Cost of Living
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 2014, the CPI for St. John's increased by 2.1 per cent over the previous year. For further information on the CPI, refer to the Statistics Canada website www.statcan.gc.ca.
According to the Newfoundland and Labrador Association of Realtors, the average price of a home in the St. John's metro area was approximately $306,400 in 2014, a 1.7 percent increase over 2013. For further information on housing, refer to the Housing and Accommodation section of the website.
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.