They may be great places to live, if you can afford it. If not, living in Vancouver and Toronto can be harmful to your financial health
noted a few months ago that more Canadians moved to Alberta than any other province in the first quarter of the year.
Those rents look particularly high in the context of average incomes in those cities for people aged 25 to 34. Statistics Canada’s most recent numbers show the average for that cohort is $51,600 for Toronto and $50,500 for Vancouver. Affordable rent gives you the financial space to start a Plan B fund for emergencies such as job loss or income interruption, start investing for long-term goals, spend some money on yourself and save for a home down payment. But in Toronto and Vancouver, affordable rentals are nearly as rare as well-played hockey games by their respective NHL franchises.
For that much, you can come close to the whole cost of average resale houses in several cities in Eastern Canada or cover more than half the cost of homes in Edmonton and Winnipeg.
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