How Much Does It Cost to Live in Vancouver?
Vancouver is one of Canada’s most densely populated cities and of North America. It is Canada’s third-largest metropolitan city as well as the most ethnically and linguistically diverse city. For ten consecutive years, the Economist Intelligence Unit has placed it at the top of most well-living cities in the world. The city is a permanent home to TED conferences since 2014 and has held the distinct honor of holding a number of international events.
Cost of living in Vancouver - 2021
Housing and Utilities Cost in Vancouver
Given below is a table that lists down the average prices of different types of apartments, their rents, and their costs in the city of Vancouver.
|City District||Studio||1 Bedroom||2 Bedroom||3 + Bedroom|
|Mount Pleasant/Renfrew Heights||$1625||$2100||$2695||$4500|
Average rent price for 1 Bedroom apartment
Average Cost of Utilities
Electricity, Energy, Water and more
As Vancouver is located in the lower mainland region of British Columbia, the average rate of electricity is the same as for the whole province i.e. 12.4¢/kWh, which is on the more affordable side. If your apartment or house is averagely consuming around 1000kWh, your electric bill will come around $124. Other provinces providing similar or even cheaper rates of electricity include New Brunswick, Manitoba, and Quebec. You can always save a few dollars by tracking your electricity if the electric bill is one of your concerns. For an 85m2 apartment, the collective bill of all the utilities is averaged around $107 which includes electricity, heating, cooling, garbage, water, etc.
Home Insurance Rates
As for monthly expenses, home insurance rates throughout the province of British Columbia, it is determined by the value of the home. In the case of uncertainty while shopping for your home insurance you can always use a few tips to guide through your process. If you are living in a rented apartment or house, you will be paying around $25-$30 for your home insurance. However, if you own property, consult the table below for the rates of insurance.
Average Home Insurance Rate
100 – 300K
300 – 700K
700K – 1.5 M
1.5 – 5 M
Average monthly cost for 1 Bedroom apartment : Utilities + Insurance
Cost of Public Transport and Parking Rates
Public transport in Vancouver is operated by Translink which is Metro Vancouver’s regional authority for transportation. It operates the public transit system that comprises a network of:
- And West Coast Express commuter train service.
For the average cost of public transport in the city of Vancouver, consult the table below.
Cost of The Public Bicycle Sharing System
In terms of the public bike-sharing system, you will find a service provider by the name of Bixi. By using their service you can either rent a bike at one of their 600 stations or use their smartphone app. You can rent one of their bikes for a duration of 30 minutes at a price of $2.99 or you can rent it for a period of 24-hours at just $5.25. Then there is the option of renting a bike for 3 days (72-hours) at a convenient price of $15. Additionally, they are offering annual membership at $97, so if you are one to travel often by bicycle, this service is perfect for you. It will keep you going and healthy at the same time.
Car Parking Rates
Though you may not like it, the parking meters are in effect 7 days a week, including holidays. The rates, however, vary; the rates for daytime 9 am to 6 pm are different from those from 6 pm to 10 pm. Depending upon where you park, the rates may vary from $1 to 7$ per hour, with some places charging more than that. You can find two different types of parking including:
- Time-limited parking (allowing up to 2 hours of parking).
- Metered parking (with varying rates).
Car Insurance Rates
Unfortunately, the province of British Columbia holds the first place for most expensive car insurance rates, coming at a whopping $1832 on average.
Translink Monthly Pass
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Vancouver is a relatively affordable city in comparison to many other cities of Canada, but that doesn’t mean it is just cheap altogether. Considering the essentials only, the average cost of entertainment around the city of Vancouver includes.
- Meal, Inexpensive Restaurant: $18.00
- Meal for 2 People, Mid-range Restaurant, Three-course: $80.00
- Domestic Beer (0.5-liter draught): $7.
- 2 tickets to the cinema: $31.
- Taxi trip on a business day, basic cost, 8 km. (5 miles): $15.
Considering the average cost, if you have had 4 beers, 1 restaurant visit with friends, visited the cinema 2 times, and have had 4 regular restaurant meals during the month, that can cost you about: $211.
Grocery Cost in Vancouver
Grocery includes items such as fruits, vegetables, meat, eggs, milk, and others. Cost for some regular groceries that may averagely be purchased include.
|Items (1 kg)|
Milk (1 Liter)
Loaf of bread
Head of Lettuce
Water Bottle 1.5L
Cigarette 20 Pack
Monthly budget for 1 person
Phone and Internet
There are plenty of internet service providers in Vancouver as well as Cell Phone service providers with different packages that are sure to meet everyone’s needs. Considering a general 60 Mbps connection with unlimited download, it will cost you around $80-$85 on average. Whereas 1 minute of the prepaid cost with no plan or discount will cost you around $0.38.
Phone and Internet
Phone with unlimited talk, text and data (Internet is included in Utilities)
Fitness and Personal Care
In terms of fitness and personal care, a one-month fitness club fee averages around 55-60 $ per month. As for healthcare, you are covered with Canada universal healthcare. Having personal insurance is still highly recommended for other personal care services such as the dentist and the optometrist.
Health and Fitness
The average cost of a Fitness membership
Provincial Taxes (Sales, city, and Income taxes)
There are three types of sales taxes in Canada. In the province of British Columbia, they have PST and GST that are set at about 7% and 5% respectively, coming to a total of 12%. Applicable tax on the taxable income includes.
- 5.06% on the first $42,184 of taxable income.
- 7.7% on the next $42,185 and over.
- 10.5% on the next $12,497 and over.
- 12.29% on the next $20,757 and over.
- 14.7% on the next $41,860 and over.
- 16.8% on the next $62,937 and over.
- 20.5% on the amount over $222,420.
One may argue that the taxes in some provinces are higher in comparison to others, but due to the additional services that are offered to the residents by the provincial government.
If you plan on moving to Vancouver, then you can calculate the average cost of living in the city using the provided table and selecting the rates along with respective items, and finding the total sum which may vary from one person to another.
Average Monthly Cost of living in Vancouver
Average rent price for a 1 bedroom apartment + Insurance + Average utility cost
$1869+ $30+ $124
Regular grocery basket for one person
Unlimited mobile plan
Monthly cost (see above)
Health and Fitness
The average cost of a Fitness membership
Note: If you are sharing cost with someone, it will be significantly lower. Also, if you are budgeting for a family, you’ll need to add the cost of each family member.
This is an approximation. Price will vary.
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