Four of the five most expensive cities on either side of the border are Canadian: study
By Maggie Parkhill
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2022-06-17 (CTV Network) – Four of the five most expensive cities on either side of the border in terms of cost of living relative to income are located in Canada, according to a new study. Data released by Canadian insurance provider PolicyAdvisor suggests that New York, Mississauga, Ont., Vancouver, Hamilton, Ont., and Toronto are the most unaffordable places to live in both countries. The study looked at the 10 most populous cities in each country and compared the average cost of eight common necessities, items and services: a movie ticket, a restaurant meal, a bottle of water, a cappuccino, a subscription a month’s worth of a gym, a public transit pass, a monthly transit pass, and one month’s rent. After comparing the costs, the study also took into account the average income of the inhabitants of each city. “These data contain some surprising results, because while some major cities in North America may be perceived to have a lower cost of living, taking into account the average wage in the region, it’s not as clear” , a spokesperson for PolicyAdvisor said in a statement. press release Thursday. CANADA’S MOST EXPENSIVE CITY Mississauga is the most unaffordable city in Canada, and the second most unaffordable major metropolitan area in Canada and the United States, according to the study. Mississauga has the third most expensive public transit of the cities surveyed, after New York. City and Toronto, with a monthly transit pass costing $131. It also has the third most expensive rent in Canada, after Vancouver and Toronto, at an average of $2,117 per month. But what makes it unaffordable, according to the study, is the average net salary of its inhabitants. Ranking 17th out of 20 cities, residents of Mississauga earn an average of $4,168.70 per month. This means that someone earning the average amount of money and paying the average amount of rent would spend nearly 51% of their take home pay on housing costs. RISE IN RENTS AND LOW WAGES HAVE AN IMPACT ON AFFORDABILITY Third on the list of most expensive cities in the United States and Canada is Vancouver, which takes bronze in affordability for many of the same reasons than Mississauga. Vancouver has only the eighth most expensive rent of the 20 cities, but is the first Canadian place to make this list, preceded by New York, San Diego, Los Angeles, San Jose, Chicago, Philadelphia and Dallas. The West Coast city also ranks near the middle of the list in other metrics, including the cost of public transit and cappuccinos. But according to the study, what makes Vancouver particularly unaffordable is the percentage of take-home pay that rent represents. The average take-home pay in Vancouver is $4,952.55 according to the study, but the average rental unit in Vancouver costs $2,253.98, or nearly 46% of take-home pay. The same trend is observed in the fourth city on the list: Hamilton, Ont. While the city has relatively low average costs for things like eating a meal out ($18.09) or a cappuccino ($4.52), the average monthly rent is $1,610.25, which is more than 42% of the Hamiltonian’s average net salary, at $3,824.35. The study also notes that the average cost of a monthly transit pass in Hamilton is more than twice that of a pass in San Antonio, Texas ($112.20 and 49. $47, respectively). Toronto rounds out the top 5 most expensive cities. With high transportation costs (second highest at $156) and rent (ninth highest at $2,134.44 and second highest in Canada) exceeding his relatively low income ($5,138.57, ranking 13th in total). “Rents were already rising in many major markets across Canada,” Paul Danison, content director for Rentals.ca, told CTVNews.ca on Wednesday in a phone interview. “But now you add the interest rate hike [and] out of control inflation continues, and rents right now are just skyrocketing. THE COST OF ENTERTAINMENT While the cost of essentials may be less affordable in Canada, those with disposable income will find that on average entertainment and lifestyle costs are actually cheaper in most Canadian metropolitan cities than in the United States. According to the study, the most expensive average movie ticket in Canada costs around $16 in Vancouver – still much cheaper than in New York, where a ticket will set you back more than $23. Sophisticated java will also cost Canadians less than Americans. The most expensive average cost of a cappuccino in Canada is in Edmonton at $5.15 a cup. In the United States, the most expensive medium cup is in Phoenix at $6.69. For those returning to restaurants after two years of the pandemic, the most expensive average cost of a meal in Canada can be eaten in Ottawa at $25.12, ranking 5th. In the most expensive city in the world, New York, an average meal will set you back $32.54. And for Canadian fitness enthusiasts, the average cost of a month’s gym membership is the most expensive in Calgary, coming in at $81.70 and ranking third on the list of Canadian cities and Americans. Here is the complete list of the most expensive major cities in the United States and Canada: 1. New York 2. Mississauga 3. Vancouver 4. Hamilton 5. Toronto 6. Los Angeles 7. San Diego 8. Chicago 9. Ottawa 10. Montreal 11. Winnipeg 12. Philadelphia 13. Phoenix 14. San Jose 15. Brampton 16. Dallas 17. San Antonio 18. Houston 19. Edmonton 20. Calgary With files from Jennifer Ferreira
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