Cost Of Living In Alberta 2022
The province of Alberta is bordered by the vast prairie lands, the Canadian Rocky Mountains, the Northwest Territories, and the State of Montana. It’s no surprise that this western province has earned a reputation for its natural resources, but the truth is that it’s one of the most attractive places to live in Canada.
It’s no secret that the average income of people in Alberta is much higher than the national average, but how much does it cost to live in this province?
This article will cover the cost of living in Alberta as well as the different variables you should consider when calculating prices in the province’s major cities. Additionally, we’ll tell you what the average family can expect from Canadian life in this province.
How Much Does It Cost to Live in Alberta?
It’s important to note that the cost of living in Alberta is different for every single family.
This is because every household has a unique collection of needs and requirements. The number of household members will determine the size of your house, and thus your monthly rent. If you decide to buy a house, you’ll need to check average home prices for the property size you’re looking for, but it’s safe to assume that bigger homes have a higher price tag.
Your monthly costs calculation should also include additional responsibilities. This includes extracurricular activities for some family members, monthly transit pass payments, and insurance costs. Not to mention food costs and fuel expenses, which are directly related to home prices.
With all of the above in mind, it’s estimated that Alberta’s cost of living for a single person is around $750, before rent or mortgage payments. A family of four needs approximately $2500 before residential property expenses.
This can vary if you decide to live in a smaller city or close to the city centre. Moreover, there are some instances where you can save money, even if it’s temporarily. For example, if you have two young children, you can choose to rent a two-bedroom apartment while you save the funds to purchase a four-bedroom dwelling.
Factors That Affecting Alberta’s Living Costs
You may be able to find a cost of living in Alberta calculator online, but note that these tools don’t always offer all of the variables you need to keep in mind.
Therefore, to determine your family’s Alberta, Canada cost of living, it’s essential to evaluate all of the factors that will influence your decision.
Here are a few key variables you should keep in mind while choosing the types of residential properties that are suitable for your family.
Groceries and Other Food-Associated Costs
The first variables you should consider when calculating your cost of living in Alberta, Canada are groceries and other food-associated expenses.
Some of the biggest elements to consider here, besides the size of your household, are the quality of the food you purchase and your family’s overall appetite. The average household of two adults consumes anywhere between $500 to $700, but it’s worth noting that meat and dairy products are slightly more expensive in Alberta.
Note that a meal in an inexpensive restaurant is around $14, a cappuccino is around $4.50 in most places, and a fast food meal costs somewhere around $12.
All Utilities, Including Internet Bills
Monthly utilities include electricity, water, internet, and any other monthly service you purchase for your home. In addition to heating and cooling your house, the type of internet/telephone plan and other services you use will also impact these expenses.
Remember that this is affected by seasonality, so you can expect to pay around $200 for all bills including internet during summer and close to $350 during the colder months.
As we mentioned previously, you can opt to purchase monthly transit passes for your family in order to take advantage of public transport in the bigger cities in Alberta. The costs of the transit passes vary by city, but remember that senior citizens also get a special rate.
Alberta has a comprehensive healthcare system where residents have access to all necessary care. Even private healthcare costs are relatively low as residents with insurance plans can receive this type of treatment for a $100 premium.
Province’s Average Salary
While this isn’t an expense, it’s worth noting that the province’s average salary directly impacts the cost of living for most residents.
The average household income in Alberta is close to $100,000 after taxes (more on these in a bit!), which is more than $10,000 higher than the national average.
Car Insurance and Home Insurance
Alberta has high car insurance costs when compared to other provinces. The average insurance policy for a vehicle is more than $1300. And, residents need to make sure that the policy offers third-party liability coverage in order to adhere to Alberta law.
Real Estate Sales and Rental Costs
The cost of both home rentals and buying prices is directly influenced by the city and the exact area you want to live in. In big cities, property outside of the city centre is usually more affordable, whether you want to buy or rent.
Alberta has no sales or sales premium, nor does it have a health premium. This is one of the biggest reasons why Canadians in other provinces move to cities in Alberta (along with above-average salaries).
Education and School Expenses
The public school system offers free schooling from kindergarten to 12th grade in Alberta and children have to attend classes from the ages of 6 to 16. Private schools are also available throughout the province, with prices that range from $5000 to $50,000 and beyond.
Additionally, with dozens of higher education institutions, Alberta is a superb place for new professionals to develop their skills and start their careers.
Is it Really Worth It to Move to Alberta?
You need to consider all of your family’s requirements and ensure that you choose a city or town that meets all of these needs. But, in short, moving to or staying in Alberta is a great alternative because it offers great opportunities in the form of big cities, beautiful natural attractions, and the lowest possible tax rate you can imagine.
If you want to find out more about real estate prices or the cities with the lowest cost of living in Alberta, get in touch with our team of real estate professionals.
Alberta is not among the most expensive provinces, so living in any of its amazing cities can help you save thousands of dollars in the long run. With that said, you need to figure out your family’s requirements and compare the conurbations in Alberta to other Canadian cities to ensure that this province offers the best alternative.
If you’d like to know more about the cost of living in the different provinces in Canada, stay tuned to our blog. Want to find out more about real estate prices and similar housing costs? Contact our Alberta agents and book an appointment today.
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