Budgeting before you move overseas is essential, and an important aspect of that is factoring in how much your cost of living might change.
When you move from the UK to Canada it may take a while to get your head around exchange rates and the cost of everyday goods and services.
To help you get started we’ve put together a little overview of some of the key differences between the cost of living in the UK and Canada.
On the surface the cost of many goods and services is considerably higher in Canada, but there are a few areas where Canada comes out on top…
How does the cost of living compare?
Below we’ve pulled together a list of basic products and services and compared their cost in both pounds and Canadian dollars. The difference column shows you the percentage difference in price. (All figures have been sourced from the comparison site Numbeo.)
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The Essentials |
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Product/Service |
Canada (£/C$) |
UK (£/C$) |
Difference (%) |
|
Milk (1 l) |
£1.39/ $2.33 |
£0.91/ $1.53 |
34.61 % Cheaper in UK |
|
Loaf of White Bread |
£1.68/ $2.83 |
£0.92 / $1.65 |
41.59 % Cheaper in UK |
|
Eggs (12 Regular) |
£1.98 / $3.31 |
£1.86 / $3.11 |
5.95% Cheaper in UK |
|
Local Cheese (1kg) |
£12.69 / $7.58 |
£9.09 / $5.43 |
28.33% Cheaper in UK |
|
Potatoes (1kg) |
£1.57 / $2.64 |
£1.15 / $1.92 |
27.08% Cheaper in UK |
|
Bottled water (1.5 l) |
£1.35 / $2.26 |
£0.97 / $1.62 |
28.27% Cheaper in UK |
|
Basics (Electricity, Heating, Water, Rubbish, etc.) |
£88.57 / $148.33 |
£144.81 / $242.51 |
63.50% More expensive in UK |
|
Buy property prices |
£3,561/ $5,965 |
£4,120 / $6,901 |
14.79% More expensive in UK |
|
Average Monthly Net Salary |
£1,916 / $3,209 |
£1,779 / $2,980 |
7.13% Less in UK |
|
Restaurants |
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|
Product/Service |
Toronto (£/C$) |
London (£/C$) |
Difference |
|
Meal at McDonalds |
£5.95 / $10.00 |
£5.38 / $9.01 |
9.90% Cheaper in UK |
|
Meal at an Inexpensive Restaurant |
£8.96 / $15.00 |
£12.00 / $20.10 |
33.98% More expensive in UK |
|
Domestic Beer |
£3.58 / $6.00 |
£3.50 / $5.86 |
2.31% Cheaper in UK |
|
Coke/Pepsi |
£1.27 / $2.13 |
£1.23 / $2.06 |
3.53% Cheaper in UK |
Whereas your basics, such as milk, cheese and potatoes, cost a lot more in Canada, property prices are lower on average and you’ll be saving money on utilities. Your salary may also be higher.
Top tips
If you’re keen to cut the costs of living in Canada, follow these top tips!
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Research – With Canada’s cold winters and hot summers, it’s worth thinking seasonally as it will work out more cost-effective. Go with local fruit and vegetables where possible. You could also import (non-perishable) goods which are cheaper in the UK too, although it’s worth weighing up the overseas postage costs and seeing if they work in your favour.
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Embrace alternatives – Although your basics are more expensive in Canada, you’ll save money where it really matters, like on property and utility bills. Although we haven’t illustrated it on the table above, local transport is also considerably cheaper in Canada – so if you need to commute for work or enjoy going on weekend adventures, there’s definitely money to be saved.
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Get expert advice on moving your money to and from Canada. A simple way to make serious savings when transferring money abroad is to employ the services of a leading currency transfer provider. With us you’ll get excellent exchange rates, no fees and exceptional service. You also have the option to move money online, over the phone or with the help of your account manager.
If you have a currency transfer coming up and would like to talk through your options give us a call on +44 (0) 20 7847 9400.
