If you’ve been thinking about relocating, whether for work or for personal reasons, it’s often difficult to factor in the unforeseen costs that can quickly add up, making your move even more costly.
And it turns out, if you’re thinking about moving to Vancouver, it would cost you roughly an additional USD $7,874 if you’re moving on your own or USD $16,565 if you’re moving as a family, according to a new study from relocation experts, Movinga.
The study, which is called the International Moving Index, was conducted by determining how much it would cost both individuals and families to relocate, by calculating the landing costs associated with moving to some of the most in-demand cities around the world.
The study first selected 85 cities around the world that are “known for attracting expats due to their work opportunities and outstanding education, as well as those attracting new talent for their bustling start-up culture and alluring lifestyle.”
The study then looked at essential costs for an individual to move versus a family, these costs included things like the day-to-day living expenses to rental prices, including transportation, food and drink, as well as a new phone plan.
Movinga also factored in the average cost of rent for temporary accommodation in a city and storage fees to keep belongings safe while you hunt for more permanent accommodation.
Finally, Movinga included one month’s deposit for permanent accommodation, in addition to the monthly rent and the cost of setting up an internet connection.
According to the study, San Francisco is the most expensive city to move to, at a cost of USD $13,531 for an individual and USD $24,004 for a family, followed by New York City, USA and Geneva, Switzerland.
Out of the 85 ranked cities, Toronto placed 21, costing a total of USD $7,939 for an individual and USD $16,037 for a family to relocate to.
Vancouver trailed behind at 22nd spot on the list. Montreal was the final Canadian city to make it onto the list, claiming the 51st spot and costing USD $5,371 for an individual and USD $10,069 for a family to relocate to.
“The costs in this price index are designed to be an indicator of the kind of expenses a person may incur by moving to a new city. In many cases, an individual moving abroad may be sponsored by a new employer to do so and will receive financial help or pre-paid temporary accommodation,” comments Finn Age Hänsel, managing director of Movinga.
“However, for those trying to calculate how much money they would need to save to move abroad both for themselves and potentially their family, this price index offers a great benchmark estimate.”
The full 2019 International Moving Index can be found here.