Thank you for one of the rare honest expense breakdowns on here, most others just edit out the things that make life enjoyable. Stuff like date nights, treats for the kids, quality grooming and clothing costs, cleaners and pre-made meals etc. It’s quite fascinating how cleanly this translates to expenses across the border in the US too (mostly identical, with more expensive daycare, added healthcare premiums, potentially lower mortgage payments).
It is always beneficial to get a look into another person's living expenses. I have also seen many people who moved to Vancouver who grossly underestimated their living expenses. That being said, this budget really represents a luxury lifestyle! Cleaners and premade meals! Very high expenses for dining, clothes, activities and grooming! Definitely, the average family could take the same budget, reduce in these areas and include a modest vacation fund and some savings.
Great video with amazing breakdown! Thanks for making it! Honestly, its not too far off from most of Canada these days. Sadly, $100,000 doesn't get as far as it use to. Alberta is arguably arguably cheaper than BC yet $100,000 is probably baseline of whats needed to support a family of 4 kids with just basic necessity + occasional outings.
Thanks so much for your honesty about your expenses/income! This is something I’m also doing with my friends. I’m currently living in Montreal. We pay 15k in property tax on the plateau. I was always curious about the property tax rate in Vancouver so I’m so happy you mentioned it. After calculating the taxes in Quebec vs BC, we’ll actually be saving money in Vancouver because we’ll be buying. However, we’ll be living in a MUCH smaller space 😅 I understand everyone’s financial situation is different but it’s still super shocking.
@wenkoffs No trouble! Glad that you found this video to be helpful. Keep in mind that every municipality in Greater Vancouver has different tax rates, though...and the City of Vancouver is amongst the lowest...BUT they'll all be lower than what you pay in Montreal. In 2023 Vancouver's mill rate is 0.28% while Montreal's is 0.53%! At least you'll be saving money on something moving to Vancouver. ;)
Vancouver has the world's highest property tax. You can google something called School tax, invented by the BC NDP. If your property assesment is over $3M, that's when the school tax kicks in. It's basically a second property tax on top of the existing ones, to punish the luxury homeowners, so people who can't afford a property feel happy and vote for NDP. The money never went to school. The problem is that in Vancouver, most houses are over $3M, so homeowners become NDP's milking cows. My neighbor got robbed $65K every year.
@L110508 I appreciate you watching the channel and sharing your opinion. However, I have to disagree with your assertion that "Vancouver has the world's highest property tax". This is simply not true. Vancouver's property taxes are actually amongst the lowest in North America. Vancouver's 2023 rate was 0.28%...that's less than half of cities like Toronto and Calgary...and about 10% of the highest Canadian cities such as Fredericton and Winnipeg. Yes, there is an "additional school tax" on properties valued over $3M. From $3M - $4M you pay an additional 0.2% and from $4M+ it's 0.4%. Even adding this into the property tax rate Vancouver's taxes are still very much on the low end of property taxes throughout North America. By my calculations, if your neighbor paid $65K in "additional school tax" their property was assessed around $20M. If that property was in San Fransisco, they'd be paying $235K/yr, $200K in Seattle and a whopping $518,000 in Portland!
@@LivingInVancouver-BC You miscalculated, bro. This is an exact property tax from a guy that I know in westvan: Assessment is about $10M. Tax is $27k. School tax $3-4M is $2k. $4-10M is $24k. Total $53k. My neighbor's assessment is just a little bit more than $10M because house is newer, but definitely not $20M, way less. If assessment is $20M, the tax would be $120K, not $65K like you calculated.
@L110508 I calculated based on the information you gave me. You were referring to taxes in Vancouver being the highest in the world...so I assumed the property you were referencing was in the CITY of Vancouver and not in one of it's 21 suburbs. Each one of these suburbs have their OWN tax rate. I assumed if you were referencing one of them you would have specified. ...and you said he was paying $65K, not $53K. I didn't make that number up. So, no. I didn't miscalculate. While West Vancouver has higher property taxes than Vancouver (being a city with higher incomes and less density) it is STILL not anywhere close to having the highest property taxes in Canada, North America and definitely not in the world. All municipalities in the Lower Mainland are pretty reasonable in comparison to what they could be. Let's leave the exaggeration aside (you have left misleading comments about the amount of income tax British Columbians pay in another thread and now about property taxes). I'm only commenting on your comments because I think it's important the viewers of my channel are aware of the facts. Nothing personal. I'm not exactly excited about paying taxes either...but as I said elsewhere, given a national and international perspective we are doing pretty well. Hope you have a Happy New Year!
Hello. I am Brazilian and I got accepted into Capilano University so probably I will be moving to Vancouver in August 2024. Your videos are so helpful 👌
thanks for all this information Sebastian! it has been tremendously helpful. Im moving to vancouver from mexico and it's been stressful calculating my new income vs rent (mostly) and other expenses. I'm more comfortable now that I've spent hours watching your vids with SUCH RICH CONTENT and calculating. Looks like I might not live in a box after all!
You bet, @annuartv! Really happy to hear that you've found my content to be helpful with your move to Vancouver. I appreciate you watching and hope you and your family enjoy your new life here in Vancouver!
@baronunderbeit7723 Thanks for watching and for sharing your personal experience. I appreciate it! And glad to hear I'm not alone in realizing how expensive having kids is. ;)
Very insightful video! I am in my late 20s, moving from NYC to Vancouver. I’ll be making just above 100k CAD, which I understand is an above average salary. I don’t have kids but to think that even if my partner makes the same salary, it’ll still be very tight for a future with kids given that we want to have savings, vacations, etc. Very expensive city for sure!
It is. I moved here 2 years ago. And make more than 100k and live alone but still feel like I’m struggling and there is no future in this city. The real estate is just too damn expensive. But NYC is probably even more expensive. But in NYC you get to live in one of the best cities in the world and Vancouver is just a boring oversized village :)
@nicktankard1244 I see your point. The only reason I'm moving is because of my partner whose family is there. NYC is more expensive, but scale-to-scale NYC salary is much, much higher than Vancouver too, so both of us are taking significant paycuts to make this move. But we justify it because of the much better nature & family-friendly environment, a better work-life balance, and proximity to the bigger family. So we think it's going to be worth the tradeoffs in the end, but obviously, individuals have different situations, and this is likely a case-by-case decision.
@@joeli4754 yeah if you’re into nature and relaxed lifestyle Vancouver is perfect. I don’t have any family or friends here and I’m single. I also don’t care for nature really. In my 2 years here I went to the mountains only ones and got stuck in a pretty bad traffic jam on the way back . I love big cities but for now I’m stuck here in Vancouver because it’s the best place to be in Canada and I can’t leave Canada now
Thank you @joeli4754. Appreciate you checking out the channel! It'll be quite a change for you coming from NYC, I'm sure. We'll seem very quaint in comparison...but by the sounds of it, you know what you are getting into. With $200K income I think you guys will be comfortable but not excessively so. Especially since you don't have kids yet, and your salaries will likely rise in the coming years.
@@nicktankard1244 I did hear that for single, younger people, Vancouver lacks the social and fun aspect. We are at a different life stage now, so ironically we find NYC to be too much of that, so we prefer a city like Vancouver. Sounds like we should swap with each other 🤣
My BF and I are planning a move to Vancouver from Central California... honestly seeing this breakdown helps a lot and is really encouraging. The California situation really skews everything lol
That's fantastic @shananananar. Glad that the video helped...and it didn't scare you away. I hope you like things a little bit cooler and wetter than Central California. :)
since you asked so nicely :) I'm looking to move from Israel/Palestine, for obvious reasons. Also, Tel Aviv-Yaffa is always in the top 10 most expensive cities in the world and the housing market is insane here, so it would cost me pretty much the same to live in Vancouver but at least I'll be safe... I just applied to UBC for grad school!
I appreciate that @bdidimful! I had no idea that Tel Aviv-Yaffa was so expensive. That's interesting! I hope that you are able to move here and enjoy life in a much safer environment. :) What do you plan on studying?
@@LivingInVancouver-BC it is now number 8! But was number 3 in 2022 and number 1 in 2021. Crazy expensive. I applied for an ME.d. In language education, but now I’m nervous because I understand that it’s harder for mature students to get a study permit.. and I’m 40. Hopefully it works out 🤞
@bdidimful Well, you might end up being pleasantly surprised to find that Vancouver isn't quite that level of expensive (as much as it feels otherwise when you are here). I hope that you get into UBC and are able to make Vancouver your new home! Let me know if there's anything that I can help with.
Come join us in the trades, people. I’m pulling $160k a year. End up with around $110,000 after tax. Left high school at 16 and did a two week course before joining the trades. We put new condos up every 9-12 months in Vancouver BC.
100% You need to respond to the guy that commented on my jobs video that thinks I'm lying about there being any opportunity in Vancouver. Appreciate you watching and sharing your experience @geggs1!
I’m in school for health care aide and wanna upgrade to lpn eventually! Just moved to Edmonton in October and have lots I wanna do here even after graduating but I’ve grown up in Alberta my whole life and thinking of giving BC a shot especially once I get experience here in Edmonton! I’ll apply to places like Vancouver and Nanaimo plus save lots of money! Lol thanks for the channel! New subscriber here!
@ibelievethesecret80 Amazing! Glad you are enjoying the content and thank you for checking in. Sounds like you have a very bright future a head of you. :)
Thanks, @phillipweaver6098! Glad that you are getting something out of the channel! Let me know if you have any questions about moving to Vancouver that I haven't answered yet. :)
Hey me again, holy crap seeing the daycare difference is amazing. For our 2 daughters for 4 days a week is 2200 a month USD. Adding on our healthcare cost which is 500 a month for all of us. It seems so affordable to live here. Time to convince my wife to move haha
Wow. That's really interesting @269ricker! That is a big difference for sure...and that freed up cash could go a long way to help cover the increase in housing costs. Appreciate you sharing and continuing to support the channel! :)
Thank you so much for checking out the channel! Where are you watching from? If you are thinking of moving to Vancouver reach out anytime! Call/Text Direct - 604-831-4837 email: sebastian@albrechtgroup.ca www.calendly.com/albrechtgroup
Thanks for the videos 🙏 my partner and I are moving over in April for 6months from Isle of Man 🇮🇲 We still need to sort out accommodation in the upcoming weeks.
I pay $700 for rent, which includes utilities. I live in a two-bedroom, one-bathroom basement in middle town Vancouver. And I pay auto loan. So Total My living cost is about $1400. So I can save money more than $1000 per month
Wow you are very lucky @yohankim6843! There aren’t too many basement suites for $700 any longer. That is more like $3,000 for most people these days. Sounds like you are doing alright. :)
Thank you for this very useful video. We are a family of 4 and many videos on YT are about youngsters immigrating to Canada without kids. May I suggest that you do a video about getting a mortgage for newcomers ?
That's wonderful to hear @stephaniemonneron4395. I'm really glad that you found this information helpful. I'm not sure that the intricacies of the mortgage process would perform super well as a video...but I'd be happy to provide some tips if you have questions via email?
@@LivingInVancouver-BCwe are still in the process of getting PR from France but we will not hesitate to contact you by email if we need advice from skilled real estate agent like you ! Need to make cash before 😅
@MrTarek Thank you for watching and reaching out. Do you mean cost of living videos for Coquitlam and Surrey or did you mean just videos that explore those cities? I have done a pros and cons video of Coquitlam not too long ago...and will definitely do one on Surrey soon too.
Thank you so much for that breakdown. It really slapped me to reality 😂. Kinda feeling poor now 😅. However, now i can plan accordingly (might need a career change).
@MsFrida2012 what do you do now? I think it's a challenge just about everywhere these days...but yeah, it's important to know what you are getting in to! That's the first step...and now you can plan on how to make that happen! I do feel it's important to keep in mind that there are certainly ways to save money in Vancouver, too, though! Thanks for checking out the channel!
@@LivingInVancouver-BC haha yes! I'm Canadian and My family lives in Vancouver. My husband and I are starting to plan having kids soon. Honestly don't want to raise children here in Florida and want to be around my family for help. We recently visited deep cove and think it's an ideal place to raise a family!
@RainPariss Amazing! Deep Cove is a beautiful spot...but keep in mind it's one of the wetter/darker parts of Metro Vancouver. That might be exactly what you are looking for coming from Florida, but just in case you weren't aware. :)
i used to live near there in the USA boarder and move because it was too cold and expensive to heat a home my pets suffered because of the terribly low tempture
@bendy1808 Utility costs in BC are actually quite low...and Vancouver has one of the most temperate climates in Canada...but you certainly have warmer options in the US.
@karlkuepper-cp3lt Interesting. I think a lot of people that move out of the city due to finances don't realize that it's not just Vancouver that's seen higher inflation in recent years...and some expenses can be higher in small communities. Why do you think there aren't bigger cost savings for you between Surrey and the Kootenays?
If it were me I’d cut out the $750 a month on clothes and maybe a couple other little things to not have to deal with renters in my house. That’s just me though. I think we splurge on things we shouldn’t either as we gross about $170k a year between my wife and I and only own a condo in new west lol. I feel like we’ll never own a detached home. We’re also 30 and don’t have enough of a down payment for a house if we sell the condo.
That's a scary budget, but I plan to move mortgage free. We have one son, but old enough for no day care, and likely going car free. I came up with a fixed cost of $2300, those are costs we cannot avoid - bare minimum. Eating out, date night, travel, grooming, clothing would be extra. Still, this video gives is a lot to think about. Whatever we buy, it has to be mortgage free to make this work. I'm surprised you did not talk about deferred taxes and who is eligible for that.
I know right, @OrdinaryFilmmaker! There are a lot of expenses when you've got four young kids in Vancouver these days. :) There's a lot to cover when talking about expenses...and sure, I could have mentioned the possibility of deferring taxes, but it's not something that I would encourage anyone to do. Those taxes will add up quickly and eat away at the equity that you would otherwise be building through home ownership. But, for anyone looking for information on the tax deferral program in BC. You are able to defer your property taxes if you are 55 or over OR if you have children under 18 or that you support financially. Current interest rates on these deferred taxes are 4.95% for 55+ category and 6.95% for those with kids (incidentally, I had no idea about this second program until I just looked it up). Check out the Government of BC website with all the details here -> www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes
@@LivingInVancouver-BC Points well taken. One of the reasons I am being more aggressive with UA-cam is to get myself to a good situation when we move. 502 days until I can retire, but should I wait... that's the big question to ask each year ;)
$200K to live comfortably with a family :( that is challenging mainly for newcomers, but it is still positive that it is possible to dream, plan, fight for it, and make it happen!
@guilhermegpt Yes, 100%. It's definitely possible and many Vancouverites are able to make it work. It just helps to know what you are getting into if you are moving here from somewhere else. There are a lot of additional expenses that families need to keep in mind...and tough to understand if you aren't already living here. I appreciate you checking out the channel. Where are you watching from?
@@LivingInVancouver-BC I am watching from Vancouver :D I live here since 2021. I am from São Paulo - Brazil and came here to do my Masters in Org. Psychology. I finished that in 2023 and landed my dream job in a Health Authority this year where I make $101K however I don’t really get that in my hands as the state needs a portion of it right? So I make $5K tax free per month. I have a side simple freelancing job that helps me to get an extra $1K so I get $6000 per month. I was sharing a place with a roommate ($1200 / month) , now as I will get married next week I am living with my partner ($700/month now in rent yay), she makes $3000 tax free so we combine make now $9000 or so per month. So around $110K per year, so next step is for her to get a better high paying job and myself check other ways to get money online or with a side business. We want to be able to save and invest but we would also want to have kids and we know that can cost also some money. Anyways, I know it is possible it is just I guess a bit annoying that the market and the city is like this as other places in the world I could buy an amazing house for so much less, even right here in the states. Would be amazing to have any video about what needs to happen for Vancouverites have more housing option (just FYI I am against forbidding people to rent their places for short term rentals AirBNB etc) that doesn’t solve the issue, besides no one likes the state telling what we should or not do with our property (which apparently we do not have in this country). It would be interesting to know about the materials needed, the process if there is too much red tape etc. Thank you for the content and keep it up with the good work. :D
The way you put it... Thanks for sharing by the way, great informational content... but the way you put it, umh... a few things doesn't really need monthly expenses, like clothing for example.. however... for a family of three, husband wife and young son, sounds like much lesser.. if we don't spend extravagantly... I guess it also depends pretty much on each family lifestyles too... too subjective to go into but overall very informative content ... thank you very much..
I think you are saying some of the things I listed don't need to be on a list of monthly expenses (such as clothing)? It's true, you don't necessarily buy new clothes every month...but in the interest of giving an accurate depiction of real expenses I decided to include expenses that are regular and ongoing. For me, an accurate budget needs to include these things even if I don't do them every month (like buying clothes or getting a haircut). ...and you are right, it definitely does depend on lifestyle. People that eat out a lot more could have much higher dining expenses, so could people that travel a lot...but people that are vegetarian, don't own a vehicle and cook all their own food could have much lower expenses.
I honestly thought that I had already deleted my comment because I've already answered my own comment after posted... But on second thought I am glad I didn't... As they way I see it, inquisitive comments are very helpful for hard working content creators like yourself and I see it brings out a deeper level of expertise and knowledge when you answer about accurate budget .. I couldn't agree more... I have been digging for answers for why some of my Canadian friends would want to come back to Malaysia... Cos I still think, everywhere else is more or less the same... perhaps there might be some advantages of being an ex-pat in Malaysia... otherwise, expenses are not cheap also if we're earning the average Malaysian salary.. That is why I look for videos like yours to get more info so to better understand... still up till now, I still think that everywhere else is more or less the same... including certain places in china.. [I also like the video you show Mount Pleasant.. cool place.] @@LivingInVancouver-BC
@frankielee908 I love all the comments that I receive...especially when you are asking questions! It helps me understand what you are thinking about when watching my videos and gives me ideas for future videos, or how to structure future videos. And thanks for checking out my channel and sharing your thoughts! :)
Just shy of $1000 for 2 kids in daycare sounds amazing!!! We’re paying $1400 for just 1 kid and we’ve got another on the way 😢 The disparity in cost of daycare in this city is definitely one of the most disheartening costs associated with living here.
@pierrebeauchamp7919 Yes, I've found that the challenge of finding daycare (as well as other kid lessons/activities) and then paying for it (so expensive!) has been one of the big drivers of pushing families out of Vancouver. But while the competition to get in to daycare is still incredibly high there has been a lot of progress made in making daycare (relatively) more affordable with government subsidies. I hope you are able to find a more affordable option for your little one (and soon to be two)!
Is it possible to post a public xls sheet with the numbers you crunched for the total income calc? Would you consider 110k net income (excluding housing costs) would enable us to live comfortably in north Vancouver? We do like to travel abroad once a year…
@ÖmersakineAlaş The total income was taken from CMHC. The data is in this table: www03.cmhc-schl.gc.ca/hmip-pimh/en/TableMapChart/TableMatchingCriteria?GeographyType=MetropolitanMajorArea&GeographyId=2410&CategoryLevel1=Population%2C%20Households%20and%20Housing%20Stock&CategoryLevel2=Household%20Income&ColumnField=HouseholdIncomeRange&RowField=Neighbourhood&SearchTags%5B0%5D.Key=Households&SearchTags%5B0%5D.Value=Number&SearchTags%5B1%5D.Key=Statistics&SearchTags%5B1%5D.Value=AverageAndMedian I can't say specifically if $110K net income would be enough to live comfortably in North Vancouver...because it depends on what you consider to be a comfortable lifestyle and what your expenses are. For many, that would be considered to be a healthy income, though.
Thinking of moving from South Africa. The political instability and state-owned utility issues are just becoming too much of a stress. Vancouver would be the most similar city in Canada to where I am from (live in Cape Town) from a lifestyle point of view. The time zone differences are a bit daunting though 😅
Thanks for sharing, @renbron! I've heard that (similarities with Cape Town). One of my best friends in high school moved to Cape Town very soon after we graduated...I can still remember some of the stories. Once you get past the jetlag you'll be ok. ;)
You bet. We use Fresh Prep right now. After trying a few different services we found this one to be the best in terms of convenience, value and quality. Are you using any right now?
@@LivingInVancouver-BC We use hello fresh and the quality is good, but we are considering to switch to a heat and eat service, not the ones that we have to cook ourselves, do you have any experience with those?
That was interesting. I don't have a family, so my expenses are not as big but then I can't split the housing costs. 3200 to live in a house is somewhat reasonable for a single person. But I imagine you'd have to put a lot of money down with the current prices and rates to have that mortgage. You probably bought that house a long time ago or had a lot of savings :)
Thanks, @nicktankard1244! Yeah, the challenges are different for families vs singles for sure. A $3,200 payment would be about a $550K mortgage at a good rate in today's environment (25 year amortization). That's not going to get anyone a house in the Lower Mainland. It could get you a nice one bedroom condo downtown, though (with 20% down).
Hey @caioalmeida7381! We use HelloFresh right now as we like the flexibility and options that they offer. However, we also used Fresh Prep for a while. Not quite as flexible, but a bit better in terms of environmental impact (they use a lot of reusable containers to deliver their food).
@chrisntakumi Glad you found the video helpful! February is a great time in Vancouver if you enjoy winter. If you ski you’ll want to visit Whistler and some of the local mountains like Grouse and Cypress. A weekend trip to Victoria is probably worth your time too…and possibly the Sunshine Coast or Saltspring Island. Hope you guys have a great time!
I’m not sure any accommodation in Vancouver is affordable. That goes for hotels too. I’d look at airbnbs and vrbos but also check with a couple hotels to see what their monthly rates are. The most expensive places will be downtown. You’ll save money if you are willing to stay in less central locations.
Great video but these expenses are far above typical, 4 children are not common. We live in the burbs and spend about 6000 ish per month, although we have no kids. After tax income on 100 k is 75 k so doable.
@epermute appreciate you sharing your own experience here. Obviously there’s going to be variations based on everyone’s personal budget and expenses…which is why i wanted to share the details here. I also found there is plenty of information for young single people living in or moving to Vancouver and the cost of living in Vancouver but very little (if any) for families. We aren’t lavish spenders (while there are certainly areas we could cut a bit)…
Yeah, you bet. We use Fresh Prep. We tried a few others but this one seems to work best for us. The best combination of quality, convenience and value.
Making 260 annually with 3 kids barely scraping by. With the insane taxes in Canada you really need to have a family income of 400 000 to thrive in Vancouver area
Barely scrapping by? Huh? Is that with the Range Rover in the drive way. It is funny seeing wealthy people complaining like they are collecting cans on the street. Those people are barely scrapping by.
@joeisawesome540 I can't speak for @victoreyecode8893 but I suspect the feeling is that they don't live as comfortably as they'd expect with that kind of income. As you say, it's not the same as someone making minimum wage and wondering if they can afford to eat this week or not. But, the truth is that what is "wealthy" today isn't the same as it was even five years ago.
@@LivingInVancouver-BC people like that never will live as comfortably as they feel because of life style creep. I have friends who are always strap for cash no matter how much they make.
@joeisawesome540 I hear you. Lifestyle creep is real for sure! Although, I have to say as a parent of 4 kids...once they come around staying highly disciplined financially is MUCH more challenging. Those little kids are real expensive in Vancouver.
Very realistic. Someone making under $30 an hour as a single earner youd have to go to the food bank or eat at Sikh temples to survive due to sky high cost of living or should i say surviving
100%. I think around $30/hr ($57,600/yr) is about the cutoff for what a living wage in Vancouver would be. Of course, it depends on your lifestyle and priorities...but pretty tough to get by here if that's your total family income. Thanks for watching and sharing @harmony-bi6ks!
I would like to move and thought that in 2 years it could happen. I live in Munich. For the clothing I fly to Thailand or turkey at the moment. That's a long weakend, bit off Hollyday for 1.000€!😅
My parents moved to Canada from Germany many years ago. I still have family in Munich in fact (how about that snow you got yesterday!). The ease of (relatively cheap) access to so many places...whether it's Paris or London or Istanbul or Marrakesh, etc...will probably take some getting used to.
Depends on where you chose to live in vanccity. My buddy and his wife combined income is about quarter mil. And they considered themselves as middle income... 😅😅😅
We left Vancouver and live happily in Europe ever after. The cost of living is just disgusting these days and does not justify the lifestyle you get in return.
@otto.kretschmer The cost of living in many Canadian cities has changed dramatically in the last couple of years, unfortunately. Where did you end up in Europe?
$3,000 per month? Wow! I haven't seen numbers that high before...but last time we were really looking was about two years ago. The primary reason ours isn't as expensive is that it's a not-for-profit. I think other daycares we were looking at in Vancouver would have cost us about double ($1,200 - $1,500) for full-time licensed daycare for a toddler (no food) with the subsidy. I do see others out there getting similar prices to ours (or even less if they are lucky enough to get a $10/day spot) but the average is definitely higher. I hope you have luck finding a more reasonably priced spot for your kid!
@mc3ky41 I don’t want to pretend I’m an economist…but at this point it appears quite likely that interest rates will be coming down in 2024. The question is more whether it will be early in the year or late. What do you think?
@@LivingInVancouver-BC Realistically, I think only 25 to 50 basis points later next year. In 2025, they will surely have to lower the interest rate before the election. You know.. they will get the pressure from the politicians 🤣
lol its like that in any popular nice city. its not just vancouver. Toronto is the same and in USA LA, Hawaii, NY, SF. its the cities nobody want to live thats cheap.
@user-vk5kj4dy9t Yeah, true. Desirability plays an enormous part...and I think like Hawaii, NYC and SF the geographic constraints of Vancouver play an huge role in the cost of home ownership.
I have been living in Canada for almost 5 years and I can’t stop questioning where all the tax money goes to😅 let’s compare it to Germany ( almost the same tax brackets), where fruit vegetables and dairy are subsidized by the government, which makes them 3-4 times cheaper than here in Canada. Daycare, schools and education are free, even for foreigners, parents get financial help for each child under 18th. Poor Canadian people😢
@lilik2255 I can't speak to the tax system in Germany. It's a country I'm quite familiar with, but I don't know those details in-depth. Nonetheless, I can't disagree with your point. I think it's always healthy to be suspicious of how our tax money is spent...and to try and keep our governments honest in that regard. Could there be greater efficiencies in the system? Absolutely! Is it perfect? Definitely not.
No alcohol definitley makes a difference. These days drinks in Vancouver are $15-$25 each. I was at a restaurant the other day where they had a few that were $40-$50! So that’s a great way to save for sure. I took the family to White Spot for lunch. Two adult meals and four pirate packs came to over $100 with tax and tip!
@user-vk5kj4dy9t I think the geography plays into it, too. My understanding is that there's a lot of sprawl in Chicago...but yeah, I'm sure the weather and crime don't help.
Yeah. Not sure where you live, @Leonardrose5 but buying clothes in Vancouver isn't cheap...but aside from being in a HCOL area, my partner and I are business professionals and so need to be well dressed, plus I have four growing children. We don't spend $1,000 every month but it averages out about there (maybe $750 - $1,000)...but imagine having to get new snow suits and rain gear and sports attire for four kids every year/season (aside from our own clothing). They also either grow out of clothing or wear out clothing INCREDIBLY fast. It adds up real quick. :) Thanks for checking out the video and sharing your thoughts!
@epermute No one said it was typical. This video is very clearly about my personal budget and expenses. Many may spend less but also many spend considerably more.
@salamonshevda5239 Well, you might want to watch a few of my other videos on why people would want to move to Vancouver. But the majority of Vancouverites are living comfortably...so I think the answer to your question is that would all depend on 1. How much you earn and, 2. What YOUR expenses are (I have four kids. Obviously a very different calculation if you are single with no dependents).
@okrodeo Sadly, these days you are right...if you were to buy a house in Vancouver today with 20% and didn't have a mortgage helper you could be paying triple that!
Having a cleaner come in is not frivolous…it is a mental health necessity. I have never been able to afford a cleaner, but one may have saved my marriage. Divorce is expensive! 😏
@jwallace9984 OK. That makes me feel a bit better about it. ;) I definitely agree that it's a big help in the grand scheme of things...and much cheaper than getting divorced. ;)
@okrodeo Well, it really depends on what you eat and how much you eat. Keep in mind that four of the six are small children, too...six ADULT males on a carnivore diet would be a totally different story. ;)
@okrodeo It's not often that people see Vancouver costs and consider them affordable...so I was thinking you might be from another HCOL area (like Toronto).
Very realtistic but man im glad I got out of that city. Working man getting screwed big time. Could be good if your a realtor,doctor or a lawyer. Other then that , no thanks.
It's tough, for sure @mudman6227. Where did you end up moving? From what I see any larger city (even Calgary) has pretty similar expenses (if they don't get you on housing, they'll get you with property taxes, utility costs, etc)...inflation hasn't really spared anyone.
@LivingInVancouver-BC agreed. It's been about 6 years since I moved towards sun peaks ( kamloops area) the demand for good workers is higher and my commute even tho lots of kms is less traffic. More of a canadian winter obviously aswell. I actually come to these videos to remember vancouver and the good things and bad. Very insightful and honest perspective 👏
@mudman6227 Thank you. That means a lot! Happy to help you remember a bit of Vancouver! And yeah, i know a lot of people that have moved out of Metro Vancouver to the Kamloops area in recent years. It’s a beautiful part of the province!
@maxximumrage Well, looks like you likely live in a much lower cost of living location (we can't use our mortgage payments to judge that entirely, but I think that was your point). There's no reason to feel bad for us, though...we could always not live here. :) Where are you watching from?
@madhuvamsimachavarapu5267 Do you live in Canada? LOL. You might be surprised at just how expensive clothing is...and then, of course, this is for a family of six.
Dude is living large! He must be selling high-end real estate? Wife prob had a high powered job to need a $500/m clothing budget? They likely come from money to afford 4 kids today? Mom with her pearls, yep, monied people!
@RamyYacoub-h7d Depends on so many factors...but it's certainly a tough city to survive in if you are at the lower end of the wage scale. Thanks for watching and sharing your thoughts!
Dude lives in a huge home and has 4 kids and complains about not having budget to take vacations… LOL As a single person you can absolutely survive and thrive in Vancouver
@amazonfighter I don't recall complaining in the video at all. Simply explaining my costs that can help illuminate the cost of living in Vancouver for other families. And I completely agree with you that it's possible to thrive in Vancouver whether you are single, have a significant other...or have four kids. Thanks for watching!
![Where NOT to Live When Moving to Vancouver [AVOID THESE AREAS!]](http://i.ytimg.com/vi/yxbTwJUfkAg/mqdefault.jpg)
This is the most honest cost review that i saw so far. Thanks for this. It helps others to be aware.
Thank you @ucimkuhati7497! I really appreciate you noticing that and taking the time to share. :)
Thank you for one of the rare honest expense breakdowns on here, most others just edit out the things that make life enjoyable. Stuff like date nights, treats for the kids, quality grooming and clothing costs, cleaners and pre-made meals etc.
It’s quite fascinating how cleanly this translates to expenses across the border in the US too (mostly identical, with more expensive daycare, added healthcare premiums, potentially lower mortgage payments).
It is always beneficial to get a look into another person's living expenses. I have also seen many people who moved to Vancouver who grossly underestimated their living expenses. That being said, this budget really represents a luxury lifestyle! Cleaners and premade meals! Very high expenses for dining, clothes, activities and grooming! Definitely, the average family could take the same budget, reduce in these areas and include a modest vacation fund and some savings.
@vee8647 100% Our budget is clearly without austerity measures. There's room to make cuts for sure!
Great video with amazing breakdown! Thanks for making it! Honestly, its not too far off from most of Canada these days. Sadly, $100,000 doesn't get as far as it use to. Alberta is arguably arguably cheaper than BC yet $100,000 is probably baseline of whats needed to support a family of 4 kids with just basic necessity + occasional outings.
Thank you @winsonlee8956. You are absolutely right...expenses have really shot up everywhere in the last few years! Thanks for watching.
100k in calgary and you own ur own home. Can live pretty comfortable.. at least can still go out for vacations 😂
Thanks so much for your honesty about your expenses/income! This is something I’m also doing with my friends.
I’m currently living in Montreal. We pay 15k in property tax on the plateau. I was always curious about the property tax rate in Vancouver so I’m so happy you mentioned it. After calculating the taxes in Quebec vs BC, we’ll actually be saving money in Vancouver because we’ll be buying. However, we’ll be living in a MUCH smaller space 😅 I understand everyone’s financial situation is different but it’s still super shocking.
@wenkoffs No trouble! Glad that you found this video to be helpful. Keep in mind that every municipality in Greater Vancouver has different tax rates, though...and the City of Vancouver is amongst the lowest...BUT they'll all be lower than what you pay in Montreal. In 2023 Vancouver's mill rate is 0.28% while Montreal's is 0.53%! At least you'll be saving money on something moving to Vancouver. ;)
Vancouver has the world's highest property tax. You can google something called School tax, invented by the BC NDP. If your property assesment is over $3M, that's when the school tax kicks in. It's basically a second property tax on top of the existing ones, to punish the luxury homeowners, so people who can't afford a property feel happy and vote for NDP. The money never went to school. The problem is that in Vancouver, most houses are over $3M, so homeowners become NDP's milking cows. My neighbor got robbed $65K every year.
@L110508 I appreciate you watching the channel and sharing your opinion. However, I have to disagree with your assertion that "Vancouver has the world's highest property tax". This is simply not true. Vancouver's property taxes are actually amongst the lowest in North America. Vancouver's 2023 rate was 0.28%...that's less than half of cities like Toronto and Calgary...and about 10% of the highest Canadian cities such as Fredericton and Winnipeg. Yes, there is an "additional school tax" on properties valued over $3M. From $3M - $4M you pay an additional 0.2% and from $4M+ it's 0.4%. Even adding this into the property tax rate Vancouver's taxes are still very much on the low end of property taxes throughout North America. By my calculations, if your neighbor paid $65K in "additional school tax" their property was assessed around $20M. If that property was in San Fransisco, they'd be paying $235K/yr, $200K in Seattle and a whopping $518,000 in Portland!
@@LivingInVancouver-BC You miscalculated, bro. This is an exact property tax from a guy that I know in westvan: Assessment is about $10M. Tax is $27k. School tax $3-4M is $2k. $4-10M is $24k. Total $53k. My neighbor's assessment is just a little bit more than $10M because house is newer, but definitely not $20M, way less.
If assessment is $20M, the tax would be $120K, not $65K like you calculated.
@L110508 I calculated based on the information you gave me. You were referring to taxes in Vancouver being the highest in the world...so I assumed the property you were referencing was in the CITY of Vancouver and not in one of it's 21 suburbs. Each one of these suburbs have their OWN tax rate. I assumed if you were referencing one of them you would have specified.
...and you said he was paying $65K, not $53K. I didn't make that number up.
So, no. I didn't miscalculate.
While West Vancouver has higher property taxes than Vancouver (being a city with higher incomes and less density) it is STILL not anywhere close to having the highest property taxes in Canada, North America and definitely not in the world. All municipalities in the Lower Mainland are pretty reasonable in comparison to what they could be.
Let's leave the exaggeration aside (you have left misleading comments about the amount of income tax British Columbians pay in another thread and now about property taxes). I'm only commenting on your comments because I think it's important the viewers of my channel are aware of the facts. Nothing personal. I'm not exactly excited about paying taxes either...but as I said elsewhere, given a national and international perspective we are doing pretty well.
Hope you have a Happy New Year!
Hello there Omni-Man 😁. Thanks for the detailed info! Really useful.
Haha @srisri-vm4nq! You are very welcome and thank you for watching!
Hello. I am Brazilian and I got accepted into Capilano University so probably I will be moving to Vancouver in August 2024. Your videos are so helpful 👌
@janainamonteiro4322 I'm so happy to hear that! I wish you all the best in your move to Vancouver...and thank you for checking out my channel. :)
Relocating in a little over a month for a new job from Michigan, US. This video, and all of them so far have been incredibly informative. Thank you 🫶
Oh thanks, @Kristy5-vr9zx! Really happy to hear that my videos have been helping with your move to Vancouver. I hope that you love it here!
thanks for all this information Sebastian! it has been tremendously helpful. Im moving to vancouver from mexico and it's been stressful calculating my new income vs rent (mostly) and other expenses. I'm more comfortable now that I've spent hours watching your vids with SUCH RICH CONTENT and calculating. Looks like I might not live in a box after all!
You bet, @annuartv! Really happy to hear that you've found my content to be helpful with your move to Vancouver. I appreciate you watching and hope you and your family enjoy your new life here in Vancouver!
Really enjoyed the video! Sounds like one happy family! Thanks for sharing!🎉
Thank you @RouRoro! I appreciate you checking out the video...and yes, we have a lot of fun. ;) Where are you watching from?
Literally spot on. Family of 4 and expenses are almost identical as he mentions, give or take in some categories
@baronunderbeit7723 Thanks for watching and for sharing your personal experience. I appreciate it! And glad to hear I'm not alone in realizing how expensive having kids is. ;)
Very insightful video! I am in my late 20s, moving from NYC to Vancouver. I’ll be making just above 100k CAD, which I understand is an above average salary. I don’t have kids but to think that even if my partner makes the same salary, it’ll still be very tight for a future with kids given that we want to have savings, vacations, etc. Very expensive city for sure!
It is. I moved here 2 years ago. And make more than 100k and live alone but still feel like I’m struggling and there is no future in this city. The real estate is just too damn expensive. But NYC is probably even more expensive. But in NYC you get to live in one of the best cities in the world and Vancouver is just a boring oversized village :)
@nicktankard1244 I see your point. The only reason I'm moving is because of my partner whose family is there. NYC is more expensive, but scale-to-scale NYC salary is much, much higher than Vancouver too, so both of us are taking significant paycuts to make this move. But we justify it because of the much better nature & family-friendly environment, a better work-life balance, and proximity to the bigger family. So we think it's going to be worth the tradeoffs in the end, but obviously, individuals have different situations, and this is likely a case-by-case decision.
@@joeli4754 yeah if you’re into nature and relaxed lifestyle Vancouver is perfect. I don’t have any family or friends here and I’m single. I also don’t care for nature really. In my 2 years here I went to the mountains only ones and got stuck in a pretty bad traffic jam on the way back . I love big cities but for now I’m stuck here in Vancouver because it’s the best place to be in Canada and I can’t leave Canada now
Thank you @joeli4754. Appreciate you checking out the channel! It'll be quite a change for you coming from NYC, I'm sure. We'll seem very quaint in comparison...but by the sounds of it, you know what you are getting into. With $200K income I think you guys will be comfortable but not excessively so. Especially since you don't have kids yet, and your salaries will likely rise in the coming years.
@@nicktankard1244 I did hear that for single, younger people, Vancouver lacks the social and fun aspect. We are at a different life stage now, so ironically we find NYC to be too much of that, so we prefer a city like Vancouver. Sounds like we should swap with each other 🤣
Thank you so much for sharing this video! This has been so helpful for me!! Keep up the good work!
@winniechang7276 Wonderful. Glad to hear that it was helpful! :)
This is a very honest and helpful video. Thanks so much for the invaluable info
@philipokotete6827 My pleasure. Thanks for watching!
My BF and I are planning a move to Vancouver from Central California... honestly seeing this breakdown helps a lot and is really encouraging. The California situation really skews everything lol
That's fantastic @shananananar. Glad that the video helped...and it didn't scare you away. I hope you like things a little bit cooler and wetter than Central California. :)
If ur coming from cen cal... you won't feel a change really ❤
since you asked so nicely :) I'm looking to move from Israel/Palestine, for obvious reasons. Also, Tel Aviv-Yaffa is always in the top 10 most expensive cities in the world and the housing market is insane here, so it would cost me pretty much the same to live in Vancouver but at least I'll be safe... I just applied to UBC for grad school!
I appreciate that @bdidimful! I had no idea that Tel Aviv-Yaffa was so expensive. That's interesting! I hope that you are able to move here and enjoy life in a much safer environment. :) What do you plan on studying?
@@LivingInVancouver-BC it is now number 8! But was number 3 in 2022 and number 1 in 2021. Crazy expensive. I applied for an ME.d. In language education, but now I’m nervous because I understand that it’s harder for mature students to get a study permit.. and I’m 40. Hopefully it works out 🤞
@bdidimful Well, you might end up being pleasantly surprised to find that Vancouver isn't quite that level of expensive (as much as it feels otherwise when you are here). I hope that you get into UBC and are able to make Vancouver your new home! Let me know if there's anything that I can help with.
Come join us in the trades, people. I’m pulling $160k a year. End up with around $110,000 after tax. Left high school at 16 and did a two week course before joining the trades. We put new condos up every 9-12 months in Vancouver BC.
100% You need to respond to the guy that commented on my jobs video that thinks I'm lying about there being any opportunity in Vancouver. Appreciate you watching and sharing your experience @geggs1!
I’m in school for health care aide and wanna upgrade to lpn eventually! Just moved to Edmonton in October and have lots I wanna do here even after graduating but I’ve grown up in Alberta my whole life and thinking of giving BC a shot especially once I get experience here in Edmonton! I’ll apply to places like Vancouver and Nanaimo plus save lots of money! Lol thanks for the channel! New subscriber here!
@ibelievethesecret80 Amazing! Glad you are enjoying the content and thank you for checking in. Sounds like you have a very bright future a head of you. :)
Possibly moving from Chicago to Vancouver. Your videos are incredibly helpful! Thanks
Thanks, @phillipweaver6098! Glad that you are getting something out of the channel! Let me know if you have any questions about moving to Vancouver that I haven't answered yet. :)
You can't just randomly move here. You are better off staying in the US, Trudeau has ruined Canada.
Thank you for sharing, I live in Sydney and I am looking to move to Vancouver in the upcoming years
You bet @logs5667! I hope you find more of my videos helpful in your research!
Hey me again, holy crap seeing the daycare difference is amazing. For our 2 daughters for 4 days a week is 2200 a month USD. Adding on our healthcare cost which is 500 a month for all of us. It seems so affordable to live here. Time to convince my wife to move haha
Wow. That's really interesting @269ricker! That is a big difference for sure...and that freed up cash could go a long way to help cover the increase in housing costs. Appreciate you sharing and continuing to support the channel! :)
Thank you so much for checking out the channel! Where are you watching from?
If you are thinking of moving to Vancouver reach out anytime!
Call/Text Direct - 604-831-4837
email: sebastian@albrechtgroup.ca
www.calendly.com/albrechtgroup
Thanks for the videos 🙏 my partner and I are moving over in April for 6months from Isle of Man 🇮🇲
We still need to sort out accommodation in the upcoming weeks.
@@MD-td5zn That's great! I hope that you have an amazing time in Vancouver!
I pay $700 for rent, which includes utilities. I live in a two-bedroom, one-bathroom basement in middle town Vancouver. And I pay auto loan. So Total My living cost is about $1400. So I can save money more than $1000 per month
Wow you are very lucky @yohankim6843! There aren’t too many basement suites for $700 any longer. That is more like $3,000 for most people these days. Sounds like you are doing alright. :)
Thank you for this very useful video. We are a family of 4 and many videos on YT are about youngsters immigrating to Canada without kids. May I suggest that you do a video about getting a mortgage for newcomers ?
That's wonderful to hear @stephaniemonneron4395. I'm really glad that you found this information helpful. I'm not sure that the intricacies of the mortgage process would perform super well as a video...but I'd be happy to provide some tips if you have questions via email?
@@LivingInVancouver-BCwe are still in the process of getting PR from France but we will not hesitate to contact you by email if we need advice from skilled real estate agent like you ! Need to make cash before 😅
@stephaniemonneron4395 No worries! Money will definitely help...and I wish you the best of luck obtaining your PR! :0
Hi, great video, can you make another video for Coquitlam and surrey please, this one was very informative, Cheers for sharing mate :)
@MrTarek Thank you for watching and reaching out. Do you mean cost of living videos for Coquitlam and Surrey or did you mean just videos that explore those cities? I have done a pros and cons video of Coquitlam not too long ago...and will definitely do one on Surrey soon too.
@@LivingInVancouver-BC all of these would be great, i would love to see cost of living videos for Burnaby or any other city, just as exploring videos
For sure....I'll see what I can do about that @Hunter5932!
Thank you very much for this information. You probably put lots of time to run all the numbers.
My pleasure, @jerryphamrealtor! How's living in Vancouver for you and your family?
Thank you so much for that breakdown. It really slapped me to reality 😂. Kinda feeling poor now 😅. However, now i can plan accordingly (might need a career change).
@MsFrida2012 what do you do now?
I think it's a challenge just about everywhere these days...but yeah, it's important to know what you are getting in to! That's the first step...and now you can plan on how to make that happen!
I do feel it's important to keep in mind that there are certainly ways to save money in Vancouver, too, though!
Thanks for checking out the channel!
Looking to move from west Palm beach Florida to deep cove or the north van area
Oh wow. That's going to be quite the move @RainPariss! What's bringing you up here and why Deep Cove in particular?
@@LivingInVancouver-BC haha yes! I'm Canadian and My family lives in Vancouver. My husband and I are starting to plan having kids soon. Honestly don't want to raise children here in Florida and want to be around my family for help. We recently visited deep cove and think it's an ideal place to raise a family!
@RainPariss Amazing! Deep Cove is a beautiful spot...but keep in mind it's one of the wetter/darker parts of Metro Vancouver. That might be exactly what you are looking for coming from Florida, but just in case you weren't aware. :)
Thank you for sharing with us :)
My pleasure, @shahjmir! Thank you for watching.
i used to live near there in the USA boarder and move because it was too cold and expensive to heat a home my pets suffered because of the terribly low tempture
@bendy1808 Utility costs in BC are actually quite low...and Vancouver has one of the most temperate climates in Canada...but you certainly have warmer options in the US.
We’ll done. We moved from Surrey to the Kootenay’s and are saving a whopping $5.00 (five dollars)😢a month!
@karlkuepper-cp3lt Interesting. I think a lot of people that move out of the city due to finances don't realize that it's not just Vancouver that's seen higher inflation in recent years...and some expenses can be higher in small communities. Why do you think there aren't bigger cost savings for you between Surrey and the Kootenays?
If it were me I’d cut out the $750 a month on clothes and maybe a couple other little things to not have to deal with renters in my house. That’s just me though.
I think we splurge on things we shouldn’t either as we gross about $170k a year between my wife and I and only own a condo in new west lol. I feel like we’ll never own a detached home. We’re also 30 and don’t have enough of a down payment for a house if we sell the condo.
That's a scary budget, but I plan to move mortgage free. We have one son, but old enough for no day care, and likely going car free. I came up with a fixed cost of $2300, those are costs we cannot avoid - bare minimum. Eating out, date night, travel, grooming, clothing would be extra. Still, this video gives is a lot to think about. Whatever we buy, it has to be mortgage free to make this work. I'm surprised you did not talk about deferred taxes and who is eligible for that.
I know right, @OrdinaryFilmmaker! There are a lot of expenses when you've got four young kids in Vancouver these days. :)
There's a lot to cover when talking about expenses...and sure, I could have mentioned the possibility of deferring taxes, but it's not something that I would encourage anyone to do. Those taxes will add up quickly and eat away at the equity that you would otherwise be building through home ownership.
But, for anyone looking for information on the tax deferral program in BC. You are able to defer your property taxes if you are 55 or over OR if you have children under 18 or that you support financially. Current interest rates on these deferred taxes are 4.95% for 55+ category and 6.95% for those with kids (incidentally, I had no idea about this second program until I just looked it up).
Check out the Government of BC website with all the details here -> www2.gov.bc.ca/gov/content/taxes/property-taxes/annual-property-tax/defer-taxes
@@LivingInVancouver-BC Points well taken. One of the reasons I am being more aggressive with UA-cam is to get myself to a good situation when we move. 502 days until I can retire, but should I wait... that's the big question to ask each year ;)
100% Nice to have some extra income once you retire from your primary gig @OrdinaryFilmmaker!
$200K to live comfortably with a family :( that is challenging mainly for newcomers, but it is still positive that it is possible to dream, plan, fight for it, and make it happen!
i think it's even harder for single newcomers. Those housing costs are crazy when you can't split them.
@guilhermegpt Yes, 100%. It's definitely possible and many Vancouverites are able to make it work. It just helps to know what you are getting into if you are moving here from somewhere else. There are a lot of additional expenses that families need to keep in mind...and tough to understand if you aren't already living here.
I appreciate you checking out the channel. Where are you watching from?
If you make $200K in Vancouver, the government will take $100K away from you. It's the country with one of the highest tax in the world.
@@L110508Not such as in Europe like Danemark or France
@@LivingInVancouver-BC I am watching from Vancouver :D I live here since 2021. I am from São Paulo - Brazil and came here to do my Masters in Org. Psychology. I finished that in 2023 and landed my dream job in a Health Authority this year where I make $101K however I don’t really get that in my hands as the state needs a portion of it right? So I make $5K tax free per month. I have a side simple freelancing job that helps me to get an extra $1K so I get $6000 per month.
I was sharing a place with a roommate ($1200 / month) , now as I will get married next week I am living with my partner ($700/month now in rent yay), she makes $3000 tax free so we combine make now $9000 or so per month. So around $110K per year, so next step is for her to get a better high paying job and myself check other ways to get money online or with a side business. We want to be able to save and invest but we would also want to have kids and we know that can cost also some money.
Anyways, I know it is possible it is just I guess a bit annoying that the market and the city is like this as other places in the world I could buy an amazing house for so much less, even right here in the states. Would be amazing to have any video about what needs to happen for Vancouverites have more housing option (just FYI I am against forbidding people to rent their places for short term rentals AirBNB etc) that doesn’t solve the issue, besides no one likes the state telling what we should or not do with our property (which apparently we do not have in this country). It would be interesting to know about the materials needed, the process if there is too much red tape etc. Thank you for the content and keep it up with the good work. :D
Summers in Vancouver are nice, however it is a soggy and depressing place in winter. Prepare for that. Along with the insane real estate prices.
@supermash1 No doubt about it, we get plenty of rain in the winter months! Thanks for watching and sharing your observations.
The way you put it... Thanks for sharing by the way, great informational content... but the way you put it, umh... a few things doesn't really need monthly expenses, like clothing for example.. however... for a family of three, husband wife and young son, sounds like much lesser.. if we don't spend extravagantly... I guess it also depends pretty much on each family lifestyles too... too subjective to go into but overall very informative content ... thank you very much..
I think you are saying some of the things I listed don't need to be on a list of monthly expenses (such as clothing)? It's true, you don't necessarily buy new clothes every month...but in the interest of giving an accurate depiction of real expenses I decided to include expenses that are regular and ongoing. For me, an accurate budget needs to include these things even if I don't do them every month (like buying clothes or getting a haircut).
...and you are right, it definitely does depend on lifestyle. People that eat out a lot more could have much higher dining expenses, so could people that travel a lot...but people that are vegetarian, don't own a vehicle and cook all their own food could have much lower expenses.
I honestly thought that I had already deleted my comment because I've already answered my own comment after posted... But on second thought I am glad I didn't... As they way I see it, inquisitive comments are very helpful for hard working content creators like yourself and I see it brings out a deeper level of expertise and knowledge when you answer about accurate budget .. I couldn't agree more... I have been digging for answers for why some of my Canadian friends would want to come back to Malaysia... Cos I still think, everywhere else is more or less the same... perhaps there might be some advantages of being an ex-pat in Malaysia... otherwise, expenses are not cheap also if we're earning the average Malaysian salary.. That is why I look for videos like yours to get more info so to better understand... still up till now, I still think that everywhere else is more or less the same... including certain places in china.. [I also like the video you show Mount Pleasant.. cool place.] @@LivingInVancouver-BC
@frankielee908 I love all the comments that I receive...especially when you are asking questions! It helps me understand what you are thinking about when watching my videos and gives me ideas for future videos, or how to structure future videos. And thanks for checking out my channel and sharing your thoughts! :)
Just shy of $1000 for 2 kids in daycare sounds amazing!!! We’re paying $1400 for just 1 kid and we’ve got another on the way 😢 The disparity in cost of daycare in this city is definitely one of the most disheartening costs associated with living here.
@pierrebeauchamp7919 Yes, I've found that the challenge of finding daycare (as well as other kid lessons/activities) and then paying for it (so expensive!) has been one of the big drivers of pushing families out of Vancouver. But while the competition to get in to daycare is still incredibly high there has been a lot of progress made in making daycare (relatively) more affordable with government subsidies. I hope you are able to find a more affordable option for your little one (and soon to be two)!
Is it possible to post a public xls sheet with the numbers you crunched for the total income calc?
Would you consider 110k net income (excluding housing costs) would enable us to live comfortably in north Vancouver? We do like to travel abroad once a year…
@ÖmersakineAlaş The total income was taken from CMHC. The data is in this table: www03.cmhc-schl.gc.ca/hmip-pimh/en/TableMapChart/TableMatchingCriteria?GeographyType=MetropolitanMajorArea&GeographyId=2410&CategoryLevel1=Population%2C%20Households%20and%20Housing%20Stock&CategoryLevel2=Household%20Income&ColumnField=HouseholdIncomeRange&RowField=Neighbourhood&SearchTags%5B0%5D.Key=Households&SearchTags%5B0%5D.Value=Number&SearchTags%5B1%5D.Key=Statistics&SearchTags%5B1%5D.Value=AverageAndMedian
I can't say specifically if $110K net income would be enough to live comfortably in North Vancouver...because it depends on what you consider to be a comfortable lifestyle and what your expenses are. For many, that would be considered to be a healthy income, though.
Thinking of moving from South Africa. The political instability and state-owned utility issues are just becoming too much of a stress.
Vancouver would be the most similar city in Canada to where I am from (live in Cape Town) from a lifestyle point of view.
The time zone differences are a bit daunting though 😅
Thanks for sharing, @renbron! I've heard that (similarities with Cape Town). One of my best friends in high school moved to Cape Town very soon after we graduated...I can still remember some of the stories. Once you get past the jetlag you'll be ok. ;)
Thank you for the detailed breakdown of your spendings! It is in Canadian dollars, right?
My pleasure, @konstantinmihaltsov1293. Yes, all expenses are in CAD. Thanks for checking out my channel!
Would you please share which service are you using for pre-made meals?
You bet. We use Fresh Prep right now. After trying a few different services we found this one to be the best in terms of convenience, value and quality. Are you using any right now?
@@LivingInVancouver-BC We use hello fresh and the quality is good, but we are considering to switch to a heat and eat service, not the ones that we have to cook ourselves, do you have any experience with those?
We’ve never tried it, no. Hope that it works out for you!
That was interesting. I don't have a family, so my expenses are not as big but then I can't split the housing costs. 3200 to live in a house is somewhat reasonable for a single person. But I imagine you'd have to put a lot of money down with the current prices and rates to have that mortgage. You probably bought that house a long time ago or had a lot of savings :)
Thanks, @nicktankard1244! Yeah, the challenges are different for families vs singles for sure. A $3,200 payment would be about a $550K mortgage at a good rate in today's environment (25 year amortization). That's not going to get anyone a house in the Lower Mainland. It could get you a nice one bedroom condo downtown, though (with 20% down).
So much info, i appreciate this video, it is very useful for me to move Canada as a foreigner.
Love to hear that @saravanapothi574! Thank you so much for watching! :)
Where do you buy your pre made meals? I really like that idea
Hey @caioalmeida7381! We use HelloFresh right now as we like the flexibility and options that they offer. However, we also used Fresh Prep for a while. Not quite as flexible, but a bit better in terms of environmental impact (they use a lot of reusable containers to deliver their food).
so much help!
we'll be in vancouver for our honeymoon for a month in february. any suggestions or guidance would be helpful!
@chrisntakumi Glad you found the video helpful! February is a great time in Vancouver if you enjoy winter. If you ski you’ll want to visit Whistler and some of the local mountains like Grouse and Cypress. A weekend trip to Victoria is probably worth your time too…and possibly the Sunshine Coast or Saltspring Island. Hope you guys have a great time!
Thank you so much for the recommendations! Any tips in finding an affordable place to stay for a whole month?@@LivingInVancouver-BC
I’m not sure any accommodation in Vancouver is affordable. That goes for hotels too. I’d look at airbnbs and vrbos but also check with a couple hotels to see what their monthly rates are. The most expensive places will be downtown. You’ll save money if you are willing to stay in less central locations.
Great video but these expenses are far above typical, 4 children are not common. We live in the burbs and spend about 6000 ish per month, although we have no kids. After tax income on 100 k is 75 k so doable.
@epermute appreciate you sharing your own experience here. Obviously there’s going to be variations based on everyone’s personal budget and expenses…which is why i wanted to share the details here. I also found there is plenty of information for young single people living in or moving to Vancouver and the cost of living in Vancouver but very little (if any) for families. We aren’t lavish spenders (while there are certainly areas we could cut a bit)…
Please could you share which meal prep service you use?
Yeah, you bet. We use Fresh Prep. We tried a few others but this one seems to work best for us. The best combination of quality, convenience and value.
Making 260 annually with 3 kids barely scraping by. With the insane taxes in Canada you really need to have a family income of 400 000 to thrive in Vancouver area
@victoreyecode8893 More money certainly never hurt! But while I don't love paying taxes, our taxes are pretty middle of the road.
Barely scrapping by? Huh? Is that with the Range Rover in the drive way. It is funny seeing wealthy people complaining like they are collecting cans on the street. Those people are barely scrapping by.
@joeisawesome540 I can't speak for @victoreyecode8893 but I suspect the feeling is that they don't live as comfortably as they'd expect with that kind of income. As you say, it's not the same as someone making minimum wage and wondering if they can afford to eat this week or not. But, the truth is that what is "wealthy" today isn't the same as it was even five years ago.
@@LivingInVancouver-BC people like that never will live as comfortably as they feel because of life style creep. I have friends who are always strap for cash no matter how much they make.
@joeisawesome540 I hear you. Lifestyle creep is real for sure! Although, I have to say as a parent of 4 kids...once they come around staying highly disciplined financially is MUCH more challenging. Those little kids are real expensive in Vancouver.
Very realistic. Someone making under $30 an hour as a single earner youd have to go to the food bank or eat at Sikh temples to survive due to sky high cost of living or should i say surviving
100%. I think around $30/hr ($57,600/yr) is about the cutoff for what a living wage in Vancouver would be. Of course, it depends on your lifestyle and priorities...but pretty tough to get by here if that's your total family income.
Thanks for watching and sharing @harmony-bi6ks!
I would like to move and thought that in 2 years it could happen. I live in Munich. For the clothing I fly to Thailand or turkey at the moment. That's a long weakend, bit off Hollyday for 1.000€!😅
I was living in Berlin before I moved here to Vancouver. I regret that decision. I think Germany is better
My parents moved to Canada from Germany many years ago. I still have family in Munich in fact (how about that snow you got yesterday!). The ease of (relatively cheap) access to so many places...whether it's Paris or London or Istanbul or Marrakesh, etc...will probably take some getting used to.
Depends on where you chose to live in vanccity. My buddy and his wife combined income is about quarter mil. And they considered themselves as middle income... 😅😅😅
Yep. These days, especially if you have kids, that kind of income isn't getting you too far @tonysung3553.
We left Vancouver and live happily in Europe ever after. The cost of living is just disgusting these days and does not justify the lifestyle you get in return.
@otto.kretschmer The cost of living in many Canadian cities has changed dramatically in the last couple of years, unfortunately. Where did you end up in Europe?
How is your daycare so cheap? Even with subsidies, in Poco I’m getting quoted nearly $3K per month per child. $500 seems obscenely cheap
$3,000 per month? Wow! I haven't seen numbers that high before...but last time we were really looking was about two years ago. The primary reason ours isn't as expensive is that it's a not-for-profit. I think other daycares we were looking at in Vancouver would have cost us about double ($1,200 - $1,500) for full-time licensed daycare for a toddler (no food) with the subsidy. I do see others out there getting similar prices to ours (or even less if they are lucky enough to get a $10/day spot) but the average is definitely higher. I hope you have luck finding a more reasonably priced spot for your kid!
@@LivingInVancouver-BC thank you for the info! Great transparent video too btw!
No problem at all…and thank you! Glad you found it helpful!
Interest rate is so high and everything is expensive.... Do you think BOC will start lowering the interest rate next year?
@mc3ky41 I don’t want to pretend I’m an economist…but at this point it appears quite likely that interest rates will be coming down in 2024. The question is more whether it will be early in the year or late. What do you think?
@@LivingInVancouver-BC Realistically, I think only 25 to 50 basis points later next year. In 2025, they will surely have to lower the interest rate before the election. You know.. they will get the pressure from the politicians 🤣
@mx3ky41 All we can do is wait and see what happens...fingers crossed that Canadians see a bit of relief on interest rates, though! :)
lol its like that in any popular nice city. its not just vancouver. Toronto is the same and in USA LA, Hawaii, NY, SF. its the cities nobody want to live thats cheap.
@user-vk5kj4dy9t Yeah, true. Desirability plays an enormous part...and I think like Hawaii, NYC and SF the geographic constraints of Vancouver play an huge role in the cost of home ownership.
Hope you don’t mind me asking what is your combined income?
@Acolcleugh- I'm not quite ready to be THAT much of an open book. :)
Planning on moving from Ottawa
@takondwapangalala3755 Amazing! Let me know if you have any questions that my videos haven't answered yet!
Sure thing bro
👍
I have been living in Canada for almost 5 years and I can’t stop questioning where all the tax money goes to😅 let’s compare it to Germany ( almost the same tax brackets), where fruit vegetables and dairy are subsidized by the government, which makes them 3-4 times cheaper than here in Canada. Daycare, schools and education are free, even for foreigners, parents get financial help for each child under 18th. Poor Canadian people😢
@lilik2255 I can't speak to the tax system in Germany. It's a country I'm quite familiar with, but I don't know those details in-depth. Nonetheless, I can't disagree with your point. I think it's always healthy to be suspicious of how our tax money is spent...and to try and keep our governments honest in that regard. Could there be greater efficiencies in the system? Absolutely! Is it perfect? Definitely not.
Goes into Trudeau pockets 😂😂😂
🙄
Coming from Nairobi Kenya
Amazing @jamesmugambimatu! I hope you are ready for colder winters. ;)
Ukraine. I'll be in Vancouver at the end of this summer
@alexxxeffect1867 Wonderful! I hope that you enjoy your new home here in Vancouver!
250 for dinner is the higher end. I wouldn’t spend more than 100, although I don’t drink much, wife not at all.
No alcohol definitley makes a difference. These days drinks in Vancouver are $15-$25 each. I was at a restaurant the other day where they had a few that were $40-$50! So that’s a great way to save for sure.
I took the family to White Spot for lunch. Two adult meals and four pirate packs came to over $100 with tax and tip!
who wants to live in Minnesota . its cold all the time. same with chicago and high crime rates . hence its cheap
@user-vk5kj4dy9t I think the geography plays into it, too. My understanding is that there's a lot of sprawl in Chicago...but yeah, I'm sure the weather and crime don't help.
carrying costs r crazy :(
I am moving from Lagos Nigeria
Wow. That's a big move! I hope it's a smooth one...and let me know if you have any questions @Intl_chi!
why would you spend 1k a month on clothing? MONTHLY?? WOW
Yeah. Not sure where you live, @Leonardrose5 but buying clothes in Vancouver isn't cheap...but aside from being in a HCOL area, my partner and I are business professionals and so need to be well dressed, plus I have four growing children. We don't spend $1,000 every month but it averages out about there (maybe $750 - $1,000)...but imagine having to get new snow suits and rain gear and sports attire for four kids every year/season (aside from our own clothing). They also either grow out of clothing or wear out clothing INCREDIBLY fast. It adds up real quick. :) Thanks for checking out the video and sharing your thoughts!
@LivingInVancouver-BC I live in kelowna. I know Vancouver is expensive, but I can't imagine splashing 1k a monthly on clothes, but I understand, tho.
I know. I can't either, but it's happening! :)
Not typical. I doubt we pay more than a few k a year. @@LivingInVancouver-BC
@epermute No one said it was typical. This video is very clearly about my personal budget and expenses. Many may spend less but also many spend considerably more.
2:33 the math is wrong lol the cost comes to $3130
Thanks for the correction @peterbg123. Not sure how I got to $3220...but you are right that my total cost of housing is actually $3,130/mo.
if it is that expensive why people are moving there? what is difference living poor in your own country or in Canada?
@salamonshevda5239 Well, you might want to watch a few of my other videos on why people would want to move to Vancouver. But the majority of Vancouverites are living comfortably...so I think the answer to your question is that would all depend on 1. How much you earn and, 2. What YOUR expenses are (I have four kids. Obviously a very different calculation if you are single with no dependents).
@@LivingInVancouver-BC mine most probably with 1 kid will be around 5500 $
What part of Canada do you live in?
@@LivingInVancouver-BC was thinking to sattle in Vancouver or Calgary
Cool...and where are you coming from?
3200$ for a family home is cheap… esp in Vancouver.
@okrodeo Sadly, these days you are right...if you were to buy a house in Vancouver today with 20% and didn't have a mortgage helper you could be paying triple that!
@@LivingInVancouver-BC basically you’re a mortgage helper im taking it
@okrodeo Having income from your home makes living in Vancouver much more affordable than it otherwise would be, that's for sure!
Having a cleaner come in is not frivolous…it is a mental health necessity. I have never been able to afford a cleaner, but one may have saved my marriage. Divorce is expensive! 😏
@jwallace9984 OK. That makes me feel a bit better about it. ;) I definitely agree that it's a big help in the grand scheme of things...and much cheaper than getting divorced. ;)
1000$ a month on grocery???? thats it? for 6? i pay for that just for me.
@okrodeo Well, it really depends on what you eat and how much you eat. Keep in mind that four of the six are small children, too...six ADULT males on a carnivore diet would be a totally different story. ;)
@@LivingInVancouver-BC thats very true I didnt consider this. You make it all seem pretty affordable to be honest
@okrodeo :) Where is it that you are watching from?
@@LivingInVancouver-BC i travel coast to coast to coast and back (:
@okrodeo It's not often that people see Vancouver costs and consider them affordable...so I was thinking you might be from another HCOL area (like Toronto).
Very realtistic but man im glad I got out of that city. Working man getting screwed big time. Could be good if your a realtor,doctor or a lawyer. Other then that , no thanks.
It's tough, for sure @mudman6227. Where did you end up moving? From what I see any larger city (even Calgary) has pretty similar expenses (if they don't get you on housing, they'll get you with property taxes, utility costs, etc)...inflation hasn't really spared anyone.
@LivingInVancouver-BC agreed. It's been about 6 years since I moved towards sun peaks ( kamloops area) the demand for good workers is higher and my commute even tho lots of kms is less traffic. More of a canadian winter obviously aswell.
I actually come to these videos to remember vancouver and the good things and bad. Very insightful and honest perspective 👏
@mudman6227 Thank you. That means a lot! Happy to help you remember a bit of Vancouver! And yeah, i know a lot of people that have moved out of Metro Vancouver to the Kamloops area in recent years. It’s a beautiful part of the province!
I pay less than a grand for my mortgage lol sucks to be ya'll out west!
@maxximumrage Well, looks like you likely live in a much lower cost of living location (we can't use our mortgage payments to judge that entirely, but I think that was your point). There's no reason to feel bad for us, though...we could always not live here. :) Where are you watching from?
Berlin, Germany
Cool. Welcome to the channel @dishmi2000. I appreciate you watching and sharing!
England is way cheaper than Canada period
@Kaiviti271 Perhaps, but I suspect that would differ quite a bit based on where in England and Canada we are comparing.
1000/month on cloths!
@madhuvamsimachavarapu5267 Do you live in Canada? LOL. You might be surprised at just how expensive clothing is...and then, of course, this is for a family of six.
If you're thinking of moving to Vancouver, don't.
@Warrengr89 Where would you be moving if you aren't enjoying your life here in Vancouver?
@@LivingInVancouver-BC anywhere in the US
@Warrengr89 I hope that works out for you. :)
Dude is living large! He must be selling high-end real estate? Wife prob had a high powered job to need a $500/m clothing budget? They likely come from money to afford 4 kids today? Mom with her pearls, yep, monied people!
@AllieE36 LOL. You know you are talking directly to me, right? And no...nobody has given me anything in my life...just my own hard work.
$12,000 -$15,000 dollars a month minimum to survive in Vancouver. Anything less and you are living like crap.
@RamyYacoub-h7d Depends on so many factors...but it's certainly a tough city to survive in if you are at the lower end of the wage scale. Thanks for watching and sharing your thoughts!
Dude lives in a huge home and has 4 kids and complains about not having budget to take vacations… LOL As a single person you can absolutely survive and thrive in Vancouver
@amazonfighter I don't recall complaining in the video at all. Simply explaining my costs that can help illuminate the cost of living in Vancouver for other families. And I completely agree with you that it's possible to thrive in Vancouver whether you are single, have a significant other...or have four kids. Thanks for watching!
@@LivingInVancouver-BC Sorry about the tone. Great review however and your videos are very detailed!
@amazonfighter No worries! I appreciate the apology and for taking the time to share your thoughts! :)