What is the Real Cost of Living in Oakville (Canada)?

Oakville, located in Ontario, Canada, is a community beloved by many for its natural surroundings, recreational activities, and waterfront location on Lake Ontario. In addition to its outdoor amenities, Oakville is known for having residents who take pride in keeping the area well-maintained and sustainable. The community is part of Greater Toronto and is less than 40 miles southwest of downtown Toronto.

When researching a new city, the cost of living is an essential factor. It indicates what you need to sustain a reasonable standard of living in a particular geographic location. Your cost of living includes the prices for necessities such as food, housing, transportation, and healthcare. Cost of living varies between cities and countries due to differences in factors such as taxes, minimum wage, and consumer prices. Understanding the cost of living is crucial for people looking to relocate, as it can significantly impact their overall financial stability and quality of life. Read on to learn more about the cost of living in Oakville (Canada).

Housing prices are typically the most significant factor in determining the cost of living in a particular area. Many things can influence housing prices, such as the supply and demand of housing in the area, the age and condition of homes, and the overall strength of the local real estate market. For example, a city with a booming economy and a limited housing supply may have much higher housing prices than a city with a weaker economy and surplus available housing. Areas like Oakville, with an ideal location near Toronto and the waterfront, tend to have higher housing prices than inland communities but lower prices than Toronto.

The median home price for all residences in the Oakville-Milton area in March 2023 was more than $1.3 million, with the average price for single-family homes coming in at over $1.5 million. The area has also seen relatively few new listings, which can impact the sale price. New listings decreased nearly 48% from March 2022, with only 515 new listings in March 2023. Even with prices lower than in years past, housing is a significant cost in Oakville.

Utilities can be easy to dismiss when calculating the cost of living in Oakville, but monthly chargers for gas, electric, water and sewer, internet, and other utilities can add up. In Oakville, electricity rates change throughout the day based on peak usage times. For example, from 7 a.m. to 7 p.m., electricity is 7.4 cents per kilowatt. During the peak hours of 11 a.m. to 5 p.m., it costs 15.1 cents per kilowatt. The local electric company also offers tiered pricing, which allows residents to pay lower monthly rates for less usage, but once the threshold is met, price increases apply.

For water and sewer, most residential properties are billed once every two months. The cost depends on the amount used in a time frame. For example, if the meter size is less than 20 millimeters, the combined water and sewer cost is less than $35 per month. For 40 millimeters, the average price is close to $250. Oakville has programs in place to encourage residents to limit water and electricity and conserve energy when possible, especially during extreme temperatures during summer and winter. Residents can often save money by enrolling in utility programs and paying consistent monthly fees rather than higher monthly fees in the summer and winter.

Residents can also reduce utility costs by practicing energy-saving habits. This can include limiting lights and electronics use, using energy-efficient light bulbs and appliances, and minimizing water consumption by fixing leaks and taking shorter showers. Homeowners can also consider investing in upgrades such as energy-efficient windows, better insulation, or a smart thermostat.

Many residents drive or take the bus to work (and other key locations like schools, daycares, and stores). Daily travel makes transportation another key factor in living costs in Oakville, Canada. Many residents choose to drive as their primary transportation, but the city also offers accessible public transportation options such as buses.

Monthly public transit passes are available for purchase, which can save money for those who use transit frequently. Purchasing a PRESTO card costs $136.50 monthly and allows unlimited bus rides. Otherwise, it can cost four dollars per ride. Children, teens, and seniors can ride the bus at no cost. There are also alternative transportation options available in Oakville.

Biking is a popular choice for residents, as the city has several bike paths and designated bike lanes on its roads. This not only provides a cost-effective method of transportation but also offers the added benefit of exercise. Downtown Oakville is a certified Ontario by Bike destination with bike-friendly accommodations to travel around town.

People often focus on the cost of living as a factor in their financial planning and decision-making. Equally important is the income that supports that cost of living. When considering relocation, it is essential to understand the job market, salaries, and employment opportunities in any given area. Earning enough money to meet the cost of living is critical for maintaining your desired quality of life.

The average salary in Oakville is around CAD 68,900 per year or around CAD 33 per hour. Salaries can vary significantly depending on the industry and job type. For example, industries like finance and technology tend to offer higher wages compared to fields like education or the arts. In Oakville, a pharmacist makes around CAD 138,000, while a bank teller makes around CAD 40,000.

When looking for a new home, working with a real estate agent who knows the local market well is essential. This is especially true when finding a home in a community with different neighborhoods like Oakville. A knowledgeable agent can help you find a home and a neighborhood that fits your needs and budget while providing valuable guidance on buying strategies. By partnering with an experienced realtor, you can make the most of your search for a new home in Oakville.

Rola Merhi is an Oakville, Canada, real estate agent with over a decade of experience in the local and international markets. Start your home search with Rola today.

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