Canada, with its breathtaking scenery, vibrant cities and welcoming communities, attracts people from all over the world. However, as a future resident, it's crucial to choose a region that fits your budget and lifestyle.

The cost of living varies considerably across the country. This detailed guide presents Canada's most and least expensive regions in which to live in 2024, using statistics and hard numbers to help you make an informed decision.

The most expensive regions :

1. Vancouver, British Columbia:

   • Median price of a single-family home: $1,149,800 (March 2024)

   • Median condo price: $809,300 (March 2024)

   • Average monthly cost of transportation: $115.50

   • Average monthly cost of a restaurant meal: $65

   • Median household income: $92,800 (2023)

2. Toronto, Ontario:

   • Median price of a single-family home: $1,071,100 (March 2024)

   • Median condo price: $721,800 (March 2024)

   • Average monthly cost of transportation: $156.00

   • Average monthly cost of a restaurant meal: $70

   • Median household income: $94,600 (2023)

3. Victoria, British Columbia:

   • Median price of a single-family home: $932,900 (March 2024)

   • Median condo price: $649,600 (March 2024)

   • Average monthly cost of transportation: $103.50

   • Average monthly cost of a restaurant meal: $60

   • Median household income: $80,100 (2023)

4. Calgary, Alberta:

   • Median price of a single-family home: $583,600 (March 2024)

   • Median condo price: $398,200 (March 2024)

   • Average monthly cost of transportation: $98.00

   • Average monthly cost of a restaurant meal: $55

   • Median household income: $87,600 (2023)

5. Waterloo, Ontario:

   • Median price of a single-family home: $819,700 (March 2024)

   • Median condo price: $563,400 (March 2024)

   • Average monthly cost of transportation: $124.00

   • Average monthly cost of a restaurant meal: $62

   • Median household income: $88,900 (2023)

Most affordable regions:

1. Regina, Saskatchewan:

   • Median price of a single-family home: $287,200 (March 2024)

   • Median price of a condominium: $172,000 (March 2024)

   • Average monthly cost of transportation: $82.50

   • Average monthly cost of a restaurant meal: $50

   • Median household income: $62,100 (2023)

2. Winnipeg, Manitoba:

   • Median price of a single-family home: $332,900 (March 2024)

   • Median price of a condominium: $222,100 (March 2024)

   • Average monthly cost of transportation: $95.00

   • Average monthly cost of a restaurant meal: $52

   • Median household income: $66,300 (2023)

3. Moncton, New Brunswick:

   • Median price of a single-family home: $215,400 (March 2024)

   • Median price of a condominium: $149,300 (March 2024)

   • Average monthly cost of transportation: $78.00

   • Average monthly cost of a restaurant meal: $48

   • Median household income: $61,500 (2023)

4. Saint John, New Brunswick:

   • Median price of a single-family home: $258,800 (March 2024)

   • Median price of a condominium: $180,100 (March 2024)

   • Average monthly cost of transportation: $85.50

   • Average monthly cost of a restaurant meal: $50

   • Median household income: $64,200 (2023)

5. Corner Brook, Newfoundland and Labrador:

   • Median price of a single-family home: $198,500 (March 2024)

   • Median price of a condominium: $132,600 (March 2024)

   • Average monthly cost of transportation: $65.00

   • Average monthly cost of a restaurant meal: $45

   • Median household income: $68,400 (2023)

Factors to consider when choosing a region :

Beyond numbers and prices, it's crucial to consider other important factors when making your choice:

• Personal priorities:

  • Give priority to access to nature, a mild climate, vibrant urban life or a sense of community.

• Professional opportunities:

  • Make sure the region offers job opportunities in your field of expertise.

• Services available:

  • Check the quality of health, education and infrastructure services in the region.

• Lifestyle:

  • Assess whether the region's lifestyle and culture match your preferences.

Choosing the most or least expensive region in Canada to live in depends on your needs, your priorities and your lifestyle.

Take the time to do your own research, compare different regions and visit the places that interest you before making a final decision. Don't forget that the cost of living is just one of the many factors to consider in creating a fulfilling life in Canada.