Ontario was highest for fruit and veg, dwelling repairs and furnishings
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A brand new examine, carried out by Canadian insurance coverage consultants Westland Insurance coverage, exhibits Ontario has the second highest price of residing with B.C. topping the checklist and Newfoundland and Labrador on the backside of the nation’s 10 provinces.
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The examine thought of 55 contributing components, sourced from the Nationwide Statistics Workplace Statistics Canada, and the Canadian Actual Property Affiliation, with every issue sorted into seven classes and assigned a rating of ten, together with revenue, property costs, hire, payments, meals, transport, well being and private care, and different life-style prices.
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Every rating was weighted and listed to provide a complete rating out of 100, ensuing within the remaining rating.
Canada’s three territories — Yukon, Northwest Territories and Nunavut — weren’t a part of the examine.
Ontario was the most costly for fruit and veg, dwelling repairs, and furnishings whereas over two-fifths (44%) of things ranked within the prime three, together with bigger purchases akin to renting and buying property, shopping for a automobile, and family home equipment.
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First-time consumers in Ontario may also take a few of the longest occasions to avoid wasting for a house, with the median home value — $931,870 — virtually double the nationwide common.
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Again in B.C., the examine discovered that just about two-thirds (60%) of things ranked among the many prime three most costly nationwide and that just about one-quarter (21%) of British Columbia’s cost-of-living components ranked as the most costly within the nation, together with shopping for and renting a house, well being and dental care, public transportation, and a aircraft ticket.
B.C. additionally had the most costly properties in Canada, with a median value of $996,460, over half the nationwide common of $490,520.
Commenting on the findings, a spokesperson for Westland Insurance coverage mentioned: “It’s clear that the 2 most costly provinces have exceptionally excessive home costs, however basic residing prices are typically increased, too. British Columbia ranked among the many prime three most costly provinces in each class, besides lodging, payments, and utilities bills, the place it positioned fourth.”
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