The cost of living in each province is determined by a variety of factors, and Alberta is no different. The province is renowned as Canada’s energy province, and its economy is fuelled by the oil industry, which employs around one in every sixteen people in the province. Alberta is well-known around the world for its high standard of living and abundance of economic prospects. Forestry, for example, is worth $6 billion a year and accounts for about a fifth of the total economy. If you’re looking for a place to call home in Canada, Alberta is a great place to start. Alberta is Canada’s fourth most costly province. However, because of the lower overall cost of living, you will have more disposable income. In Alberta, the average monthly cost of living, excluding rent, is $703 for a single person and $2,190 for a family of four, which is 1.02 times less than the national average. Aside from that, a variety of factors influence the cost of living in any province. Moving to Alberta has several advantages, the most important of which is the decreased cost of living. Almost all aspects of life in Alberta are less expensive. Ontario’s purchasing power is 25 percent lower on average than Alberta’s. Canada’s currency is the Canadian Dollar. Alberta’s average prices are higher than those in the United States. If you shop in Alberta, you will pay 1.07 times more than you would in the United States.
How Much Does It Cost to Live in Alberta?
In Alberta, the average monthly cost of living, excluding rent, is $703 for a single person and $2,190 for a family of four, which is 1.02 times less than the national average. In any case, Alberta offers significant cost-of-living advantages over the national average. Albertan families have higher family earnings than those in other Canadian provinces. According to the 2018 Canadian Income Survey, families in Alberta earned a median income of $98,400 (after taxes), which was higher than the national average of $84,900.
The Act of Feeding (Groceries and Restaurants)
The cost of groceries varies from person to person, based on criteria such as the quality of the food, the number of people you want to feed, and your hunger, among others. The average household, on the other hand, spends at least $168 each week on groceries. The monthly cost for a family of two adults might range from $400 to $600. Dairy and meat goods, may be more expensive than average. A lunch in a low-cost restaurant costs $12.6 on average, whereas a three-course meal for two people in a mid-range restaurant costs $49.4. For caffeine addicts, a standard cappuccino costs $4.27 and an espresso costs $3.00. An average fast food lunch in Alberta costs $11.50. Expenses for groceries and rations on a monthly basis include figures that differ from one person to the next. Various elements, such as food quality (fresh, organic, or processed), appetite volume consumed, and the number of people to be fed, all have a role. Monthly expenses for a family of two adults might range from $400 to $600. On average, an individual would spend $200–$300 per month on rations. Cooking the majority of meals, planning ahead of time, and going to the grocery once a week helps keep you focused on what you need and on budget. Groceries, particularly meat and dairy items, are generally more expensive than the national average. A lunch in a mid-range restaurant can often provide excellent value for money.
Low-income residents of Alberta’s two main cities, Edmonton and Calgary, are offered transit passes to help with local commutes. Senior citizen passes are available separately. A pass in Calgary costs $99 and entitles you to unlimited rides on all transit routes. In addition, a $9.50 senior day pass is available. A monthly pass costs $91.50 in Edmonton, while a senior day pass is $9.25. The cost of using public transportation in Alberta is 3.30 CAD for a one-way ticket. A car rental in Alberta costs (for example, a Volkswagen Golf or Toyota Corolla) 24,000 CAD. If you prefer a taxi, keep in mind that the cost of a taxi in Alberta is determined by a number of factors. The basic fare for a taxi is approximately 4.00 CAD. In Alberta, a one-kilometer ride costs around $2.50 CAD.
Utility costs are impacted by the age of the house, its efficiency, and human usage. In the summer, a rental area of 1,000 sq. ft. or more for two people can cost roughly $150–$200 per month in utilities, and around $250–$300 per month in the winter, depending on how hot it is. Water conservation, turning off lights when not in use, and not overloading equipment can all help you save money. Getting rid of obsolete appliances like computers and refrigerators can save you a lot of money, but it will cost you at least $20 every month. Adopting a ceiling fan instead of air conditioning for half the time and using energy star equipment can also help. Monthly internet and TV bundles typically cost $120-$180. Monthly phone bills range from $30 to $80. Packages for internet TV start at roughly $30 per month.
Gas and Electric
Alberta’s winters are bitterly cold, with a protracted snow season. Even in the summer, nights can be chilly. Winters may be terrible and unforgiving, with temperatures plummeting to -40 degrees Celsius and severe cold storms forcing many to flee to neighboring cities such as Toronto. Because of the cold winters, utility bills are higher in the winter than in the summer. Monthly gas and electricity expenditures for a 3-bedroom house might range from $280 to $400 in the winter and $100 to $200 in the summer. Both these costs and amenities are frequently included in the rent for many condos.
Alberta has a publicly supported healthcare system. Permanent residents in Alberta are covered by the Alberta Health Care Insurance Plan (AHCIP), which assures them that they have free access to vital hospital and health care services. Using a walk-in clinic costs $100 in private health insurance premiums. Fillings, cleaning, and extraction of wisdom teeth are not covered by the Alberta Health Care Insurance Plan. X–rays (both sides) are $40, a check–up with scale and polish is $190, a Composite back tooth filling is $180, an Amalgam back tooth filling is $130, and a Porcelain Crown is $800.
All cars that are used or parked on public property or roadways in Alberta are required to be insured and registered. Passenger car registration is $84.45 for one year and $159.45 for two years. On the other hand, insurance costs are determined by factors such as age, driving history, automobile type, location, mileage, and kind of coverage, among others. The average car insurance premium in Alberta is $1,316 per year. Albertans must also carry third-party liability insurance for up to $200,000 and accident benefits worth up to $50,000.
Alberta has the second-highest home insurance premiums among all provinces. Property insurance in Alberta costs between $800 and $1,200, depending on the size of the home, location, and kind of policy. Because there are fewer dangers, basic condo insurance, will be less expensive. Although the average monthly rent in Alberta is around $25, tenant insurance can be as cheap as $15.
Real Estate and Rent Pricing
- One-Bedroom Apartments
The monthly rent for a single-bedroom apartment in downtown is $796. A single-bedroom apartment outside of the city centre, on the other hand, costs $623 per month. In Edmonton, the average rent for a one-bedroom apartment is $873, while in Calgary, the average rent for a one-bedroom apartment is $976.
- Rentals With Three Bedrooms
Outside of the city centre, a three-bedroom apartment costs $1,019 per month. A three-bedroom apartment downtown, on the other hand, costs $1,228 per month. The majority of rental apartments are unfurnished, but most come with window coverings, kitchen appliances, carpets, trash disposal, central vacuum, air conditioning, and heating.
- The Cost of Purchasing an Apartment
The average cost of a home in Alberta is roughly $600,000 in Calgary and $480,000 in Edmonton. This figure includes all types of residences, including apartments, attached homes, detached homes, and so on. The cost of purchasing a property varies greatly depending on the neighborhood. Purchasing a home in Alberta is less expensive than in other Canadian provinces, but it is still not inexpensive. Apartments in Alberta are sold per square inch, with pricing varying depending on location. A 10 ft2 apartment in the city center, for example, costs $2,977, while identical units in the suburbs cost $2,151.
- Alberta’s Average House Prices
The average home price in Alberta is $403,163. The average price is up 4.2 percent from the same month last year, when it was $386,815. Regardless of the province’s average, property prices will differ from city to city. The top 5 most expensive cities in Alberta to buy a home, along with their typical property prices, are as follows; $415,200 in Calgary, $382,224 in Fort McMurray, $334,732 in Grand Prairie, $323,100 in Edmonton, and $308,749 in Lethbridge.
- Taxes On Real Estate
Property tax is paid by the owners of residential properties. The amount of tax paid is calculated by the government using the local tax rate and the value of the property. Property taxes in Alberta range from $1,200 to $3,500 per year. If you rent the apartment, you won’t have to pay any taxes.
From the age of six to sixteen, primary education is required. From kindergarten to the 12th grade, education in Alberta is free. The cost of attending a private school can range from $5,000 to $50,000 or more each year. One year of international primary school costs $9,343, while one year of private preschool or kindergarten costs $793. With 26 universities and institutions, Alberta offers a diverse range of educational alternatives. The Alberta government subsidizes up to 50% of tuition rates, while the cost varies by region.
Adults can join a health club or gym for $40 per month, and tennis courts can be rented for $22.92 per hour on weekends. In addition, a single-person movie ticket might cost up to $11.2. It can cost roughly $14 per person, depending on the time slot and popularity of the film. A three-course lunch for one person twice a month in a mid-range restaurant can cost around $60-$70. Individual memberships at fitness and sports clubs can cost anything from $40 to $77 per month. As a result, the expense of recreation is easily accessible.
What Is the Minimum Wage Required To Live Comfortably in Alberta?
According to Vibrant Communities Calgary (VCC), a family of four needs to earn $81,293.20 per year to live comfortably, and they have released the complete computation of how they arrived at the amount of “$18.60” per hour as a living wage here.
Is Food in Alberta Expensive?
Supermarket pricing is greater in Alberta. For example, you must pay for; 1 liter milk bottle or carton: 2.50 CAD, 13 CAD for 1 kilogram of popular yellow cheese, 3.50 CAD for a bottle of well-known beer, 1 kilogram of sausage or cold cuts at 23 CAD, and for a bottle of mid-range wine at 15 CAD.
How Much Do Meals (Breakfast, Lunch, and Dinner) Cost in Alberta?
A typical fast food lunch in Alberta costs 11 CAD for a McMeal (or equivalent combo meal) at McDonald’s or Burger King, and 3.30 CAD for a cheeseburger. Cappuccino coffee costs 4.30 CAD, while espresso costs 3.00 CAD. Alberta’s average hotel price is 2.84 times higher than India’s average. It comes to around 118 Canadian dollars.
Taking the Cost of Daily Supplies
1 liter milk (regular) – 2.50 CAD, 2.90 CAD for a 500g loaf of fresh white bread, regular eggs (12) – 3.50 CAD, 1kg of local cheese costs 13 CAD, 2.10 CAD for a 1.5 liter bottle of water, 1kg skinless and boneless chicken breasts – 13 CAD, 250 g apples (1 kilogram) – 4.20 Canadian dollars, 4.10 CAD for a kilo of oranges, 1.80 CAD per kilo of potatoes, salad greens (1 head)- 2.60 Canadian dollars, 3.70 CAD for 1 kilogram of white rice, 4.40 CAD for a kilo of tomato, 1.70 CAD per kilo of bananas, 1.60 CAD per kilo of onions, 1kg Beef Round (or Equivalent Back Leg Red Meat)-CAD 15, 5.00 CAD for 1 kg of pears and 2.40 CAD for 1 kg of cucumber are just some of them.
Queen Victoria’s fourth daughter, Princess Louise Caroline Alberta was the inspiration for the name of this province. Every year, people from all around Canada and the world choose Alberta as their place of business and residence. Alberta has a high standard of life, diverse and inviting towns, beautiful scenery, and a strong focus on economic growth, job creation, and entrepreneurship. Rats are not allowed to establish themselves in Alberta because there is no local population of rats. Alberta is one of the most popular destinations in Canada for people wishing to relocate. Many people are considering migrating to the province because of the good quality of life and excellent job opportunities, particularly if it involves relocating to Calgary or Edmonton.