Five things to consider when moving to another province or territory
If you are thinking of packing up and moving to another province or territory, you won’t be alone. In fact, Statistics Canada (StatCan) estimates that there were more than 350,000 instances of interprovincial migration – which it defines as moving from one province or territory to another – in 2021.
However, moving to another province is a big adjustment and it is easy to be overwhelmed. In this light, we look at some things you should consider when making the move.
1. Look into the local housing market.
The type of home you choose and the neighbourhood you decide to live in will likely have a huge impact on the cost of your move, so it pays to do some research on the local housing market. A good place to start is the website of the Canadian Real Estate Association, which offers up-to-date information and analysis on Canada’s major housing markets.
2. Check what kind of employment opportunities are out there.
The job market differs across Canada, with some provinces and territories having more opportunities in specific industries than others. Before you move, think about looking through online job boards to see what kind of employment opportunities you may qualify for. And if you are happy in your current role and your organization has an office in the province you intend to move to, it may be worth asking your manager if you can transfer to the local branch or do your work remotely.
Just remember that some professions may be regulated at a provincial or territorial level, so you will need to ensure that your certificates and licenses are up-to-date and read up on the requirements to transfer them over to the new jurisdiction.
3. Do some research on the cost of living.
The cost of living is the cost of things like housing, food, taxes and healthcare in a given area. Having this information on hand will give you a better grasp of the costs of your move and how much you need to be earning to live in your new province or territory.
One resource you can use to understand the potential cost of living in the area you are planning to move to is StatCan’s consumer price index (CPI). Data from the CPI examines several major components that impact the cost of living – including food, shelter, household operations, furnishings and equipment, clothing and footwear, health and personal care, recreation, and education and reading – across all the 10 provinces, as well as the territories of Whitehorse, Yellowknife and Iqaluit and select cities.
4. Consider your transit options for getting around.
Your transit options in a new location may have a significant impact on your expenses, so think about what you need to get around. For instance, if you feel like you need a car, you will need to add insurance, maintenance and gas costs to your monthly budget. Meanwhile, you will need to look into the cost of transit fares and monthly passes if you plan on relying on public transit.
5. Think about the costs of moving household items and furniture.
The cost of transporting your household items and furniture will depend on whether you choose to work with a professional moving company or choose to rent a truck and move your items yourself. If you work with a company, they will generally charge you by weight and can offer extra services like insurance and packing for an additional cost. But if you are looking to save, you can also ask some friends and family members to help load up a rented truck to drive to your new home.
And when you are ready to buy a home in a new province, Home Trust offers a range of mortgage options. Speak to a mortgage broker to learn more or visit hometrust.ca/mortgages.
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