Cost of Living

Inflation
The Consumer Price Index (CPI) is a measure of the various retail prices of a shopping basket of approximately 300 goods and services including food, housing, transportation, clothing and recreation. The index is weighted to reflect typical spending patterns. The change in a price index such as the CPI is a measure of inflation. Increases in the CPI are often referred to as increases in the cost of living. In 2021, the CPI for St. John's increased by 3.3 per cent over the previous year. For further information on the CPI, refer to the Statistics Canada website. 

Housing
According to the Newfoundland and Labrador Association of Realtors, the benchmark price of a home in the St. John's metro area was approximately $292,000 in December 2021, up by 9.4 per cent from December 2020. 

Taxes
Residents of Canada must pay both federal and provincial income tax and if they are property owners, municipal taxes. For more information on taxation, please refer to the Banking and Taxes section of Getting Settled.