A new study says B.C. tops Canada for the highest cost of living.
A Westland Insurance study released Thursday (Oct. 19), which considers 55 factors, listed British Columbia as having the highest cost of living in the country. B.C. scored 79 out of 100, and it was followed by Ontario at 71.
Comparatively, Newfoundland and Labrador had the lowest cost of living, scoring just 20.
B.C. topped the rankings as it was the third-most expensive or higher for two-thirds of the factors. Those factors included buying and renting property, a plane ticket, public transportation, dental services, healthcare, clothing and hotel accommodation.
The study noted the average house price in B.C. in 2022 was $996,460 – more than double the national average of $490,520.
The median income was the third-highest nationwide at $42,060, but it was only 4.2 per cent of the local median house price. That was the lowest in Canada, which had a national average of 10 per cent.
While Ontario scored just eight points below B.C., it ranked most expensive for only three factors: fruit and vegetables, home repairs and furniture. Ontario, however, has similar house prices and median income to British Columbia, at $931,870 and $41,690, respectively.
In Newfoundland, the study says that residents there have the greatest purchasing power because the province has some of the lowest housing prices in the country at an average cost of $291,807 and the highest average median income at $57,410. That means the annual income is about 20 per cent of house prices, so it’s potentially easier to save for a down payment.
For the rest of the provinces, Alberta came in third at 67 out of 100, followed by Manitoba at 61, Saskatchewan at 60, Nova Scotia at 56, New Brunswick at 55.4, Quebec at 55.2 and Prince Edward Island at 51. The study did not include the three territories.