Last autumn, I spent a week in beautiful Nova Scotia, a maritime province in eastern Canada. As with anywhere I travel in the world, I always read the local newspapers, look at real estate prices, frequent local eateries and shop at the local supermarkets. Why? Well, living in a very large city, I have always wondered whether I could live in as smaller community, either within Canada, or overseas. Would the cost of living be lower? Would the air be fresher? Will there be less stress? Can I escape the frigid Canadian winters? Could I retire earlier if I moved to a smaller community?
What I've discovered in my travels, sometimes surprises me. In Halifax, Nova Scotia, a city of roughly 400,000 residents (and about one-eighth the size of my hometown of Toronto), the price of real estate is much cheaper on average (although there are pricier homes, usually on the waterfront). While commuting distances are shorter, some Halifax residents have as long a commute as those in Toronto, primarily due to the absence of multi-lane highways into the city (and gasoline prices are higher, due to government price setting). But, public transit is slightly cheaper, as is downtown parking. Buying bottles of liquor from a beer or wine store is also pricier than I am used to, as is casual dining in restaurants and fast food outlets. But drinking in a bar tends to be cheaper (as the city has 4 universities within the city limits). I even noticed that the price of a Starbucks coffee in downtown Halifax was slightly more expensive than in both Toronto and Vancouver. More importantly, groceries tend to be more expensive, even staples such as milk, eggs and bread. The main reason for price differentials on everyday items seems to be competition (or the lack thereof). There are only two large supermarket chains in Nova Scotia, whereas in Toronto, you can probably count 10 large chains (some of them chains catering specifically to large ethnic communities, but drawing mainstream customers too). However, salaries are markedly lower in the Atlantic provinces. So what's the verdict?
Real estate is the big factor. In large cities where the good jobs are and people flock to, land becomes scarce. When living closer to the city means less commuting time, prices rise to levels where compromises are then made, i.e. more space versus convenience of not having to spend an hour commuting to work.
So should one sell their place in a big, crowded city and move to a smaller city or to the country and enjoy a less stressful life? Sounds idyllic, but my friends in Halifax do not believe that I could live in their city - they think I will get bored too easily. Plus I would be far away from my friends and family which are important to me. Less, but still important is the availability of activities that only a large city can bring, i.e. museums, theatres, major-league sports, art galleries, opera and symphonies, lots of festivals, and many amenities that while you may not frequent as much as you would like, but that you are comfortable in the knowledge that they are there is you feel the urge to partake in such activities whenever you feel like it.
So far, I can handle the congestion and have no mortgage, so it may be better for me to remain in a larger city. Nevertheless, selling my home and buying a much cheaper place of comparable size in a smaller community, thereby accelerating my retirement plans, is very, very tempting too.
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