Thinking about making the move to Calgary, Alberta? With more than a million and a half residents in the metropolitan area, Calgary is the largest city in Alberta and the fifth largest metropolitan area in all of Canada. Although Calgary may not be as populous as other Canadian cities like Toronto or Montreal, its beautiful scenery and bustling attractions are putting this underrated city on the map as a growing place to live. Learn how to calculate the cost of living in Calgary to get a sense of what your expenses will look like.
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What are some costs to consider before moving to Calgary?
When moving to any place, you’ll need to look into how much it costs to rent or buy a living space, food/grocery costs, tax rates, and other miscellaneous costs that may affect your spending. Here is a breakdown of some living costs in Calgary:
Housing and renting costs in Calgary
The cost to rent or buy a place in Calgary is on the rise, but it’s still on the affordable end when compared to other big cities in Canada. As of July 2023, the average cost of a home in Calgary is around $540,000.[1] Keep in mind, though, that factors like size, location, and amenities greatly affect the cost. If you’re considering buying a home, remember to factor in additional costs like mortgage payments, property taxes, and maintenance costs. If you’re looking to rent in Calgary, the average cost of a one-bedroom apartment is roughly $1,800.[2] Although the rent prices are increasing, Calgary’s one-bedroom apartments are still more affordable than the ones in Toronto (approximately $2,500 a month) and Vancouver (approximately $2,800 a month).2 It may help to do some research on neighbourhoods and housing costs before planning out your move.
Food and grocery costs
Food costs greatly depend on what you like to eat. You might find it helpful to make a sample grocery list and check prices at local stores. Also, consider how often you eat out or order takeout, as this can significantly impact your monthly expenses. Do some research on Calgary’s grocery stores and restaurant prices to make an estimate monthly calculation on how much of your money will go towards food.
Taxes and healthcare
If you are moving from a province outside of Alberta, it may help to do some research on the tax structure in this province. Alberta is the only province without a sales tax, but it does have a Goods and Services Tax of five percent on certain items. It also helps to do some research on income tax. Alberta has a flat income tax rate, which is currently lower than many other provinces.
Canada’s outstanding social services help improve the quality of life. While Canada has a publicly funded healthcare system, you may want to budget for additional health-related expenses like prescription medications, dental care, etc. If you’re not a Canadian citizen or permanent resident, you may need private health insurance until you qualify for public coverage.
Transportation in Calgary
Transportation costs can vary based on whether you own a vehicle or use public transportation. If you own a car, it helps to consider the cost of fuel, insurance, and maintenance. Calgary has a well-developed public transit system, so check the cost of monthly passes if you plan to use buses or the CTrain. In 2023, a one-time adult fare for the bus or train costs $3.60, and a day pass costs $11.25.
Other miscellaneous costs
Not everyone spends their money the same way, so before moving to Calgary, it’s important to consider your personal preferences and lifestyle choices. Do you enjoy attending events or engaging in recreational activities like sports and clubs? Factor in entertainment expenses when calculating the cost of living. It also helps to keep track of inflation costs so you know just how far your money is going.
Looking to make the move to Calgary from another country? Find out how much your currency is worth by using this currency exchange calculator. If you’re looking to send money abroad, you can do so online, in the money transfer app, or find an agent location near you with Western Union.
