Coquitlam: The Unlikely Underdog

A startling new report has revealed that Coquitlam is the least comfortable city in Metro Vancouver, and it’s not alone in the rankings. Several locations in this bustling region rank among the worst in Canada for achieving a comfortable lifestyle, with unexpected contenders leading the pack.

The MoneySense Breakdown

According to a thorough analysis by MoneySense, which evaluates what constitutes a comfortable income across Canadian cities with populations over 50,000, the numbers are eye-opening. This study calculates the monthly expenses of an average single person—including rent, transportation, food, utilities, and more—resulting in some shocking revelations.

Income taxes (ranging from 20% to 25% for middle-income earners) and savings requirements (10% to 15%) were included, along with a buffer for unforeseen expenses that adds another 10% to 20% of gross income for safety.

The Uncomfortable Figures

For Coquitlam, a single individual needs to earn a staggering annual income of $104,928 to maintain anything resembling a comfortable lifestyle. Monthly living costs are about $4,372.

North Vancouver follows closely as the second least comfortable city in the area—ranked fifth worst in Canada. Here, residents require an annual income of $103,512, with a monthly cost of living pegged at $4,313.

Comparative Analysis: Vancouver and Burnaby

Surprisingly, Vancouver isn’t far behind, with a comfortable income threshold set at $102,576 and average monthly costs at $4,274. Burnaby rounds out the bottom four, where the necessary annual income dips slightly to $102,312 and living costs are $4,263—just $11 less than Vancouver.

Best Life in the Province?

On a brighter note, Prince George has been identified as the most comfortable city in British Columbia, requiring an annual income of $80,664 with lower monthly living costs of $3,361.

Ontario's Surprising Rankings

Interestingly, the three least comfortable cities across Canada are found in Ontario: Whitby, Milton, and Richmond Hill, marking a distinct geographical disparity in comfort levels.

Beyond the Numbers

It’s vital to remember that these figures don’t tell the whole story. MoneySense notes that larger financial dynamics, such as debt and home ownership, heavily influence personal satisfaction. Many might find contentment living on a tighter budget without debt.

Check out MoneySense for the complete ratings and to see how your city measures up!