Living in one of Canada's biggest cities might come with perks, but it also comes with a hefty price tag.
A recent report from MovingWaldo ranked the top 10 most populous cities in Canada by how expensive they are to live in, and let's just say, your wallet might be glad you're not living in some of these spots. From the scenic mountains of Vancouver to the hustle and bustle of Toronto, the most expensive cities in Canada have a lot to offer — if you can afford them, that is.
Using data from the Canadian Real Estate Association, Realtor.ca, Zumper and Numbeo, the moving company compared the cost of buying a home, renting a one-bedroom apartment and the overall cost of living for each of Canada's 10 largest cities. So, if you're dreaming of moving to one of these spots, you might want to double-check your bank account first!
Here are the biggest cities in Canada, ranked by how expensive it is to live there:
Winnipeg, MB
- Population: 815,599 (2023)
- Average one-bedroom apartment rent: $1,381
- Average home price: $361,600
- Cost of living: $2,697/month
Winnipeg might be the most affordable on this list, but it's still not exactly cheap. As the 6th-largest city in Canada, with an estimated population of 815,599 in 2023, it's a budget-friendly option for big-city living. But of course, there's always a tradeoff — and in Winnipeg, the low cost of living comes with one big price: the weather. Hope you like snow!
Edmonton, AB
- Population: 1,128,811 (2023)
- Average one-bedroom apartment rent: $1,397
- Average home price: $399,700
- Cost of living: $2,635/month
With an estimated population of 1,128,811, Edmonton usurped Ottawa as the 4th-largest city in Canada in 2023, showing the pace at which this Alberta city is growing — and it's not hard to see why. Edmonton offers a more affordable option compared to cities like Vancouver and Toronto with a lot of the same big-city amenities. It's a great spot for those seeking city living without the sticker shock.
Montreal, QC
- Population: 1,874,560 (2023)
- Average one-bedroom apartment rent: $1,776
- Average home price: $533,100
- Cost of living: $2,666/month
For the second most populous city in Canada, Montreal is surprisingly affordable. Compared to the sky-high prices in cities like Vancouver and Toronto, Montreal offers a budget-friendly experience with all the charm and culture you'd expect from the country's second-largest hub. It's a rare mix of affordability and excitement, making it a standout on this list for those who want big-city life without the hefty price tag.
Calgary, AB
- Population: 1,481,466 (2023)
- Average one-bedroom apartment rent: $1,841
- Average home price: $588,600
- Cost of living: $3,210/month
As Canada's 3rd-largest city, Calgary is a fast-growing hub that strikes a balance between affordability and big-city living. While it's not the cheapest place on this list, it also won't drain your bank account like Vancouver or Toronto. For those seeking a mix of urban amenities and nearby nature without the extreme cost of living, Calgary offers solid middle ground.
Ottawa, ON
- Population: 1,114,316 (2023)
- Average one-bedroom apartment rent: $1,998
- Average home price: $648,900
- Cost of living: $3,262/month
As Canada's capital and the 5th-largest city, Ottawa is a bit of a Goldilocks city — not too big, not too small, and not too expensive. It strikes a nice balance for those looking for a capital city lifestyle without the extreme costs. For those looking for a balance of government jobs, urban life and a bit of history, Ottawa strikes a comfortable middle ground.
Hamilton, ON
- Population: 615,244 (2023)
- Average one-bedroom apartment rent: $1,700
- Average home price: $843,500
- Cost of living: $3,263/month
As the 10th-largest city in Canada, with a population of just 615,244, Hamilton may be the smallest city on this list, but its cost of living earns it a spot in the top five most expensive. While home prices push it up in the ranking, renters get a bit of a break here — with rent cheaper than in Montreal, Calgary and Ottawa. For those seeking a balance between housing costs and big-city perks, Hamilton offers an interesting mix.
Brampton
- Population: 744,041 (2023)
- Average one-bedroom apartment rent: $2,060
- Average home price: $999,000
- Cost of living: $2,960/month
Brampton, the 8th-largest city in Canada, lands in the middle of this list despite offering a lower cost of living compared to many cities ranked higher. Its close proximity to Toronto makes it a great option for those who want access to the big city without the hefty price tag. For commuters and families alike, Brampton provides a more affordable alternative while staying connected to the Greater Toronto Area.
Mississauga, ON
- Population: 756,453 (2023)
- Average one-bedroom apartment rent: $2,268
- Average home price: $1,082,400
- Cost of living: $3,589.32/month
Mississauga, the 7th-largest city in Canada, is another spot benefiting from its close proximity to Toronto — and maybe the big-city prices have started to rub off. It's a bit pricier than Brampton, but still more affordable than living in Toronto itself. Known for its thriving business district and convenient location, Mississauga offers a blend of urban amenities without the higher costs of its neighbouring metropolis.
Toronto, ON
- Population: 3,110,984 (2023)
- Average one-bedroom apartment rent: $2,369
- Average home price: $1,097,300
- Cost of living: $3,523/month
As Canada's largest city, Toronto is known for its high costs across the board. With its global status as a hub for business, culture and entertainment, it's no surprise that living here comes with a steep price tag. For those willing to pay for the perks of big-city life, Toronto offers endless opportunities — if you can afford them.
Vancouver, BC
- Population: 732,581 (2023)
- Average one-bedroom apartment rent: $2,675
- Average home price: $1,197,700
- Cost of living: $3,794/month
Vancouver might only be the 9th-largest city in Canada, with a population of just 732,581 in the city proper, but it consistently ranks as the most expensive place to live in the country. Its stunning natural beauty and booming industries draw people in, but the cost of enjoying that West Coast lifestyle is sky-high.
So there you have it! Whether you're considering a move or just curious about where your city stands, this list shows that living in some of Canada's biggest cities isn't easy on the wallet.
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