Cost of Living
Newfoundland and Labrador offers an excellent and affordable quality of life. Cost of living in this province is much lower when compared to many of the larger centres in Canada, such as Toronto or Vancouver.
One cost that is significantly lower is the cost of buying a house. Even in the city of St. John's, Newfoundland and Labrador's capital city and largest urban centre, the average cost of buying a home can be less than in many other cities across Canada. For example, a home that costs $150,000 in St. John's might cost more than $350,000 in Toronto or Vancouver. It is important to remember that when buying a home in Canada, you will also have additional expenses such as legal fees, insurance fees and taxes to consider.
There are many other items to consider besides the costs of housing. Below is a list of the monthly expenses to be considered for a typical household budget:
- Housing (mortgage payment or rent)
- Home heating
- Electricity
- Telephone
- Cable television
- Transportation (bus or car payment)
- Gasoline ($1.00+ per litre)
- Car insurance
- Groceries
- Personal items (soap, shampoo, clothing, etc.)
- Recreation and entertainment (social activities)
Here are some websites you can visit to learn more about the cost of renting or purchasing a home in Newfoundland and Labrador:
