Most Expensive Cities in Canada to Live (2023)

If you’re looking for a place to live that is both comfortable and affordable, you may want to avoid these most expensive cities in Canada.

The cities listed here are known for their high cost of living, making it difficult for people to get by.

If you’re looking for a more affordable option, there are plenty of other cities in Canada that you can consider.

This article will look at some of the most expensive cities in Canada and see what makes them so costly.

Most Expensive Places to Live in Canada

The list of the most expensive cities in Canada is constantly changing.

Different cities rise and fall in terms of how expensive it is to live there. But some cities, such as Vancouver and Toronto, always seem to stay at the top of the list.

The most expensive cities for renting a two-bedroom apartment are Toronto, Montreal and Vancouver.

So, which Canadian cities are the most expensive to live in?

According to a recent study, these are the most expensive cities to live in Canada:

Toronto, Ontario
Vancouver, British Columbia
Mississauga, Ontario

Yellowknife, Northwest Territories
Burnaby, British Columbia
Hamilton, Ontario

Kitchener, Ontario
Barrie, Ontario
Brampton, Ontario

Ottawa, Ontario
Victoria, British Columbia
Markham, Ontario

Oshawa, Ontario
Montreal, Quebec
Kelowna, British Columbia

Surrey, British Columbia

These cities are expensive for a variety of reasons.

Vancouver, for example, is expensive because of its proximity to the Pacific Ocean and its status as a major financial hub.

Toronto is expensive because it is the capital city of the province of Ontario and is home to a lot of businesses and industries.

The median price for one-bedroom apartment rentals is $1,770 in Toronto and $1,940 in Vancouver.

Montreal is expensive because it is a popular tourist destination and has a lot of historical significance.

Let’s dive into the details!

Top 10 Most Expensive Cities in Canada

1. Toronto, Ontario

Toronto is one of the most expensive cities in Canada. It is the most populous city in Canada (ranked as the fourth-largest in North America).

The high population and demand for housing mean that Toronto can be expensive, with rent for a small apartment costing around $2,000.

However, the city has a good public transportation system which costs $156 per month for adults.

Additionally, Toronto has a strong economy with many opportunities for work.

2. Vancouver, British Columbia

As you may be aware, Vancouver is a city in Canada with a lot to offer. It’s no wonder it’s one of the most expensive places to live in our country!

Monthly costs for housing average around $2,143 per 85-square-metre apartment – making it one of the priciest cities in Canada. Vancouver’s average home price is around $1,627,000.

In addition, Vancouver has the second-highest gas prices in North America.

3. Mississauga, Ontario

Mississauga is one of the most expensive cities in Canada to rent an apartment. The average rent for a 1-bedroom apartment is currently $1,800. However, the average rent for an 85-square-metre apartment is around $1,633 a month.

Mississauga’s average home selling price increased to $1,371,100. The average selling price for a home in Mississauga is 15% year-over-year.

4. Yellowknife, Northwest Territories

Yellowknife is not it if you’re looking for an affordable place to live in Canada.

The city ranks as one of the most expensive cities in Canada, with rent for an 85-square-metre apartment costing around $1,800 per month. The average cost of utilities is around $410 per month.

Food is also more expensive outside of the city centre. If you’re looking to save money on groceries, head to one of the many supermarkets located inside the downtown area.

5. Burnaby, British Columbia

Living in Burnaby, British Columbia, can be quite costly.

The city has a high cost of living, and its public transportation is very expensive. For example, a basic lunch in the business district will cost you $22, and monthly transportation costs are $64.

However, there are some advantages to living in Burnaby. The average price is around $1,831 per month for furnished 85-square-metre accommodation.

6. Hamilton, Ontario

Living in Hamilton is expensive. The cost of living for 85-square-metre accommodations is about $1,195 a month, and utilities come to around $227 per month.

It’s near Toronto, making it a great city to look for jobs and housing.

Toronto has a higher average monthly rent rate than Hamilton, but rental rates vary depending on the neighbourhood and the availability of space.

Did You Know? Half of the most expensive cities in Canada for one-bedroom apartments are located in Ontario.

7. Kitchener, Ontario

Kitchener, Ontario, is also one of the most expensive place in Canada to rent a one-bedroom apartment.

In a regular area, rent for a furnished 85-square-metre apartment is around $1,195, and utilities for two people come to around $227.

A single meal out in the business district can cost a person $18, while public transportation costs $87 per month.

8. Barrie, Ontario

Barrie is a city in Central Ontario, Canada. It is located on the shores of Lake Simcoe and is within the Greater Toronto Area. As of 2016, the population of Barrie was estimated to be 131,063.

The city is known for its natural environment and recreational opportunities.

Monthly rent of an apartment in a regular area: $1,376.
A basic lunch in the business district can cost up to $18.
Public transportation costs around $87 monthly for residents of Barrie, Ontario

9. Brampton, Ontario

Brampton is a city located in Southern Ontario, Canada. It is situated just west of Toronto and east of Mississauga.

Compared to the average monthly cost of living in Mississauga, furnished 85-square-metre accommodation is affordable at $1,633 a month, but utilities and public transport come out to around $183 and $137, respectively.

The monthly rent in Brampton is around $1,376 for a furnished 85 square-metre apartment. Utilities are roughly $214/month for two people living there (around $260 total). A basic lunch in the business district is about $18.

A study in November 2021 found that the average sold price in Brampton’s housing market increased to $1,140,140. This increase is attributed to a number of factors; however, most notably is the high demand for rental units due to recent changes in Ontario’s immigration policy.

The highest-priced area was downtown Brampton with an average rent of 1,810 per month, and Queen Street Corridor, with an average rent of $1,710 per month.

10. Ottawa, Ontario

Ottawa, Ontario, is the capital of Canada and is located in the province of Ontario. The city has a population of approximately 1 million people and is home to many government employees.

Ottawa is one of the most expensive cities in Canada, with a median rent price of $1,500 per month for a 1-bed apartment. The average price for residential homes in Canada is $550,000.

Other Most Expensive Cities to Live in Canada

11. Victoria, British Columbia

Victoria is one of the most expensive capital cities in Canada. Renting an 85-square-metre apartment here costs around $1,227 a month on average.

The average home price in Victoria is around $600,000, which makes it more affordable than Vancouver’s average home of nearly $1 million.

12. Markham, Ontario

Markham is located in Ontario and is one of the most expensive places to live in Canada. The rental accommodation and utility price averages around $1,195 per month for an 85-square-metre unit and about $227 per month for two people, with utility costs reaching around $102 monthly.

13. Oshawa, Ontario

The cost of living here is $1,208 per month for 85 square metres of furnished accommodation – which is much cheaper than Toronto!

14. Montreal, Quebec

Montreal, Quebec, is a city located in the province of Quebec, Canada. It is the most populous city in Quebec and the second-largest economy among Canadian cities.

The most populous city in Montreal has European roots, primarily French and Italian.

Downtown Montreal is also known as the “indoor city,” and it is the largest underground complex in the world.

Major industries in Montreal include electronic goods, aerospace, pharmaceutical, and telecom.

It’s also home to the fifth-best university in Canada (University of Montreal).

Saint-Georges is an important centre for manufacturing, and semi-trailer manufacturer Manac has its headquarters here.

The city has a population of 1,704,525 as of 2011.

Montreal has been designated a UNESCO City of Design since 2012.

The Notre Dame Basilica and the Olympic Stadium are both located in Montreal.

French is the official language spoken in Montreal, although English is also widely spoken due to its role as an international trade language.

Much of Montreal’s architecture was designed by prominent architect Henri-Jacques Lassonde between 1847 and 1870s, including the Château Frontenac Hotel, which is one of Canada’s most iconic landmarks and home to Le Cirque du Soleil.

Other popular attractions in Montreal include the Montreal Botanical Gardens, the Jacques Cartier Bridge, and the Bell Centre, which is home to the Montreal Canadiens National Hockey League (NHL) team.

15. Kelowna, British Columbia

Kelowna is a beautiful city located in the Okanagan Valley of British Columbia. The city has a population of about 194,000 and is growing rapidly. It’s no wonder why Kelowna is one of the most expensive cities to live in Canada – with its stunning scenery and perfect climate. It’s a desirable place to be!

The cost of living in Kelowna is high, but there are some ways to save money. For example, transportation is relatively cheap compared to other Canadian cities. A monthly pass for public transportation will only cost you $64, which is much cheaper than the estimated median rent for a one-bedroom house which costs about $1,627 per month.

The average home price in Kelowna is around $600,000.

16. Surrey, British Columbia

Surrey is the second biggest city in British Columbia, after Vancouver. But it’s less expensive to live there – the average rent for a one-bedroom apartment is $1,513, compared to $2,873 in Vancouver.

You can find cheaper deals on apartments and utilities if you’re willing to live a little further away from the downtown core.

Surrey is also your best bet if you’re looking for a monthly transportation pass. The basic monthly pass costs only $64, compared to $84 in Vancouver.

Most Expensive Cities in the World

Hong Kong has long been known as one of the most expensive cities in the world, and it shows no signs of surrendering that title anytime soon.

Hong Kong
Zurich, Switzerland
Geneva, Switzerland

Basel, Switzerland
Bern, Switzerland
Tel Aviv, Israel

New York City, United States
Singapore, Singapore
Tokyo, Japan

Beijing, China

While the cost of living in these cities can be quite high, they also offer a high quality of life that includes access to world-class education and medical care, a wide variety of cultural attractions, and vibrant nightlife.

So, if you’re looking for an exciting and expensive place to live, one of these cities may be the perfect fit for you.

FAQs: Most Expensive Cities in Canada to Live

What City Is The Most Expensive to Live in Canada?

Generally, Toronto is the most expensive city to live in Canada, with Vancouver following closely behind. This is determined by the cost of housing and rent in both cities.

What City Has the Most Expensive Rent Prices in Canada?

When it comes to renting prices in Canada, Vancouver is the city with the most expensive rent prices in Canada. The city’s rent prices range from $2000 upwards.

What Province Is Most Expensive to Live in Canada?

Ontario is the most populous and most expensive city to live in Canada. Apart from the cost of rent, the general cost of living is high in Ontario.

What Is The Cost Of Living in Toronto?

To live comfortably in the city of Ontario, you need at least $5,000. Rent will cost you an average of $2,000.

What Do I Need To Get Approval for an Apartment in Toronto?

This largely depends on the Landlord, but you will most likely be asked to provide proof of income, tenant insurance and references.

What Contributes to a City’s Cost of Living?

Several factors can contribute to how expensive it is to live in a certain city. These can include the average rent prices, the cost of groceries and other necessary items, and the overall cost of living in that city.

Final Words: Most Expensive Cities in Canada to Live

As you can see, most of the most expensive cities in Canada are located in the province of Ontario. This is likely because Ontario generally has a higher cost of living than other provinces in Canada.

If you’re looking for a place to call home that offers plenty of opportunities and excellent quality of life, you may want to consider one of Canada’s most expensive cities.

Although the cost of living is high, these metropolitan areas offer residents a wealth of resources and amenities.

Do you live in one of Canada’s most expensive cities? What do you think is the biggest factor driving up costs in your area? Let us know in the comments below.

Looking for more information on Canadian cities? Check out our article on the cheapest places to live in Canada. And, if you’re interested in moving to Canada, be sure to check out our website for more information on immigration and visas.

>> Cheapest Places to Live in Canada
>> Best Places to Live in Canada
>> Best Places to Live in Canada for Families
>> Best Places to Live in Ontario
>> Best Place to Live on Vancouver Island
>> Best Places to Live in Alberta
>> Best Places to Live in BC (British Columbia)

AUTHOR

Charee Oisamoje is the founder of CanadaWiz. She leads the editorial team, which is comprised of subject matter experts that aim to create well-researched, highly detailed content related to studying, working, immigrating, and settling/living in Canada as a newcomer.

Charee's personal experiences as a Canadian immigrant and her professional competencies make her uniquely qualified on the subject matter.

With extensive educational credentials, she is an expert at collecting details, verifying facts, and making complex subjects easy to understand. MBA in Finance MScIB CCEA (#CCG 271) CPA Candidate ✔️CIP ✔️BSc Accounting

Learn More >> About Page

🏆 Best Offers This Month

📌 Get $3,000 Free Transfer and Earn $75 Referral Bonus

✔️ Get up to $3,000 CAD* Fee-Free transfer (or the equivalent of £2,000 in other currencies).
✔️ Earn $75 CAD** for every 3 friends you refer; they'll get a fee-free transfer of up to $800 CAD.
✔️ Multi-Currency Debit Card: Spend abroad without hidden fees.
✔️ Best and real exchange rates and lower fees than old-school banks and other money transfer services.

*Your secret code will be automatically applied.
**USD accounts earn $115 USD for every 3 friends you refer; they'll get a fee-free transfer of up to $600 USD).

📌 Low-Cost International Money Transfer with $30 Cash Bonus

✔️ Get a $30 welcome bonus for transferring $100* or more.
✔️ Get a 20 GBP welcome bonus for transferring 75 GBP* or more.
✔️ Fast: 95% of transfers are received by the recipient in minutes.
✔️ Better exchange rates and lower fees than most traditional banks and money transfer services.
*This can be achieved over multiple transfers.