Vancouver is one of the most expensive cities in North America. Living in Vancouver will cost between $10,000 -$50,000 per year. This high cost extends not only to city dwellers but also affects individuals living on the outskirts.
Many factors contribute to the high cost of living in Vancouver. The primary contributors include the exorbitant housing prices and the escalating cost of food.
If you decide to consider moving to Vancouver, it's crucial to plan your finances and ensure you have enough funds for living expenses.
Overview of the Cost of Living in Vancouver
Living in Vancouver can be quite expensive, but the city truly offers an unparalleled experience with its abundant amenities. It's a worthwhile investment if you desire to reside in an extraordinary town.
Here are some of the costs of living in Vancouver:
When living in Vancouver, property taxes become your greatest expense. These taxes can range from 2% to 6%, and their actual amount varies depending on the type of property you reside in.
Another significant cost to consider is utilities. In Vancouver, they tend to be quite expensive, especially if your energy consumption is high. You'll need to budget for items like water,electricity, etc.
Utilities in Vancouver can be quite expensive, especially if you consume a significant amount of energy.
When it comes to food, dining out in this bustling city can strain your wallet. Consider setting aside funds for groceries and explore the option of cooking at home to save money.
Housing Costs in Vancouver
Did you know that Vancouver residents spend less on housing compared to other major cities in North America? It's true! When it comes to the cost of student accommodation in Vancouver, it is on the lower end.
Do you ever wonder why so many people choose to call Vancouver home despite the high cost of living? The answer lies in its educational institutions, breathtaking scenery, and pleasant climate.
Transportation Expenses in Vancouver
According to Numbeo, you'll find that the average monthly transportation cost amounts to $1,447 in this city. Interestingly, it ranks as the fourth most expensive city globally concerning transportation expenses.
On average, residents spend $130 per month on transportation alone. This amount surpasses the average monthly cost found in other Canadian cities.
To conveniently explore the area, relying on public transportation is highly recommended. However, keep in mind that this can be costly, particularly when utilizing buses or the SkyTrain.
In Vancouver, the high cost of living is the main factor contributing to the expensive transportation rates.
Grocery and Food Costs in Vancouver
Let's start by discussing the cost of groceries. Based on data from Numbeo, grocery prices in Vancouver are considered expensive. On average, a family of four spends around $118 per month on groceries, which is significantly higher than other Canadian cities. This notable difference makes Vancouver stand out when it comes to grocery expenses.
Utilities and Bills in Vancouver
Let's take a look at the average costs for utilities and bills in Vancouver as of July 2017.
Electricity: $269.79/mo
Water: $190.36/mo
Garbage: $145.92/mo
Utilities: $481.27/mo
Every year, your expenditure on utilities and bills would amount to approximately $10,000. This is a substantial sum of money that can accumulate over time.
Switching to renewable energy can be an intelligent move for you. It not only helps you embrace a sustainable future but also allows you to cut down on your electricity expenses.
Consider insulating it to make your home more energy-efficient and reduce your water bill. Insulation helps in conserving heat and maintaining proper temperature levels.
Use energy-saving appliances when you can, and avoid using devices that use a lot of energy and in turn the overall cost of living in Vancouver.
Recreation and Entertainment Expenses in Vancouver
According to Numbeo, this vibrant city surpasses all others in terms of expenses in these areas.
If you want to catch a movie in Vancouver, chances are you'll have to shell out more than in another Canadian city.
If you find yourself in Vancouver, be prepared for the high cost of living. Activities such as watching movies, attending the theatre, visiting museums, and dining out will hit your wallet harder.