A new report analyzed what a comfortable income looks like in cities across Canada, and a few Metro Vancouver spots are among the worst in Canada for a comfortable life.
But a city you may not expect was named the most uncomfortable in Metro Vancouver.
The report from MoneySense examines what a comfortable income looks like in Canadian cities with populations of 50,000 or more.
MoneySense’s analysis examines the monthly expenses for the average single person renting their home, including rent, transportation, food, utilities, clothing, leisure activities, and other miscellaneous expenditures.
The report also considers income taxes, “which typically net out to between 20 percent and 25 per cent of gross income for middle-income earners, and savings at 10 per cent to 15 per cent.”
“We then rounded up a further 10 per cent to 20 per cent as a ‘margin of comfort’ allowing for unplanned expenditures or additional savings.”
You might be surprised to know that it isn’t North Vancouver, Vancouver, Burnaby or Richmond that MoneySense considers the least comfortable major city in Metro Vancouver. It’s actually Coquitlam, which is also the fourth worst in Canada.
According to MoneySense, a single person in Coquitlam needs an annual income of $104,928 to maintain a comfortable life. The average monthly cost of living for a comfortable life in Coquitlam is $4,372.
North Vancouver was determined to be the second least comfortable city in Metro Vancouver and the fifth worst in Canada. North Vancouver has also been the most expensive place to rent in Canada in recent months, according to Rentals.ca.
MoneySense says that in North Vancouver, the annual income required to be comfortable is $103,512, with an average monthly cost of living totalling $4,313. That beats out Vancouver, where a comfortable income is $102,576, and the average monthly cost of living is $4,274.
Burnaby rounds out the bottom four for cost of living in Metro Vancouver. MoneySense reports that a comfortable annual income in Burnaby is $102,312, with a monthly cost of living of $4,263, $11 behind Vancouver.
In B.C., according to MoneySense’s metric, the most comfortable place to live is Prince George, where the annual income required for a comfortable life is $80,664, with a monthly cost of living of $3,361.
The three worst cities for financial comfort are also surprising and are all in Ontario: Whitby, Milton, and Richmond Hill.
MoneySense acknowledges that these numbers aren’t the only thing to consider.
“Of course, just because you make the cut in your city doesn’t mean you’re living comfortably. Likewise, a person or family with no debt who owns their home outright may feel content living on a lesser income. Many other variables—not to mention your own expectations—may affect your personal situation,” MoneySense adds.
MoneySense has a full list of all the cities in its report.
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