 27 CAD
MINIMUM AVERAGE MAXIMUM
$6.6 $9.9 $20

The price of a regular pack of beef or meat is around 14 CAD. A pack of beef contains around 1Kg or 1lb depending on packing.

Medium bag of rice price

3.6 CAD 5 CAD 7 CAD
MINIMUM AVERAGE MAXIMUM
$2.7 $3.6 $5.2

A bag of rice in Canada costs around 5 CAD on average with prices rangeing between 3.6 CAD and 7 CAD depending on the brand and quality.

Bag of tomatos price

1.4 CAD 1.8 CAD 3.4 CAD
MINIMUM AVERAGE MAXIMUM
$0.99 $1.3 $2.5

A bag of tomatoes costs anywhere from 1.4 CAD to 3.4 CAD. A bag of tomatoes denotes 1Kg or 1lb depending on location.

Bag of apples price

2.4 CAD 3.2 CAD 5.2 CAD
MINIMUM AVERAGE MAXIMUM
$1.8 $2.3 $3.8

A bag of apples costs 3.2 CAD on average. A bag of apples denotes 1Kg or 1lb depending on location.


Grocery and food expenditure to income ratio


( monthly grocery expenses / monthly income ) x 100


17% 25% of income 31%
MINIMUM AVERAGE MAXIMUM

The average grocery-to-income ratio in Canada is around 25%. This means that people spend 25% of their income on grocery and basic household items. The expenditure can range from 17% to 31% depending on salary and location.


Expenditure on food and grocery for every population group

A single person living alone spends approximately 690 CAD per month on grocery and food with expenditure fluctuating between 98 CAD and 4,600 CAD depending on location and the type of person. The average cost of food and groceries for a couple is around 1,000 CAD per month. That number can be get as low as 330 CAD or a high as 5,300 CAD. Families' spending on grocery ranges from 600 CAD to 11,000 CAD with the location, income, and size of the family being the most determinite factors.


Single
Spending habits, consumption analysis, and expenditure patterns for a single person living in Canada

Housing cost for a single person35%

35% of total expenses on average (23% to 47%)

LOW$160   220 CAD
AVERAGE$1,100   1,500 CAD
HIGH$7,600   10,000 CAD
Per Month

Utilities, Electricity, Water, Internet, Mobile7%

7% of total expenses on average (3% to 12%)

LOW$27   37 CAD
AVERAGE$190   260 CAD
HIGH$1,300   1,700 CAD
Per Month

Transport and Fuel Cost7%

7% of total expenses on average (5% to 13%)

LOW$36   49 CAD
AVERAGE$250   340 CAD
HIGH$1,700   2,300 CAD
Per Month

Food and Groceries Cost17%

17% of total expenses on average (11% to 22%)

LOW$72   98 CAD
AVERAGE$500   690 CAD
HIGH$3,400   4,600 CAD
Per Month

Healthcare Cost10%

10% of total expenses on average (4% to 14%)

LOW$40   55 CAD
AVERAGE$280   390 CAD
HIGH$1,900   2,600 CAD
Per Month

Leisure and Shopping Expenditure4%

4% of total expenses on average (4% to 7%)

LOW$22   31 CAD
AVERAGE$160   210 CAD
HIGH$1,100   1,400 CAD
Per Month

Education Cost2%

2% of total expenses on average (1% to 4%)

LOW$9   12 CAD
AVERAGE$63   86 CAD
HIGH$420   570 CAD
Per Month

Other Expenses19%

19% of total expenses on average (11% to 23%)

LOW$81   110 CAD
AVERAGE$570   770 CAD
HIGH$3,800   5,100 CAD
Per Month


Couple
Average monthly living expenditure breaks and spending patterns for couples in Canada

Housing cost for a couple32%

32% of total expenses on average (25% to 42%)

LOW$600   810 CAD
AVERAGE$1,800   2,400 CAD
HIGH$9,500   13,000 CAD
Per Month

Utilities, Electricity, Water, Internet, Mobile6%

6% of total expenses on average (4% to 10%)

LOW$70   95 CAD
AVERAGE$240   320 CAD
HIGH$1,500   2,100 CAD
Per Month

Transport and Fuel Cost11%

11% of total expenses on average (5% to 16%)

LOW$210   290 CAD
AVERAGE$630   860 CAD
HIGH$3,400   4,600 CAD
Per Month

Food and Groceries Cost15%

15% of total expenses on average (10% to 20%)

LOW$250   330 CAD
AVERAGE$740   1,000 CAD
HIGH$3,900   5,300 CAD
Per Month

Healthcare Cost12%

12% of total expenses on average (6% to 16%)

LOW$190   260 CAD
AVERAGE$580   790 CAD
HIGH$3,100   4,200 CAD
Per Month

Leisure and Shopping Cost5%

5% of total expenses on average (3% to 8%)

LOW$110   140 CAD
AVERAGE$320   430 CAD
HIGH$1,700   2,300 CAD
Per Month

Education Cost2%

2% of total expenses on average (1% to 4%)

LOW$35   48 CAD
AVERAGE$110   140 CAD
HIGH$560   760 CAD
Per Month

Other Expenses18%

18% of total expenses on average (12% to 24%)

LOW$300   400 CAD
AVERAGE$890   1,200 CAD
HIGH$4,800   6,500 CAD
Per Month


Family
Average monthly expenses and break out of spending for families living in Canada

Housing cost for a family31%

31% of total expenses on average (26% to 41%)

LOW$780   1,100 CAD
AVERAGE$2,200   3,000 CAD
HIGH$15,000   20,000 CAD
Per Month

Utilities, Electricity, Water, Internet, Mobile4%

4% of total expenses on average (2% to 7%)

LOW$120   170 CAD
AVERAGE$350   480 CAD
HIGH$2,300   3,100 CAD
Per Month

Transport and Fuel Expenses7%

7% of total expenses on average (5% to 9%)

LOW$250   330 CAD
AVERAGE$700   950 CAD
HIGH$4,600   6,200 CAD
Per Month

Food and Groceries Cost19%

19% of total expenses on average (12% to 25%)

LOW$440   600 CAD
AVERAGE$1,300   1,700 CAD
HIGH$8,200   11,000 CAD
Per Month

Healthcare Expenses9%

9% of total expenses on average (5% to 14%)

LOW$220   300 CAD
AVERAGE$700   950 CAD
HIGH$3,600   5,000 CAD
Per Month

Leisure and Shopping Cost4%

4% of total expenses on average (3% to 8%)

LOW$120   170 CAD
AVERAGE$350   480 CAD
HIGH$2,300   3,100 CAD
Per Month

Education Cost14%

14% of total expenses on average (7% to 22%)

LOW$340   470 CAD
AVERAGE$980   1,300 CAD
HIGH$6,400   8,700 CAD
Per Month

Other Expenses13%

13% of total expenses on average (6% to 18%)

LOW$200   270 CAD
AVERAGE$560   760 CAD
HIGH$3,600   5,000 CAD
Per Month


Student
Cost of living and expenses break down for students living in Canada

Housing costs for Student23%

23% of total expenses on average (18% to 29%)

LOW$84   110 CAD
AVERAGE$540   740 CAD
HIGH$3,600   4,900 CAD
Per Month

Utilities, Electricity, Water, Internet, and Mobile Expenses5%

5% of total expenses on average (3% to 9%)

LOW$14   19 CAD
AVERAGE$90   120 CAD
HIGH$600   820 CAD
Per Month

Transport and Fuel Cost6%

6% of total expenses on average (6% to 12%)

LOW$25   33 CAD
AVERAGE$160   210 CAD
HIGH$1,100   1,400 CAD
Per Month

Food and Groceries Expenditure21%

21% of total expenses on average (15% to 25%)

LOW$70   95 CAD
AVERAGE$450   610 CAD
HIGH$3,000   4,100 CAD
Per Month

Healthcare Cost7%

7% of total expenses on average (4% to 10%)

LOW$21   29 CAD
AVERAGE$140   180 CAD
HIGH$900   1,200 CAD
Per Month

Leisure and Shopping Cost4%

4% of total expenses on average (3% to 8%)

LOW$18   24 CAD
AVERAGE$110   150 CAD
HIGH$750   1,000 CAD
Per Month

Education Cost19%

19% of total expenses on average (12% to 24%)

LOW$67   90 CAD
AVERAGE$430   580 CAD
HIGH$2,900   3,900 CAD
Per Month

Other Expenses16%

16% of total expenses on average (10% to 22%)

LOW$53   71 CAD
AVERAGE$340   460 CAD
HIGH$2,300   3,100 CAD
Per Month
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