Maple News reports that for newcomers settling in Canada, understanding the real cost of living is essential — not just to survive, but to thrive. While Immigration, Refugees and Citizenship Canada (IRCC) requires immigrants to show settlement funds to help cover basic expenses, these amounts often fall short of what’s actually needed to maintain a comfortable lifestyle in many Canadian cities.
According to crowdsourced data compiled in 2024, the average monthly cost of living — excluding rent — often exceeds $1,500 in urban centres. However, when housing and transportation are added, expenses can escalate significantly. Maple News analyzed monthly budgets in two Canadian cities — Toronto and Winnipeg — to help newcomers better understand their potential financial commitments.
In Toronto, Canada’s largest and most expensive city, a single person living in a one-bedroom apartment and using public transit can expect to spend between $3,700 and $6,900 per month, depending on lifestyle. For a family of four renting a three-bedroom apartment and commuting by car, monthly costs can stretch from $8,800 to over $19,000.
Winnipeg, a mid-sized city in Manitoba, offers significantly lower costs. A single person can get by on $2,400 to $5,100 per month when relying on public transport. For a family of four, living and commuting modestly could require between $5,800 and $15,100 monthly. While less expensive than Toronto, Winnipeg’s costs still surpass IRCC settlement fund benchmarks, especially for families.
One of the largest recurring costs for most newcomers is rent. Across Canada, it’s common for new immigrants to rent rather than buy housing, making accommodation the most substantial part of the monthly budget. Rental rates vary dramatically between regions, with Toronto being among the highest nationwide.
Transportation, groceries, insurance, childcare, and utilities further contribute to overall living expenses. Those owning a car can expect significantly higher monthly spending compared to those relying on public transit. Similarly, choosing to live in shared accommodations can measurably reduce individual costs.
Maple News emphasizes that while settlement funds are a helpful starting point, they do not reflect the full reality of living expenses in Canada. It’s vital for prospective immigrants to plan meticulously — taking into account their destination city, lifestyle choices, and employment prospects — to ensure financial stability upon arrival.
As Canada continues to attract skilled workers, families, and entrepreneurs, being well-informed on the true cost of living can make the difference between merely getting by and building a successful new life.