Ontario Ranks Second in Canadian Cost of Living Posing Challenges for Homebuyers
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A recent study by Canadian insurance experts Westland Insurance reveals that Ontario has the second-highest cost of living in Canada, surpassed only by British Columbia. The study examined 55 contributing factors from sources such as the National Statistics Office Statistics Canada and the Canadian Real Estate Association. These factors were categorized into seven groups, each assigned a score of ten, including income, property prices, rent, bills, food, transport, health and personal care, and other lifestyle costs. Newfoundland and Labrador emerged as the province with the lowest cost of living among Canada's 10 provinces.
The study also highlights the challenges faced by first-time homebuyers in Ontario, as they will need considerable time to save for a home. The median house price in Ontario is reported to be $931,870, almost double the national average. This substantial difference in housing costs suggests that prospective homeowners in Ontario face a more demanding financial landscape compared to other provinces, adding to the complexity of the real estate market in the region.
Read the full article on: TORONTO SUN
