Budgeting For a Move: A Breakdown of Average Moving Costs
What to expect when budgeting for long-distance or local moves
If you’re considering a move or you’ve already started planning, making a budget is a massive part of the process. Whether you’re moving a block away or across the country, moving costs can be pretty expensive and easy to lose control of if you don’t have a budget. We’ve compiled a breakdown of the average long-distance and local moving costs, so you have a good idea of what to expect.
Hiring a moving company
First and foremost, it’s always a good idea to consider hiring a professional moving company to help you move. They will take care of the heavy-lifting (literally), get the job done quickly and efficiently, and can keep your belongings safe and free from damage.
The cost of hiring movers depends on multiple factors, including:
- The size of your home
- The number of movers you’ll need
- The time of year
- How far you’re moving
- Moving insurance
- Equipment rental
- Any additional services (packing/unpacking, heavy items)
Most moving companies charge by the hour for local moves. In Ontario, this can range from $90-$120 an hour. Rates tend to drop to the lower end of that scale during the off-season (typically between September – May). For long-distance moves (over 150km), most companies will base prices on the weight of your belongings and the distance you’re travelling. The cost of a long-distance move can typically start at $500-$700.
To get an exact estimate for the move, you’ll need to call the moving company directly. It’s a good idea to get these quotes well ahead of your moving date so that you can budget accordingly.
Additional costs to plan for
Whether or not you plan on hiring a moving company, there are some additional costs you should consider when budgeting:
- Packing materials
- Child care or pet care
- Utility set-up
- New furniture
- Rental deposits or other real estate costs
- Lost wages
- Hotel or other temporary lodgings if necessary
- Home/tenant insurance
- Takeout meals
- Emergency funds
The average cost of moving in Ontario
At the end of the day, your total moving costs will depend on your unique situation. There are plenty of ways to save money when you move. Used moving supplies are usually free, and friends, family, or coworkers may watch children and pets or provide a place to stay for free as well. Moving in the middle of the month or moving during the off-season are also great ways to save money on movers and moving trucks.
Generally speaking, moving costs when buying a home can be more expensive than moving into a rental. Still, again, it all depends on your situation. On average, a move for a renter can cost anywhere from $1,000-$3,000, and for a homeowner, it may range upwards of $8,000-$11,000. Local moves are significantly cheaper than long-distance moves. If you’re moving outside of the country, there will likely be even more additional costs to account for.