Are you searching for a place to live in Canada that won’t break the bank? Let’s explore the provinces of Canada with the lowest cost of living. Newfoundland and Labrador are the comparatively affordable provinces to live in Canada.
This undiscovered gem offers a fantastic, pocket friendly living for students, professionals and retirees. This province features economical housing, transportation, utilities and taxes. These provinces are ideal for individuals seeking a good quality of life on a budget.
In this blog, we will discover the factors which should be considered for living comfortably without breaking the wallet. The factors include;
- Housing
- Transportation
- Groceries
- Healthcare
- Taxes
Housing
A province’s cost of living is significantly affected by housing costs. The average rent for a single bedroom apartment in Newfoundland and Labrador is $1,000, compared to $1,500 in other provinces. Newfoundland and Labrador have a less average house price of $250,000 than the national average of $450,000, enabling homeownership more accessible.
Transportation
Transportation cost is another key factor that significantly influences the cost of living. Gasoline costs roughly $1.20 per litre in Newfoundland and Labrador, which is cheaper than the national average of $1.40 per litre. The cost of a one-way bus ride in Newfoundland and Labrador is also lower than the national average of $3.50.
Groceries
Additionally, Newfoundland and Labrador’s grocery cost an average of $120 per week, which is relatively cheaper than the national average. Compared to the other provinces, a basket of basic goods costs roughly $100 per week.
Healthcare
Medical are is the most important factor to consider. Although dentistry and prescription medicines are publicly funded in Canada, there are still some fees that must be paid in cash. The average cost of healthcare in Newfoundland and Labrador is $5,880 per person. This is the lowest average cost of healthcare in Canada. Whereas, the average cost of healthcare in Manitoba is $7,080 per person.
Taxes
In Newfoundland and Labrador, taxes are also lower than in many other provinces. The 10% provincial sales tax (PST) is less than the 13% national average. Newfoundland and Labrador also have reduced provincial income tax rate than many other provinces.
In addition to these factors, the cost of living in Newfoundland and Labrador is also economical due to the province’s low population density and its location in the Atlantic region. This makes these provinces less competitive for housing and other goods and services.
On conclusion, if you are looking for a province with a low cost of living, Newfoundland and Labrador is a great choice. The province offers affordable housing, groceries, transportation, and taxes. It also has a beautiful natural landscape and a friendly community.
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