Cost of Living in Vancouver

As one of the most expensive cities in Canada, Vancouver’s cost of living is high, and you should budget accordingly. The 2024 Mercer Cost of Living Survey ranks Vancouver 101st out of 226 cities surveyed, making it the second most expensive city in Canada after Toronto at 92nd.

Cost of accommodation in Vancouver

Vancouver is a vibrant, cosmopolitan city that offers a great lifestyle and plenty of job opportunities. Throngs of people, including Canadian citizens, head to the city each year in search of a fresh start. As a result, the demand for accommodation in Vancouver is high, and the rent is expensive. Rental prices are constantly fluctuating but with an upward trend in costs. 

Some neighbourhoods, like Burnaby’s South Slope and Richmond’s Steveston area, offer more affordable rental options than central Vancouver. The Sunset-Victoria Fraserview area is also relatively affordable, with one-bedroom units being a good deal cheaper than the city average.

Accommodation and Utilities in Vancouver

Cost of transport in Vancouver

Getting around in Vancouver can cost a pretty penny, but you can save a fair bit by using the extensive public transport system which comprises buses, trains, the SkyTrain, streetcars, and ferries. Vancouver’s public transport is known for being reliable and efficient, and with ongoing SkyTrain and Bus Rapid Transit (BRT) expansions, it keeps improving. If you want to save money, consider purchasing a monthly pass. There are affordable monthly pass options with discounts for seniors, youth, and students.

Having a car isn’t necessary in Vancouver, especially if you live in an area close to the city centre. With the rising cost of fuel, if you are considering getting a car, you will need to budget to run it.

Public Transport and Driving in Vancouver

Cost of groceries in Vancouver

The cost of groceries in Vancouver can be quite high, especially in downtown areas where prices are often inflated, making it easy to feel like you’re paying through the nose. You can make your money go further by heading to the suburbs, where groceries are typically cheaper.

Inflation has driven food prices up dramatically in recent years, with many items seeing notable price increases. This is partly ascribed to supply chain disruptions and increased demand. To save on your grocery bill, consider buying seasonal produce and shopping in bulk at shops like Walmart, Costco, or Bulk Barn.

There are also local initiatives like the UBC Sprouts Produce Market, which offers fresh produce at reduced prices, and Quest Food Exchange, which supports those facing food insecurity. There are also plenty of wallet-friendly markets throughout Vancouver where you can get fresh and high-quality produce.

Cost of entertainment and eating out in Vancouver

Dining out in Vancouver can cost you a pretty penny, but the city boasts world-class eateries that are undoubtedly worth shelling out for occasionally. It’s not all fine dining though, and you will surely find a variety of good restaurants that won’t break the bank.

Vancouver’s nightlife has also seen changes recently, with new licensing laws making it easier for non-traditional businesses to serve alcohol. This means you can now enjoy a drink at more diverse venues like spas and retail shops. The Granville Entertainment District is seeing a resurgence, with new bars and pubs opening up, offering more options for a night out.

In terms of activities, much of what there is to do in Vancouver is based outdoors and is often free to enjoy. Popular pursuits include hiking and biking at Lynn Canyon National Park and relaxing at Stanley Park. In the summer, many Vancouver residents usually head for one of the city’s beaches. During winter, you can visit Vancouver’s museums and galleries, where entrance fees are reasonable.

Shopping, Attractions and Activities in Vancouver

Cost of healthcare in Vancouver

Basic healthcare in Vancouver, as in the rest of Canada, is free for all citizens and work permit holders. MSP premiums were recently eliminated, improving healthcare accessibility. Additionally, those awaiting immigration decisions may now be eligible for temporary MSP coverage, ensuring better access to healthcare for new arrivals.

If you are new to Vancouver, apply for MSP as soon as you arrive. The application can be done online, but keep in mind there is a waiting period of up to three months before coverage starts, so having private insurance in the interim is wise.

The MSP won’t cover everything – you’re on your own for prescription meds, dental, and eye care. Additionally, it offers limited coverage outside the British Columbia province. If your employer doesn't sponsor your private health insurance, you will need to include this cost in your monthly budget.

Healthcare and Health Insurance in Vancouver 
Work Permits in Canada

Cost of education in Vancouver

If you are moving to Vancouver with children, you can send them to a public school in the area at no cost. The standard of schooling in British Columbia is generally excellent, and the province has one of the most highly-rated education systems in Canada.

Public school admission is a breeze if you live within the catchment area, and you just need proof of address and your child’s documents. On the other hand, private and international schools typically have a more complex admission process involving entrance exams, interviews, and letters of recommendation.

Parents who choose to send their children to a Canadian private school in Vancouver can expect premium options with considerable costs. If you prefer your children to continue in their home country’s curriculum, you can send them to one of Vancouver’s many international schools. International school fees come with a higher price tag, but these schools often have exceptional facilities and a wider variety of extracurricular activities.

Schooling Options in Vancouver

Cost of living chart for Vancouver

Prices may vary depending on the product and service provider. The list below shows average prices for Vancouver in November 2024.