The cost of living in Vancouver

Why financial planning matters

Vancouver is one of Canada's most expensive cities, especially for housing. Planning your finances before you move helps you get through the first months calmly. Because prices change all the time, this article gives no figures and focuses on the kinds of costs instead.

Housing

Rent is usually the largest cost. What affects rent:

• The neighbourhood and distance to downtown
• The type of unit: a room, a studio or an apartment
• Access to public transit
• Whether costs such as internet and electricity are included

Many newcomers first live in the surrounding cities of Metro Vancouver, which offer more choice.

Transport

Vancouver has good public transit, including buses, SkyTrain and SeaBus. A transit card makes daily travel simpler. A car adds insurance, fuel and parking costs.

Food and everyday costs

• Shopping at large stores and local markets is usually cheaper than eating out.
• Bills: electricity, internet and mobile phone.
• Clothing suited to rainy weather.
• Childcare and children's costs, if you have children.

Health care

Eligible British Columbia residents are covered by the provincial Medical Services Plan (MSP). Some services, such as dental care and most prescriptions, are usually paid separately or through extra insurance. Consider private insurance for the gap before coverage starts.

Planning tips

• Have a budget for the first few months ready before you arrive.
• Check current rents and service prices with reliable local sources.
• Set money aside for a rental deposit and first purchases.
• If your program requires proof of funds, check the official minimum on the IRCC website.