Cost of Living estimations for new immigrants

[scylla]

Well, we pay $1150 now for a big 2-bedroom in Bloor West Village, so I think we'll stay put!

That's a very nice part of Toronto (I grew up in that area). Good choice.

 

[kateg]

We're in Vancouver (in a fairly nice place).

Rent is 1450 CAD per month.
Internet is ~$100/mo (we have the highest package so we can skip TV).
Phones are around $250/mo (lots of data).
Groceries are around $800/mo (we eat healthy, and well)
Car insurance is $210/mo
Health insurance is ~$200/mo for health insurance (private + province)

Much of this depends on how well you want to live.

 

[snkarora]

Very interesting topic. And very difficult to have an accurate measure of things because so much will be different in a new country to start with let alone the differences in tax structures and other aspects of everyday life which impact a cost of living calculation.

I did some research earlier in the year based on the Big Mac Index and using data available on Canadian federal sites. The formula below is very loosely derived but it appears to work, at least my friends in Canada have assured me that it largely holds good.

1. Estimate your post tax monthly income in your country of residence.

2. Divide that by the exchange rate between the currency of your country of residence and CAD.

3. Multiply the outcome by a number between 2.5 and 3.5. If you're planning to live in downtown Toronto or Metro Vancouver, choose 3.5. If you're planning to live in a place which attracts 1 new PR a year (a single hotel town), choose 2.5. And so on and so forth for everything in between.

The number you get is the average monthly post tax income you'll need to have the sane lifestyle you enjoyed in your country of residence. Do note that this is the post tax figure. Average taxes in Canada are higher than most countries but there are multiple tax credits as well. For quick conversion of the post tax figure to gross monthly income, multiply that number by 1.5

Hope this helps. Others can weigh in with their inputs as well. Welcome all criticisms.

Very good! I agree with most of this but can you explain how you arrived at the figure of 2.5 to 3.5

 

[Asivad Anac]

Very good! I agree with most of this but can you explain how you arrived at the figure of 2.5 to 3.5

A whole host of inputs. Numbeo, Big Mac index, Glassdoor, multiple blogs, friends & family etc.

That appears to be the cost of living multiplier for Canada taking PPP into account. Of course, it depends on where you are currently living. That generic rule would hold true for most countries where immigrants typically arrive from but it wouldn't make sense for someone moving from the US, for instance. If you were making 5000 USD/month, you wouldn't really need 15000 CAD to have the same lifestyle.

 

[vjroB$]

Based on the inputs received, I have made a table showing the monthly total expenses in CAD for a family of 2. Needless to say that the figures are an approximations:-

Details CAD (p.m)
rent with elec, water for 1 BHK 1,600
internet, cable and mobile 300
grocery 800
transportation/monthly pass 300
eating out 450
health insurance 300
Shopping 300
Miscellaneous 500
Total post tax Income (sum of above) 4,550
TOTAL INCOME PRE TAX 6500

Would really appreciate some additions to the expense heads or figures from the experienced guys. It would really be helpful for new immigrants like me. /b]

 

[sweta1125]

Hi All,
Very nice topic. Can someone throw some light as to what additional expenditures one has to incur if they have a school going kid.

Thanks to all who give their personal time to help others.

 

[dobes]

A whole host of inputs. Numbeo, Big Mac index, Glassdoor, multiple blogs, friends & family etc.

That appears to be the cost of living multiplier for Canada taking PPP into account. Of course, it depends on where you are currently living. That generic rule would hold true for most countries where immigrants typically arrive from but it wouldn't make sense for someone moving from the US, for instance. If you were making 5000 USD/month, you wouldn't really need 15000 CAD to have the same lifestyle.

Yes, I think it works best for currencies valued below the loonie (getting harder and harder to find these days!). Also, expatistan.com is a good source for comparison of cost of living in different cities.

 

[vjroB$]

Based on the inputs received, I have made a table showing the monthly total expenses in CAD for a family of 2. Needless to say that the figures are an approximations:-

Details CAD (p.m)
rent with elec, water for 1 BHK 1,600
internet, cable and mobile 300
grocery 800
transportation/monthly pass 300
eating out 450
health insurance 300
Shopping 300
Miscellaneous 500
Total post tax Income (sum of above) 4,550
TOTAL INCOME PRE TAX 6500

Would really appreciate some additions to the expense heads or figures from the experienced guys. It would really be helpful for new immigrants like me. /b]

ANY HELP ON MY QUESTION?? IT WOULD REALLY BE VERY HELPFUL.

 

[masood8]

I landed 1 month before so I can share the recent rates.

Average rent for apartment 1100-1500 $ depends on location
Parking 50-70$ (If u have a car)
Hydro 40-80$
home internet 50-90 $
Cell/Mobile 25-60$
Grocery for 2 adult and 3 kids 1000$
TTC Adult monthly pass 141

All these rates are for Toronto and per month

Other cities may very, but I believe all are same more or less.

 

[ntwkengg]

I landed 1 month before so I can share the recent rates.

Average rent for apartment 1100-1500 $ depends on location
Parking 50-70$ (If u have a car)
Hydro 40-80$
home internet 50-90 $
Cell/Mobile 25-60$
Grocery for 2 adult and 3 kids 1000$
TTC Adult monthly pass 141

All these rates are for Toronto and per month

Other cities may very, but I believe all are same more or less.

very true...

 

[charger01]

Not to mention if you have a car then car insurance costs are one of the highest in this part of the world..so expect to shell out $220-350 per month for the same..
Anyone with small kid preschool are another expensive thing to take into account..so anywhere from $200-1000 depending on your needs..!!

 

[vjroB$]

I found a new link which displays the cost of living index for major countries..

http://www.huffingtonpost.ca/2015/04/16/most-expensive-countries-world-canada_n_7079960.html

Canada ranks among top 5 expensive countries.

 

[Ichowdhury]

Following.

 

[amitrathiesh]

this is one of the best threads on this forum!

 

[One_Topsy]

Check here

https://www.expatistan.com/cost-of-living