Cost Of Living In Vancouver!

So you’re wondering how much it costs to live in Vancouver, BC. Well, this video is going to cover all you need to know about the cost of living right here in Vancouver, BC. I cover everything from renting, buying a home, gas, groceries, and a lot of other things. So, let’s jump into it.

So you’re wondering how much it costs to live in Vancouver, BC. Well, this video is going to cover all you need to know about the cost of living right here in Vancouver, BC. So, stay tuned.

Hey, everyone, I’m Craig Veroni with RE/MAX Masters Realty. I’m a local real estate agent here in Vancouver, BC. I was named one of the top 50 video influencers in real estate, in North America, for the past 2 consecutive years for the way I utilize video to sell my client’s homes and educate them as well. I shoot a ton of videos about what it’s like to live, love, and own here in Vancouver so, if you haven’t yet, please subscribe to my channel, hit that thumbs up button and don’t forget to click on that bell so you can be notified immediately when I have a new video out about what’s it’s like to live here in Vancouver.

This video is all about what it costs to live in Vancouver. So, we’re going to cover everything from renting, buying a home, gas, groceries, and a lot of other things. So, let’s jump into it.

Let’s just get this out of the way right now. It’s expensive to live in this city! And, housing prices and rent are what make it so much more expensive to live in this city compared to other cities in Canada. In fact, Vancouver is the most expensive city in Canada to live in at the moment with Toronto a close second. The average detached home price in Canada is $499,000 but that number is heavily skewed by the Toronto and Vancouver numbers. If we take those 2 markets out of the equation, the average drops to $393,000. The average price of a home in Greater Vancouver is approximately $979,000. In downtown Vancouver, the average cost of a condo is $730,000 as of August 31st, 2019.
If you want to live on the Westside of Vancouver or West Vancouver, those detached home prices will set you back between 2.6 to 2.8 million dollars as of August 31st, 2019. As expensive as Vancouver is to live in, we actually rank 57th overall in the world

Okay so we know buying a home in Vancouver is expensive but what about renting? Well, the news isn’t much better. This is a beautiful city and people want to live here so, the rental market is very tight which pushes up rental costs. Right now, according to Numbeo, the average cost for a 1 bedroom apartment in the City Centre is just over 2 thousand dollars a month. ($2,019.69) Outside of the City center, it drops a little bit too $1586.35. If you’re a family requiring a home with 3 bedrooms or more, you’re most likely going to have to live outside of the City center and the average cost of rent will be $2,700 a month. If you’re single in this city, it can be tough. So you can see moving to Vancouver requires careful planning. You’re going to want to crunch the numbers to see whether you can buy or have to rent a home here. I have a great video about the 6 tips to make your move to Vancouver easier and you can find that right here. And just as a comparison, this is what it would cost if you’re renting in Seattle just south of us and what it would cost if you lived in Toronto.

Alright, we’ve talked about actually getting into a home whether you’re buying or renting it. Now, let’s talk about the average monthly costs for all your utilities. Right now for 1 person living in a 500 sq/ft apartment, it costs about $120 a month. That’s for your heating electricity, and gas. For 2 people, living in almost twice the square footage, it’s only $134 a month. So, if you’re single you may want to do what they do on the ski hills here when lining up to get on the chair lift and that’s raising your hand and yelling out single! And Vancouver has a fantastic nightlife scene so, if you’re single and looking for that special someone hopefully it doesn’t take you too long.

Those utility costs don’t cover things like the internet, phone, or cable. So how much do those things cost? Well, the average cost for the internet here in Vancouver is about $75 a month for an unlimited data plan. For a mobile phone, you’re looking at anywhere from $55 to $95 a month depending on the type of plan you need. Yes, we’re forever lamenting the high cost of mobile phone plans here in Canada compared to our neighbours to the south in the United States. For cable, you’re looking at about $30 a month for a basic cable package and it only goes up from there. The two big providers here in Vancouver are Telus and Shaw and both companies will offer discounts when bundling services. For example, having your home, mobile, tv, and internet with say Telus will cost you less than having those services individually. So, shop around as both companies are always offering deals to new customers.

Okay, so your living in your house, you’re paying your utilities, now how do you get to work? If you like biking, Vancouver has over 450 km of bike lanes in the city. That’s 279 miles for everyone who doesn’t think in kilometers. So it’s no wonder it’s the city’s fastest-growing travel method. Downtown at Denman & Georgia are a plethora of bike rental shops as well for tourists and we also have the Mobi bike-sharing stations throughout the city. Now, you may not be into biking and that’s ok. We have a fantastic transit system in Vancouver. We have the iconic seabus and Skytrain lines as well as regular buses and a monthly pass to access all the transit systems is about $98 per month. Now maybe you have to live further from the city and commute in so, for you, biking is out and you hate public transit. What is it going to cost in gas for your vehicle? The average price per litre in Vancouver can be anywhere from $1.30 to $1.60 right now depending on the minute. No, I’m serious. Our gas prices change almost hourly and no one can tell us why. It’s ridiculous and we have the highest gas prices in Canada. It costs me about $90 to fill up my tank if I’m on empty.

Now, what if you’re a family in need of childcare? Childcare costs are expensive and the waitlists for daycare facilities can be long so, if you know you’re going to need a spot, get on the list in the area you’re living as soon as possible. The average monthly cost for full-day, private childcare is approximately $1300 a month.

Okay, so you’re living and working here in Vancouver and why do we work? So we can go out and enjoy the incredible food and restaurant scene here in Vancouver! Vancouver is known for its food. We are most well known for our salmon and local seafood but we also have incredibly diverse and world-class restaurants. Don’t know what you’re in the mood to eat? simply pick a culinary ethnicity and Vancouver will be able to satisfy you. The beer and spirits scene in Vancouver is equally as amazing. We have tons of microbreweries and distilleries in the city cranking out award-winning spirits. So the average price for two people at a mid-range restaurant here in the city is around $80 and for a high-end place you’re probably looking at $125 to $150. Now, of course, most of us can’t afford to ear out all the time so you're going to be getting groceries from places like The Real Canadian Superstore, No Frills, Safeway, Thrifty’s, Loblaws and if you’re a true Vancouverite, Whole Foods or Urban Fare. Those are definitely on the pricier side for sure. Your weekly grocery bill is probably going to be around $2 - $300 depending on the size of your family.

The most important thing to consider about living here in Vancouver is what kind of lifestyle your budget will allow. If having a smaller amount of square footage and a higher price tag for a home is the trade-off for you being right in the heart of the city so you can walk everywhere, hang out at English Bay, enjoy Stanley Park, and cruise Yaletown, that’s for you to decide. But there are many areas just outside of the city which can provide what you’re looking for as well. You have North & West Vancouver, Burnaby, Richmond, Coquitlam, Port Moody, and New Westminster. There are also terrific areas further east such as Langley, Maple Ridge, and Chilliwack.

I know there are going to be people who watch this video and do nothing but complain about this city in the comments. There are always going to be pros and cons to living in any city and only you can decide what’s going to be right for you and make you happy. Life is too short to be miserable and complaining all the time so, if living on a farm or acreage in one of the Prairie provinces does it for you, then right on. If it’s a larger city like Toronto or Montreal or perhaps a home in the Maritimes then go for it. Find what’s right for you.

I’m a local real estate agent here so if you have questions or you’re thinking of moving to Vancouver, BC or your job has you relocating here, give me a call. Reach out to me any way you like, with a text, phone call, or email. I’m here to help and figure your ideal place to live. I know Vancouver and it’s surrounding areas incredibly well. I’ve lived here for over 40 years and would love to help you find a home here as well.

I hope you’ve enjoyed this video. If so, please give this video a like and leave a comment down below. I shoot a ton of videos about Vancouver and what it’s like to live here so if you haven’t yet, hit that subscribe button and the bell so you can be notified when I have a new video out.

Thanks for watching. Have a fantastic day and remember, this is where you Live. Love. Own Vancouver!