Cost of Living in Vancouver (UPDATED) - 2024
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- เผยแพร่เมื่อ 18 ต.ค. 2024
- In this video, I take a look at just how expensive Vancouver is in 2024…and I break down all of your potential expenses when living in Vancouver. This is the most up to date, most detailed explanation that you’ll be able to find on Vancouver’s cost of living.
...and if you are considering moving to Vancouver then this is a video that you won't want to miss.
Watch closely as I cover - Groceries, Dining Out, Utilities, Transportation, Leisure Activities, Education, Daycare and, of course, Housing (both renting and buying a home in Vancouver).
After watching this video you’ll be able to tell whether it’s still worth moving to Vancouver in 2024.
If you are interested in learning more about the cost of living in Vancouver, be sure to check out this video where I lay out my own personal living expenses:
• Is $100,000 enough? My...
And if you want to dive deeper into the cost of housing and how it relates to your job in Vancouver then check out this video where you’ll be able to find the Vancouver suburbs that you can afford:
• Vancouver Suburbs You ...
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![Where NOT to Live When Moving to Vancouver [AVOID THESE AREAS!]](http://i.ytimg.com/vi/yxbTwJUfkAg/mqdefault.jpg)
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What's a topic on living in and moving to Vancouver that YOU are curious about? :)
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i frequent between california and vancouver. I must say that Vancouver is no longer considered expensive by any means. In fact, compared to many US cities, Vancouver is actually very cheap. You can get a 50min full body massage (non-RMT) in Richmond and Vancouver for $60, which is around $45 USD. A lot of Americans come here for that. Chinese and Japanese food is also extremely cheap here. You can get a bowl of Pho for $14 in Vancouver, that's $10USD. And while Americans now tip 18-20% as standard, a lot of places in Vancouver still have 12 or 15% as an options for tipping. I think to someone like me who live in both Vancouver and LA, I would consider Vancouver like a paradise!!!
@hammertimee777 Perspective definitely helps...and most of us don't realize how much the world has changed (not just Vancouver) in the last few years. However, I also think that the exchange rate helps to make Vancouver relatively cheap for those earning USD. :) Appreciate your continued support of the channel and sharing your perspective!
It's the exchange rate and generally higher salaries in the US. He mentioned $117K Household income in Vancouver which is only US$85,000. I'm not even sure if that household income is pre tax because if it is then that's barely making it in Vancouver.
@robocop581 That's pre-tax. After tax it's just shy of $97,000 (in 2021).
This growing trend of unaffordable homes can't continue. Vancouver and LA are constrained by their environment, but Toronto, Atlanta, Chicago and other city centres are not. As the trend continues, it sucks the disposable income from retail and other sectors. It greatly increases debt to where intergenerational homes are becoming the norm. Eventually this system runs out of fuel. And it is that deleveraging I am worried about.
I travel to Japan often, it's way less expensive than Canada, especially now with yen being low.
I love it when they mention Vancouver is a bike friendly city on sunny clear sky days
@robocop581 I've got plenty of videos mentioning (and showing) Vancouver's weather. :) Thanks for watching!
@@LivingInVancouver-BC I used to bike to work from East Van to my jobs downtown and in Burnaby. There were significantly more rainy cold days than sun. That's the reality of biking in Vancouver.
@robocop581 I hear you. I'm certainly not tough enough to cycle every day of the year here in Vancouver. Kudos to you for doing it so long!
As someone who is moving to Vancouver next month from Toronto, your videos are incredibly helpful! Still debating whether or not I need a car if living in Yaletown.... thank you for your hard work, keep it up! :)
@user-so7os7wd5i Awesome! Love to hear that my videos are helping you with your transition to Vancouver...and I hope that you enjoy your new home here. Have you found that there are any topics related to your move that I haven't covered? I'm always curious. :)
Please give us your thoughts on the move after you've settled.
You don't need a car living in Yaletown, everything is at walking distance, and there is a good transit system. There are also bike stations everywhere and you can rent them easily.
No car needed, I moved to Vancouver from Alberta. I got rid of my cars. I’ve actually saved money 😅
I'm from Vancouver too. Yaletown has its all basic essentials within walking distance.
You may only want/need a car for roadtrips/hiking
If you work in the heart of dt, prolly 10min walk maximum. If you wanted to take the skytrain, it'll only be 5mins/1 stop
Just moved from Alberta to Vancouver. I got rid of both cars, and I live in a bigger place 30 mins from downtown by skytrain. I love it. 😊
@mstt3530 Welcome...and hope you continue to love living here! :)
@MSTT - which suburb did you move to? We're planning to be in the city, but funding could change that. What do you like about the location? I plan to ditch our remaining car too. So liberating not having a car.
Great video!
Thank you, @g59490155! :)
Hydroelectric power is very cheap in BC. Our Tesla takes $20 a month doing the same as we'd drive our former car for $200 a month in gas. Running a heat pump for heating and cooling is very cheap on the coast too, due to mild temps and cheap hydro. $250 a month for 3,000 sf detached house, heat pump, electric hot water and electric stove, a big hot tub and a Tesla. no natural gas no oil
@planesandbikes7353 That's a great addition to the conversation. I am still on natural gas, so not at all familiar with the bills involved when everything is electric. Thank you for sharing (and watching)!
Ontario can be affordable. A family of three in a 4300 square foot home uses about $100 a month. But winter is where we pay attention. Between 11pm and 7AM it costs 2.9c/kwh, but from 4PM to 9PM it is 28c/kwh... I like the consistency of Vancouver.
After a year of watching your videos, we're going to try living car free in Kits and West Point Grey, buy a duplex to save on maintenance fees and have more control over expenses. Does Vancouver put caps on how much taxes can be increased each year? Are there any discounts on seniors paying municipal taxes or other services that we should consider like access to swimming pools? And as a senior, are there any BC benefits that would apply that might not apply in Ontario or other provinces?
Vancouver might be expensive, but there are a lot of free value: we love walking along the sea wall, Stanley park, downtown, etc. I love just taking my camera and seeing what I can capture.
On thing on the cell phone, recently called Rogers about internet costs, and after that was over they asked if there is anything they could do I said, can you reduce the cell phone bill? We have one of those 50 GB unlimited, country wide calling, etc, and they dropped it down to $38.54 after tax. We have been with them a long time, but I think that's an amazing plan
Thanks for the effort you put into these videos.
Yeah, sounds like a 1/2 duplex would make sense.
And to answer your question, no there's no cap on property tax increases...other than political consequences. :) Seniors do get plenty of discounts but they'll depend on your exact age and the municipality (or business). In Vancouver, Seniors get a grant on their property taxes of $845 so long as your property is assessed below $2,150,000. You can also choose to defer your taxes as a senior which is another option many take advantage of.
...and that cell phone story is a great reminder. You never know what you can get unless you ask, right?
Appreciate all of your support, input and questions! :)
I would strongly advise against owning half of a duplex ( I assumed that you mean half. ) If you get in with a nasty co-owner, you are in for a world of trouble. At least with 3 or more units, you have a better chance of democracy over-ruling a completely unreasonable nut job co-owner.
@DavidM2002 Yes. That's always a risk when buying in a smaller strata. The fewer owners there are, the more likely that one other owner can dominate/cause havoc. There are signs that your co-owner could be a headache...like how many broken down vehicles they have in their backyard, for instance (kinda kidding). The risk can be mitigated in a number of ways (talking to them a head of a purchase, observing how they maintain the property, talking to neighors, etc). It's worth being attuned to the risk, but I don't think it's good advice to say to stay away completely....because for many, this is still a better option than the alternatives. The majority of people that own a 1/2 duplex are doing so happily (but again you are correct in raising the risk).
@@LivingInVancouver-BC & @David: The risk of getting a bad neighbour is there, but the same can be said for buying a detached or condo. A bad neighbour in a detached can cause as much stress as a condo of duplex. True, the probability increases in a condo as neighbours are above and next door only separated by a wall. I tend to take the be nice, helpful but assertive approach. Most people want to be left alone, and most issue result from a person's perception of being wronged. Not addressing that compounds things. Our preference is of course for a completely detached property, but we doin't have $4M. Eyes wide open David for sure.
I'm happy to support your channel Sebastian. But don't underestimate the value of what you provide. No other channel informs the way you do, as consistently as you do. This move will be the biggest one I have done since 1995. It will alter my son's future and affect my wife. I know how much effort it is to put these together with a full time job, and keep the B Roll coming. :)
I bought a slice of Tiramisu Cheesecake from Trees and it cost me $7.50 before tax and came up to nearly $8 after tax. I went to buy groceries at Fresh St Market and just a bare minimum weekly food prep items (no beef) + some Dempster bread already cost me $74. So how did the Canadian Govt get that the inflation rate is coming down? 🤨
Inflation rate has simply eased a bit. Instead of 5% the increase in prices is now 2% so you're still paying more than last year
Yeah @leenathayil2039 I think that @robocop581 is spot on.
@leenathay The rate that prices are going up has returned to normal pre2020 levels, but all those prices increases aren't going away. It didn't happen in the 70s and likely won't happen here. At least the 70S saw wage growth match the cost of living better than it has this time around. The only way we can reduce the impact is to do more ourselves. :(
Great video, with the exception of the comment on education. Is bad, really bad in many ways; it actually ranks very low compared to other countries and is getting worse in Vancouver.
@afonck5550 That hasn't been my personal experience, both as someone that grew up in Vancouver's public education system as well as having four kids in it now...but also BC (and Canada) do consistently rank in the top echelon of education systems globally (part of the reason we've been such a popular destination for so many for so long). Not to say it's perfect. Nor is there not room for improvement...but compared to what it could be we have it pretty good.
Education has been a challenge since 2020 for obvious reasons. I still think the public system is good, but it is in large part due to teachers that care. When I lived in the US, poor counties faced dwindling results as each school was funded from the county or district in which it operated.
@@LivingInVancouver-BC I see your point, the issue has happened n the last decade or so, the government had removed grading systems, compulsory topics including math, and students are "moved through" the system without even go to school until grade 9. I cannot tell you why on a TH-cam comments section but I know what I am talking about. Knowing this, the bottom line is that if somebody is moving to Vancouver, there are plenty of resources for parents to complement their kids education including awesome libraries, clubs, grants, programs, etc. as long as you don't only rely only on the school.
I bought a bagel with some smoked meat today.. $17.50. Rosemary rocksalt.!!
Yikes! That's at least 1.5 Avocado Toast's worth. Was it good, though?
a visit to the local pub: 2 burgers, 1 salad, 2 glasses of wine - $100!
Do you have any tips for a german to live in vancouver? I would like to work in vancouver in a couple of years. Do you have any advice? I work in the tech industry (IT system engineer and software developer)
@Phantox1101 Well, you won't be alone. There's a large German population here in Vancouver (including my parents). We have an increasingly robust IT sector here in Vancouver so your skills will be in high demand. Best thing to do would be to try and secure work before arriving, though...or continue to work remotely for your current employer and transition your living situation to Vancouver.
@@LivingInVancouver-BC Thank you very much! Have a nice day!
Greetings from germany :D
Could you please link your video on renting? It doesn't show the link at the 43:17 mark when you mention it.
Oops. Thanks for the reminder! th-cam.com/video/_CCsCu3wgOQ/w-d-xo.html
I've lived in Vancouver for pretty much all of my 70 years. You really nailed it with your comments on how low our property taxes are. I bought my small house in 1991. In that year, the property taxes were equal to 0.82% of the assessed value. By comparison, in 2024 the property taxes equalled 0.37% of the assessed value. The lowest was in 2018 when property taxes were 0.29% of my assessed value. We really should be paying more residential property taxes. The city makes up for some of this lack by assessing businesses at a much higher rate. And, while some may think that is just fine, far to many of our small businesses have been driven out of the city and we have far too many chain stores and restaurants so our diversity in that regard has really suffered.
@DavidM2002 You are right. In Vancouver they've been trying to shift that burden to be more equal between residential properties and commercial ones...but yes, that imbalance has contributed to a more challenging business environment in Vancouver. Thanks so much for sharing your opinion and for watching the channel!
The average Vancouverite makes over $117,000 a year? I find that VERY hard to believe - wonder how CMHC draws that conclusion because your typical 9-5 employee is absolutely not making anything close to that.
Well, keep in mind that’s average HOUSEHOLD income and pre-tax. After tax average household income in Vancouver (in 2021) is about $96,000.
52:48 it wouldve been nice if you showed the entire chart so that we know what we are looking at...
@joebazooks Yeah, agreed. I'd have preferred a little better editing in that section of the video...and thank you for the feedback! As partially explained at 52:28 it's comparing taxes in each of these municipalities at a $500K price point. But yes, we should have had this better handled onscreen. I
Dads always eat the balance.. that explains why most Dads lose their shapes..firguratively speaking...
@frankielee908 It's true. I have a very hard time throwing out perfectly good food that my kids have no such qualms about...
I don't have a problem with my son wasting food, but I do have a problem with him taking forever to eat...
the answer is NO. There, saved you 55 mins.
@factstology If only it were that simple...but thanks for sharing your opinion!