The Cost of Living in Vancouver (2024)

Surrounded by beaches, ocean views and mountains in every direction, Vancouver is a dream city to live in for those who appreciate natural beauty. It’s also a bubbling, multicultural metropolis and film-industry hot spot. The temperate climate means that temperatures rarely dip below freezing, making Vancouver the ultimate place to be for so many Canadians.

Vancouver’s strong points and desirability have driven the cost of living up significantly, and the city now ties with Toronto as the two most expensive cities in Canada. Vancouver’s cost of living needs to be considered in detail, before you plan your move.

Reasons to Move to Vancouver

Before letting Vancouver’s high rental prices and property taxes intimidate you, consider what the city has to offer in terms of employment.

Outdoor recreation and tourism are huge in Vancouver, with visitors coming from all over the world to enjoy the surrounding beaches, inlets, mountains and rainforests. The film industry has been booming for years, giving Vancouver the nickname “Hollywood of the North”. Vancouver is one of Canada’s tech hubs, and the industry is growing exponentially every year. The city’s various sustainability initiatives reflect the environmental values of many Vancouver residents, and provide hundreds of jobs in the green industries.

Salaries in Vancouver

In Vancouver, the average annual income is $69,512, while the average household income is $117,300.

What's different about Vancouver?

Vancouver averages 161 rainy days per year, with the annual rainfall of Vancouver at 146 cm. Tucked closer to the mountains, North Vancouver gets an estimated average rainfall of 252 cm.

While this can seem like an overbearing amount of rain, lately it has been regarded as a blessing. Nowadays, much of British Columbia’s interior is ravaged by wildfires during late July and August. B.C.'s coast (including Vancouver, Victoria, and surrounding areas), is less susceptible to wildfires due to the amount of moisture in the land and forests.

The Economist Intelligence Unit conducted a survey whose results ranks Vancouver as the third most livable city in the world, and the 10th cleanest city in the world.

Cost of Living in Vancouver

Accommodation ranks highest on the list of expenses in Vancouver. The city’s desirability, combined with the vacation-rental boom and foreign ownership of property, has caused Vancouver rental and property rates to skyrocket.

Renting in Vancouver

Vancouver is home to 5 public universities and several more private universities and colleges. Because of this, finding a rental in the months of August and September is always a scramble, as students rush in to scoop available accommodations.

Whether you are working or studying, Vancouver’s extensive public transit system makes it easy to access most suburbs.

If accessibility, diversity and culture are what you are looking for, here are the top neighbourhoods for renting in Vancouver:

• Coal Harbour

• Chinatown

• Commercial Drive

• Gastown

• Granville Island

• Granville Street

• Kitsilano West Broadway

• Lower Lonsdale

• Robson Street

• Punjabi Market

• South Granville

• South Main

• West End

• Davie Village

• Yaletown

Vancouver is large and sprawling, and has many main arteries connecting its neighbourhoods. Spend some time researching transit routes and landmarks before deciding which location to live in.

The average monthly rent for an apartment in Vancouver is quite high at $2,950. Of course this depends on location, with rental apartments in Surrey averaging $2,350, and in Delta, $2,000.

Many choose the more affordable option of moving into a shared house, with roommates. The best platforms to peruse rental listings include:

• Craigslist

• Kijiji

• Facebook Marketplace

• Roomies.ca

• Rentals.ca

Buying Property in Vancouver

Vancouver has always been one of the most expensive cities in Canada to buy a home. In the ten years between 2012 and 2022, the median Vancouver house price shot up by $1,205,000 (from $855,000 to $2.06 million). Now in 2024, the average Vancouver home is worth $2,057,000.

Prices are more reasonable in some of Vancouver’s more underrated areas such as Langley, Surrey, New Westminster, Coquitlam and Port Moody. The price to buy a home in any of these areas is about half the price of homes in more popular Vancouver neighbourhoods such as Kitsilano, West Vancouver and Gastown.

Vancouver has the highest real estate prices in all of Canada. It’s the third most expensive major metropolitan real estate market after Hong Kong and Sydney, Australia.

Vancouver’s Neighbourhoods of Interest

Metro Vancouver is made up of 21 municipalities, including the City of Vancouver. Here are some of the most popular areas in Vancouver:

Commercial Drive a.k.a. The Drive

Commercial Drive, or "The Drive," is a lively 22-block neighbourhood near downtown Vancouver. The Drive is a neighbourhood with some “edge”, and is known for its arts scene, unique shops, multicultural restaurants, and live music. It features Little Italy, historic Queen Anne-style homes, and a bohemian vibe, with regular events at Grandview Park. The Drive is also home to John Hendry Park and Trout Lake, offering a bit of peace within the busy city. There’s also a large farmers' market on Saturdays from April to October.

Rental apartments range from $2,000 and up per month. The average list price for a home is $1.4 million.

Mount Pleasant/South Main

With a name like that, you can’t go wrong. Mount Pleasant is hipster haven just south of downtown Vancouver, and attracts creative types with its galleries, breweries, and boutiques. The area is known for its restaurants, especially Asian cuisine. It's also a hot spot for craft beer enthusiasts, offering countless breweries and tasting rooms. You also can find an array of coffee roasteries and independent stores selling vintage clothing, used records, and antiques.

Apartment rentals at Mount Pleasant/South Main start at $2,300 and property prices average at $1.4 million.

West End

Vancouver’s urban West End is infused with natural beauty. The neighbourhood is located between downtown and the beaches of English Bay, with easy access to Stanley Park. Davie Village is the lively heart of Vancouver's LGBTQ+ community. The area offers a mix of both heritage homes and high-rises.

Apartment rentals in the West End start at $2,300 and property prices average at $1.1 million.

Yaletown

Yaletown is a hip neighbourhood with a working-class past and modern amenities. It was once a Canadian Pacific Railway hub. Now it’s a trendy place to be, featuring residential lofts, sidewalk cafes, shopping and dining. Waterfront parks like David Lam Park and George Wainborn Park border Yaletown, all connected by the Seawall.

Apartment rentals in the Yaletown area average at $2,750 and property prices average at $1.1 million.

Coal Harbour

Coal Harbour was once a shipyard and is now a prime Vancouver neighbourhood because of its downtown location and proximity to Stanley Park. Coal Harbour hosts landmarks like Canada Place, the Vancouver Convention Centre, and Jack Poole Plaza. The neighbourhood offers stunning views of Burrard Inlet and access to the Seawall for walking and cycling. It's also home to a busy float plane terminal, marinas, and the cruise ship terminal.

Apartment rentals in Coal Harbour start at $2,300 and property prices average at $1.8 million.

READ: Where to Adopt a Dog or Cat in Vancouver

Things to Do in Vancouver

Even though it’s expensive to live in Vancouver, there are plenty of things to do to soak up what the city has to offer.

Famous Stanley Park is full of lush greenery and opportunities to walk or bike the Seawall, visit the Vancouver Aquarium, or go to the beach. Here are the various entry fees for the Vancouver Aquarium:

• Adults (13-64 years old): $56.95 CAD

• Seniors (65+ years old)$50.20 CAD

• Students (with ID): $50.20 CAD

• Children (3-12 years old): $35.95 CAD

• Children under 3: Free

Head to Grouse Mountain to ride the Skyride gondola, hike the Grouse Grind, or visit in the winter for skiing and snowboarding adventures. The cost for a round-trip on the Skyride Gondola, including access to seasonal activities on Grouse Mountain in 2024 is as follows:

• Adults (18-64 years): $86.17 CAD

• Seniors (65+ years): $75.40 CAD

• Youth (13-17 years): $66.63 CAD

• Children (5-12 years): $43.09 CAD

• Toddlers (0-5 years): Free

The Museum of Anthropology is a world-renowned museum on the UBC campus, where you can learn about Indigenous cultures and check out mind-blowing collections of art and artefacts. The entry fee is $18.00 for adults. Here are the entry costs:

• Adults: $66.10

• Seniors (65+): $61.37

• Youth (13-17): $37.75

• Children (6-12): $28.30

• Children under 6: Free

Other notable places to explore are Granville Island, historic Gastown, The Vancouver Art Gallery, English Bay Beach, and Science World.

An average ticket to the cinema in Vancouver costs around $11.00 - $13.00 for adults, and hockey game tickets cost anywhere from $110.00 - $1000 per adult, depending on the importance of the game.

Vancouver Events

There’s no shortage of excitement in Vancouver, and the city’s annual events are diverse enough to please everyone. Here are a few of the gems offered to the public:

Water Lantern Festival (September)

Watch the waters of False Creek transform into a twinkling wonderland as hundreds of participants release beautifully crafted lanterns onto the water, accompanied by an individual wish or prayer. Tickets range from around $26 to $55, depending on when you purchase your ticket and whether you go for any additional packages.

Vancouver Pride Parade and Festival (August)

The city hosts one of the largest Pride celebrations in all of Canada, where you can see a parade, live performances and random activities all across the city, with Davie Village as the epicentre.

Vancouver Folk Fest (July)

Jericho Beach Park hosts this iconic festival featuring folk, roots, and international artists on multiple stages. Mention Folk Fest to almost anyone in B.C. and they will know what you are talking about. The ticket prices vary based on the day and type of ticket:

• Friday Evening (Advance Online)

- Adult: $75

- Senior (65+): $65

- Student (20+ with ID): $50

- Youth (13-19): $40

- Children (12 and under): Free with an adult

• Saturday & Sunday (Advance Online)

- Adult: $125

- Senior (65+): $105

- Student (20+ with ID): $90

- Youth (13-19): $75

- Children (12 and under): Free with an adult

• Family Pack

- Friday: $165

- Saturday or Sunday: $315

- Weekend: $600

Evening passes for Saturday and Sunday are available for $60 in advance.

Bard on the Beach (June - September)

Vanier Park hosts a Shakespeare festival all summer, featuring performances in open-air tents with the surrounding mountains and ocean as a stunning backdrop. Tickets vary depending on the seating zone and the performance. For the 2024 season, adult tickets range from $35.00 to $96.00. Discounted prices are available for seniors, youth, and students.

Pacific National Exhibition (August/September)

This massive event offers rides, games, live entertainment, agricultural exhibits, and the famous SuperDogs show at Hastings Park. Ticket prices are as follows:

Adults (ages 19-64): $25 at the gate or $20 if purchased online in advance.

Youth (ages 13-18) and Seniors (65+): $16 at the gate or $14 if purchased online.

Children (ages 4-12): $9 at the gate or $7 if purchased online.

Children under 3: Free admission.

There are also discounts available on certain days and for specific groups, as well as a season pass option for $75.00.

Chinese New Year Parade (January/February)

Celebrating the Lunar New Year, this colourful parade through Vancouver’s Chinatown features traditional lion dances, cultural performances, and strong community spirit.

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The Cost of Food in Vancouver

Restaurants, cafes, bistros and breweries are a huge part of Vancouver culture and will use up a lot of your budget, if eating out is your kind of thing.

Grocery costs

Depending on how many people are in your household, the average cost of groceries per month in Vancouver ranges from $375 to $600. Vancouver is full of health-conscious types. If you prioritise local, organic groceries, expect your spending to land a bit higher than average.

Cost of Dining Out

Did we mention that eating out is a major part of the culture?According to data compiled by Google Maps, there are currently 2827 restaurants in Vancouver. Prices vary, of course, depending on what type of meal you are craving. We’ve compiled a short list of Vancouver culinary favourites:

Cheap eats $20 - $25:

• Ramen Danbo – Ramen

• The Naam – Hearty vegetarian and vegan dishes, open 24/7

• Tacofino – Mexican street food

• Sushimoto – Affordable sushi

Mid-range $25 - $45:

• Nuba – Lebanese dishes

• The Acorn – Vegetarian and vegan cuisine

• L’Abattoir – French-inspired dishes with a focus on local ingredients

• Bao Bei – Modern Chinese food with a unique twist

• Fable Kitchen – Farm-to-table comfort food

Fine dining $55+:

• Blue Water Cafe – Fresh seafood and sophisticated atmosphere

• Le Crocodile – Classic French cuisine

• Miku – Aburi (flame-seared) sushi and upscale Japanese cuisine

Getting Around Vancouver

Vancouver is a city that spreads far and wide, and traffic is congested more often than not, especially during rush hours. Luckily there are efficient options for public transit to get you from A to B. Vancouver’s public transportation system is managed by TransLink, and transit passes are affordable and convenient.

• The Skytrain is a rapid transit system that travels along tracks above the entire city. It has three main lines: Expo, Millennium and Canada.

• The Seabus is a passenger ferry that connects downtown with the North Shore, crossing Burrard Inlet.

• An extensive network of city buses go everywhere, with some routes running all night.

• The West Coast Express is a commuter train service that connects Vancouver with the Fraser Valley.

TransLink’s Compass Card system makes paying for fares easy, as you can load your card with funds at kiosks in every Skytrain station. Schedules and route information can be found on the TransLink website or on transit apps.

Parking in Vancouver

Street Parking

Rates: Typically range from $1.00 to $6.00 per hour. Rates vary by area and time of day.

Hours: Metered parking usually operates from 9 AM to 10 PM, Monday through Saturday. Some areas might have restricted parking times on Sundays or holidays.

Payment: Can be made at metres using coins, credit/debit cards, or through mobile apps like PayByPhone.

Public Parking Lots

Rates: Generally range from $2.00 to $6.00 per hour. Daily rates can be around $15.00 to $30.00, depending on the location.

Locations: Many are located in downtown and popular areas. Look for signs indicating public parking lots.

Residential Parking Zones

Permits: Some residential areas require permits for parking. These are typically for residents, but visitor permits are also available.

Restrictions: These zones often have specific hours when non-permit parking is not allowed, usually during the day or evening.

Parkades

Rates: Can be higher, around $10.00 to $40.00 per day, depending on the location and duration.

Hours: Most parkades are open 24/7, but some might have specific entry/exit times.

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