Edmonton renters have more room for a vacation than most Canadians
If you love to travel, a new study comparing the cost of rent, income, and vacation budgets has found that Edmonton is one of the easiest cities in Canada to afford both living in and getting away from.
Real estate platform Zoocasa compared the average vacation budget of $2,278 with monthly rent prices across 28 Canadian metro areas. It looked at how much rent takes from the average family’s after-tax income, then added the cost of a vacation to see how much pressure that puts on household budgets.
Nationally, rent alone accounts for between 15 and 33 per cent of household income, depending on the city. Add in the cost of a vacation, and that figure climbs above 50 per cent in many markets.
In Edmonton, renters spend about 17 per cent of their income on rent, according to Zoocasa. Add the average $2,278 vacation budget, and that rises to 45 per cent. It’s still a significant expense, but it leaves more breathing room than in many other Canadian cities.
Zoocasa
In Vancouver, average rent plus vacation costs eats up 69 per cent of a monthly budget. It’s not much better in Ontario, where the total reaches 63 per cent in Peterborough and 62 per cent in Toronto.
If you’re looking for the best balance between housing costs and room in the budget for a getaway, the Prairies and Maritime provinces come out ahead. In Calgary, rent accounts for about 18 per cent of household income, and adding a vacation brings the total to 42 per cent.
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St. John’s offers the most room for travel, with rent taking up about 16 per cent of household income. Adding a vacation brings the total to just 34 per cent, offering the most room in Canada. Halifax came in second with a combined total of 37 per cent.
Zoocasa
But while Edmonton may offer an advantage, Zoocasa says the key is to treat your next getaway like any other major expense. Consider what the trip costs relative to your rent and income, decide what you’re willing to trade off, and plan a vacation that fits comfortably within your budget.
You can view the full ranking on the Zoocasa website.