Comparing Lifestyle and Wealth: Calgary, Edmonton, and Alberta vs BC, Ontario, and Quebec
The perception that Alberta, and cities like Calgary and Edmonton, are richer than other major provinces such as British Columbia (BC), Ontario, and Quebec, is often debated. People from these regions sometimes argue that moving to Alberta is a downgrade if they were previously living in these more prominent provinces. This article aims to provide a comprehensive comparison of the wealth, economic conditions, and overall lifestyle in these regions.
Income Levels
Alberta: Alberta historically has had higher average incomes due to its resource-based economy, notably in the oil and gas sector. Cities such as Calgary and Edmonton are known for their strong economies and high-paying jobs, particularly in the energy industry.
British Columbia (BC): BC has a diverse economy with robust sectors in technology, tourism, and natural resources. However, the Greater Vancouver area has a very high cost of living, which can offset higher incomes, making it a significant challenge for residents.
Ontario: Ontario, especially the Greater Toronto Area (GTA), has one of the highest average incomes in Canada. Yet, its high cost of living, particularly in housing, can be equally challenging.
Quebec: Quebec has a lower average income compared to Alberta. However, it offers a lower cost of living in many areas. The economy in Quebec is diverse, strong in technology, manufacturing, and services.
Cost of Living
Calgary and Edmonton: These cities generally have a lower cost of living, especially in housing. This can significantly impact disposable income and overall wealth.
BC: Vancouver and Toronto have some of the highest housing costs in Canada, making living there more financially challenging, even with high incomes.
Overall Economic Conditions
Alberta: Alberta has experienced economic booms and busts primarily linked to oil prices. During periods of strong economic activity, residents may enjoy higher disposable incomes compared to other provinces.
BC and Ontario: BC and Ontario have more stable economic growth patterns due to their diverse economies, making them attractive for long-term investments and job security.
Personal Experiences
Calgary and Edmonton: Having lived in Calgary for over 50 years, I have observed that wages here traditionally averaged considerably higher than in other Canadian provinces. Housing is currently over-supplied, resulting in downward pressure on house prices and rents. The city is beautiful, with the glacier-fed Bow River running through the downtown area. House designs cater to all buyer needs, from the rich to the working class, with neighborhoods being beautiful and well-serviced.
Vancouver: Living in Vancouver for the past 15 years, I noticed that housing has become overwhelmingly expensive, beyond the reach of ordinary working people. Even small stucco bungalows can cost over a million dollars. I owned a condo in Vancouver for many years, purchasing it for $85,000 and selling it in 2018 for $500,000, a 1 return on investment, which was a pity for buyers. The real estate boom was largely driven by wealthy Hong Kong-fleeing investors, contributing to outrageous real estate prices.
Toronto: Toronto is also ridiculously expensive to live in, although the downtown sectors such as banking, import/export, and law produce high average wages. My family, who have high-paying jobs in these sectors, stay in Toronto despite the high cost of living, due to Toronto’s status as the economic center of Canada.
Conclusion
The perception that living in Alberta is a downgrade is subjective and varies greatly depending on individual circumstances. While Alberta offers higher income levels and a lower cost of living, its economy can be volatile. BC, Ontario, and Quebec provide more stable economic conditions but with higher costs of living, particularly in housing.
Ultimately, the choice of where to live in Canada depends on lifestyle preferences, economic stability, and cost factors.