So, you're wondering how much it costs to live in Vancouver BC. Well, this video is
going to cover everything 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 and 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 two consecutive years for the way I utilized 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, BC so if you haven't yet
please subscribe to my channel, hit that thumbs up button and don't forget to hit the
bell so you can be notified the moment that I have a new video out.
I really want you to be able to stay up to date on all the latest tips and insights into
the Vancouver real estate market so you can become an expert too.
This video is all about what it costs to live in Vancouver so we're going to cover
everything from renting, buying a home, groceries, gas, 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
predominantly what make it so expensive to live in Vancouver compared
to other cities in Canada. In fact, Vancouver is the most expensive city to
live in Canada at the moment with Toronto being a close second.
The average detached home price in Canada at the moment is 499 thousand dollars but that
number is heavily skewed by the Toronto and Vancouver markets.
Now if we take those two markets out of the equation, that average price drops to $393,000.
The average detached home price in Greater Vancouver at the moment is $979,000.
In downtown Vancouver the average cost of a
condo is approximately $730,000 as of August 31st, 2019.
Now, if you want to live on the westside of Vancouver or in West
Vancouver and those are two separate places,
the average detached home at the moment is between 2.6 and 2.8 million dollars.
Now as expensive as Vancouver is to live in, we actually rank 57th overall in the world.
Okay so, we know that 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 the rental market is incredibly
tight in the city and that pushes rental prices up.
Right now, according to Numbeo, the average cost for a one-bedroom apartment in the city center
is just over $2,000 a month. Now, that does drop slightly as you head out
of the city center to approximately $1,590 per month.
But if you're a family requiring a home with three bedrooms or more you're
most likely going to have to live outside of the city center and the
average cost of rent per month will be about $2,700.
Given those prices if you're single in this city it can be tough.
As you can see, moving to Vancouver does require some careful planning. You're going to want to crunch the
numbers to see whether you can buy a home here or have to rent one.
I have a great video about the 6 tips to making your move to Vancouver easier and you can find that here.
and just as a comparison this is what it would cost if
you were renting a home in Seattle, just south of us, or if you were living in Toronto.
Okay we talked about getting into a home whether you're buying or
renting it, so now let's talk about the cost of your average utilities.
Right now for one person living in a 520 square foot apartment it costs about $120 per month.
and that's for your heating electricity and gas.
now for two people living in almost twice the amount of square footage it
only costs a hundred and thirty-four dollars per month.
so if you're single and living in this city, you may want to do what they do on the ski hills here
when they line up to get on the chairlift and that's
raise your hand in the air and yell out single. Also, the nightlife in this city
is fantastic so if you are looking for that special someone hopefully it won't take you too long.
Now those, utility costs don't cover things like internet, phone, and cable.
So how much do those things cost? Well, the average cost for
internet here in Vancouver is approximately 75 dollars per month for
an unlimited data plan. For a mobile phone you're
looking at anywhere from $55-$95 per month depending on the plan that you need.
Yes, we're forever lamenting the high cost of
mobile phone plans here in Canada as opposed to our neighbors to the South in the United States.
For cable, you're looking at approximately $30 per month
for a basic cable package and it only goes up from there.
Now the two big service providers here in Vancouver are Telus and Shaw and both companies do
offer discounts when you bundle services together. For example, if you happen to
have mobile phone, your television, cable, and internet all bundled together with
one of those providers you're going to save a lot of money compared to having
those services individually with them or with several different companies.
So, shop around make sure to do your research because both companies are always offering discounts to new customers.
Okay, so you're living in your home you're
paying your utilities now how do you get to work? Well if you like biking
Vancouver has over 450 kilometres of bike lanes throughout the city.
That's 279 miles for those of you who don't think in kilometers.
So it's no wonder that it's the city's fastest growing travel method.
In downtown Vancouver there are plethora of bike shops to rent a bike if you're a tourist.
Particularly down at Denman and Georgia which is close to Stanley Park.
And we also have the Mobi bike stations throughout the city.
Now you may not be into biking and that's okay. We have a fantastic transit system here.
In Vancouver we have the iconic Sea bus and Sky train lines as well as the regular bus systems
and a monthly pass to access all of the transit systems is approximately $98 per month.
Now, maybe you have to live further from the
city so biking isn't an option and you hate public transit.
What is it going to cost in gas for your vehicle? Well right now in Vancouver the cost of gas is
anywhere from $1.30 per litre to $1.60 per litre depending on the minute.
No I'm serious. Our gas prices here change almost hourly
and nobody can tell us why. It's ridiculous and we have the highest gas
prices in Canada. So it is expensive if you're driving and commute to and from work.
For me to fill up my car it's about $90 if I'm on empty.
Now, what if you're a family in need of child care? Child care costs are expensive and
the wait lists can be long, so if you know you're going to need a spot I
recommend getting on the list in the area that you're going to be living as soon as possible.
Okay, so you're living here in Vancouver,
you've found daycare for your kids, and you're working as well. Now why do we work?
So we can go out and enjoy the incredible restaurant and beverage scene here in Vancouver.
Vancouver is known for its food. Now we're 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 for lunch or dinner?
Well, simply pick a culinary ethnicity and Vancouver will satisfy your needs.
The beer and spirits scene in Vancouver is equally amazing we have tons of micro
breweries and distilleries cranking out incredible and award-winning spirits.
Now, the average cost for two people at a mid-range restaurant here in Vancouver
is about $80 but if you're at a higher-end restaurant you're looking
probably at about $125 to $150. Now, most of us can't afford to eat out all
the time so you're going to be getting your groceries at places like the
Real Canadian Superstore, No-Frills, Safeway, Loblaws, Thrifty's, and if you're
real Vancouverite, Whole Foods or Urban Fare and those last two are definitely on the pricier side.
but your average weekly grocery bill is going to be anywhere
from $200-$300 per week depending on the size of your family.
The most important thing to consider when moving to Vancouver is
what kind of lifestyle your budget will allow. If having smaller square footage
and a higher price tag for a home are the trade-offs for you to live right in
the city so that you can walk everywhere, hang out at English Bay, take advantage
of Stanley Park, cruise Yaletown and Robson streets then that's for you to decide.
But there are plenty of other areas just outside of the city
that can provide what you're looking for as well. I mean there's North Vancouver,
West Vancouver, Burnaby, Richmond, Coquitlam, Port Moody, New Westminster, and
there are even more terrific cities further east of the city such as Langley,
Maple Ridge and Chilliwack as well.
I know there are going to be people who watch this video and do nothing but complain
about this city in the comments section. Now there are always going to be pros and cons to living in any city and
only you can decide what's right for you and what's going to make you happy.
So, if that's living on a farm or acreage in one of the prairie provinces, then right on.
If it's living in a larger city like Toronto or Montreal or perhaps having a
home in the Maritimes, then go for it but find what's right for you.
In my opinion life's too short to be miserable and complain all the time.
I'm a local real estate agent here in Vancouver so if you have any questions
or you're thinking of moving to Vancouver or your job has you relocating here,
give me a call. You can reach out to me via phone call, text, or email.
I'm here to help and help you find that ideal home for yourself.
I've lived in Vancouver for over 40 years I love it. It's a fantastic city
and I would love to help you find a home here as well.
thank you so much for watching. I really hope you've enjoyed this video. If so, please hit that thumbs
up button, give it a like, and leave a comment in the comment section below.
I shoot a ton of videos about what it's like to live here in Vancouver so if you
haven't yet, please hit that subscribe button don't forget to hit the bell so
you can be notified the moment that I have a new video out. Have a great day
and remember this is where you Live. Love. Own Vancouver!