In a significant demographic shift, Metro Vancouver has officially reached a population of three million, marking a crucial milestone in the region's growth and development. This milestone reflects the dynamic changes in demographics, urban planning, and social infrastructure that have shaped this vibrant metropolitan area.
As we delve into the implications of this growth, it is essential to examine the factors contributing to this increase, the challenges that come with it, and the opportunities that lie ahead for the residents of Metro Vancouver.
Understanding the Growth 🌍
The population surge in Metro Vancouver can be attributed to several key factors, including: ✅ Immigration ✅ Economic opportunities ✅ The region’s attractive quality of life
For many, Vancouver represents a gateway to a brighter future, drawing individuals from various parts of Canada and around the globe. The city's diverse economy—fueled by industries such as: 🔹 Technology 🔹 Film production 🔹 Tourism 🔹 Natural resources
These sectors provide ample employment opportunities that appeal to newcomers.
Moreover, the region's natural beauty, characterized by stunning coastal landscapes, mountains, and a mild climate, makes it an appealing destination for those seeking an exceptional lifestyle. The combination of job prospects and quality of life creates a compelling narrative that continues to attract individuals and families to the area. 🌄🏙️
The Demographics of Diversity 🌈
Metro Vancouver is a tapestry of cultures, with over 40% of its residents identifying as a visible minority. This diversity enriches the community and contributes to the city's vibrant cultural scene.
🌍 Ethnic enclaves 🍣 International cuisine 🎉 Cultural festivals
These elements reflect the multicultural fabric of the region. As the population reaches three million, the importance of fostering inclusivity and understanding among different communities becomes increasingly vital. 🤝🍽️
The rise in population also emphasizes the need for: 🏥 Robust healthcare services 🎓 Strong educational institutions 💡 Community support systems, Metro Vancouver must adapt to ensure all residents have access to the resources they need to thrive.
Challenges Ahead ⚠️
While reaching three million residents is a cause for celebration, it also brings forth significant challenges.
🏘️ Housing Affordability
Demand for housing is skyrocketing, leading to soaring prices.
Rental competition has increased, making affordable housing scarce.
🚦 Transportation Infrastructure
A larger population means more traffic congestion.
Public transit systems must evolve to accommodate growing demand.
🌱 Environmental Sustainability
As urbanization expands, natural resources are strained.
Balancing growth with environmental stewardship is crucial for maintaining the region’s ecological health.
Embracing Opportunities 🌟
Despite the challenges, Metro Vancouver’s growth presents numerous opportunities:
💡 Diversity drives innovation – Different perspectives fuel creativity and economic growth. 🌏 Global leadership potential – The city can lead in technology, sustainability, and the arts. 🤝 Community engagement – Grassroots movements and local initiatives can strengthen social cohesion.
Fostering a collaborative spirit will be essential in building a resilient and thriving Metro Vancouver.
Final thought 🏁
Reaching a population of three million is a landmark achievement for Metro Vancouver, symbolizing its growth, resilience, and vibrancy.
As the region navigates the complexities of this demographic change, it must confront challenges related to: 🏠 Housing 🚆 Transportation 🌍 Sustainability
while embracing the opportunities that diversity and innovation present.
The future of Metro Vancouver lies in the hands of its residents—working together to create an inclusive, sustainable, and prosperous community. As the city continues to evolve, it will undoubtedly attract new residents, making it a dynamic and exciting place to live, work, and play.
The journey toward a thriving, three-million-strong Metro Vancouver is just beginning, and its potential is limitless. 🌟🌆✨
In a significant move to tackle housing affordability, Prime Minister Mark Carney has announced the elimination of the Goods and Services Tax (GST) for first-time homebuyers purchasing new or substantially renovated homes priced under $1 million. This policy aims to reduce upfront costs, potentially saving buyers up to $50,000, while also stimulating the construction of new homes across the country.
The 5% GST has long been an added expense for Canadians looking to buy a brand-new home. By removing this tax, the government is making homeownership more attainable for young families and first-time buyers.
For example, on a $500,000 home, eliminating GST means saving $25,000—a game-changer for many aspiring homeowners!
Example:
Meet Sarah & John, a couple in their 30s who have been renting in Vancouver, struggling to save enough for a down payment. With this policy, they can now afford a newly built townhouse without the extra tax burden, making their dream of homeownership a reality!
Beyond helping individual buyers, this move will encourage developers to build more homes.
Example: Developers like Maple Leaf Homes are already planning to expand their projects, knowing that this tax break will increase demand for new housing. This could help ease the housing shortage, especially in cities like Toronto and Vancouver, where supply is tight.
Interestingly, this policy is similar to a proposal made by Conservative Leader Pierre Poilievre in 2024, who suggested eliminating GST on new homes under $1M for all buyers, not just first-time homeowners. The Liberals’ approach, however, focuses only on first-time buyers, aiming to help those struggling to enter the market for the first time.
Considering a move to Coquitlam, BC? You're in good company! With its vibrant community, stunning natural surroundings, and modern amenities, Coquitlam has become one of the most sought-after locations in Metro Vancouver. Whether you’re a young professional, a family looking for space, or a retiree seeking tranquility, Coquitlam has something to offer everyone!
Coquitlam provides a more affordable alternative to Vancouver while still offering access to all the urban conveniences you could desire. From spacious single-family homes to modern condos, you can find a variety of real estate options that cater to different budgets. Enjoy the benefits of city life without the hefty price tag!
One of Coquitlam's most appealing features is its strong sense of community. Residents take pride in their neighbourhoods and often come together for local events, festivals, and farmers’ markets. Whether you’re looking to volunteer, join a sports team, or simply meet your neighbors, you’ll quickly feel right at home in Coquitlam.
If you love being outdoors, Coquitlam is a paradise for nature enthusiasts! With numerous parks, trails, and recreational facilities, you'll have plenty of options for hiking, biking, and enjoying nature. Explore the picturesque trails of Minnekhada Regional Park, take in the views at Coquitlam Crunch, or spend a day at Lafarge Lake. Adventure awaits!
Coquitlam boasts a thriving economy with ample job opportunities across various sectors including technology, retail, healthcare, and education. The city’s strategic location makes it ideal for businesses, supporting both local entrepreneurs and large companies. With job growth on the rise, Coquitlam is a fantastic place to build your career!
From cozy neighbourhood eateries to lively restaurants, Coquitlam's dining scene is diverse and satisfying. Enjoy a meal at one of the many international restaurants, or grab a coffee at a local café. Plus, shopping enthusiasts will love Coquitlam Centre, which offers a wide range of stores and boutiques, ensuring you have everything you need right at your fingertips.
Final Thoughts – Why Wait? Make the Move to Coquitlam!
Coquitlam, BC, offers an exceptional blend of urban convenience and natural beauty, making it the perfect place to call home. Whether you’re seeking a vibrant community to raise your family or a peaceful environment for retirement, Coquitlam has it all. Ready to find your dream home in Coquitlam? Let’s make it a reality!
Thinking about buying or selling a condo in Coquitlam? Let’s chat! Visit my website:searchbcrealestate.com
Unlocking Homeownership Dreams with the FHSA: A Tax-Free First Home Savings Account Journey! 🏡💰
Ready to transform homeownership dreams into reality? The First Home Savings Account (FHSA) is the key to overcoming the hurdle of saving for a down payment. 🌟
1. Understanding the FHSA: A Unique Approach to Savings 🏦 The FHSA, introduced in the 2022 Federal budget, is a groundbreaking registered plan that combines the best of RRSP and TFSA features. With an annual contribution limit of $8,000 and a lifetime limit of $40,000, it's a powerful tool to expedite your savings.
2. FHSA Eligibility: Your Gateway to Homeownership 🇨🇦 To embark on your FHSA journey, you must be a Canadian resident, aged between 18-71, and a first-time home buyer. Let the FHSA pave the way to homeownership for you!
3. Top Benefits of the FHSA: Empowering Your Savings Journey 💪 The FHSA offers four compelling incentives:
Tax-sheltered savings for up to 15 years.
Tax-deductible contributions to lower your annual tax bill.
Ability to transfer funds to an RRSP or Registered Retirement Income Fund.
Compatibility with the Home Buyers' Plan for an even larger down payment.
4. Unveiling Contributions and Deductions: Navigating the Fine Print 📜 Dive into the details of contribution limits and deductions:
Lifetime limit of $40,000 with annual contributions capped at $8,000.
Carry-over contributions for unused amounts from the previous year.
Tax-deductible contributions that reduce your overall taxable income.
5. Qualifying Withdrawals: What Can You Use the Money For? 🏡 Ensure tax-free withdrawals by meeting specific conditions:
Be a first-time home buyer and a Canadian resident.
Have an agreement to buy or build a qualifying home.
Intend to occupy the home as your principal residence.
6. Distinguishing FHSA from the Home Buyers' Plan: A Comparative Overview 🔄 Contrast the FHSA with the Home Buyers' Plan – no repayment required for FHSA, and you can use both plans for your first home!
7. Adapting to Change: What if You Don't Buy or Build? 🔄 Adjust to changes by transferring savings to an RRSP or RRIF on a tax-free basis. No taxes until withdrawal!
8. Real-Life Scenario: Meet Alex, a 30-Year-Old Dreamer! 🧑💼 Explore the story of Alex, a dreamer using the FHSA to save tax-free for 15 years. If plans change, Alex can transfer funds to an RRSP with tax implications upon withdrawal.
9. Key Takeaway: Unlocking Your Dreams with the FHSA 🗝️ With the potential to save up to $40,000 (or $75,000 combined with the Home Buyers' Plan) tax-free, the FHSA is a game-changer in the face of soaring real estate prices. It's an investment tool that's definitely worth considering.
10. Further Exploration: Where to Learn More? 🤔 Visit the Tax-Free First Home Savings Account information page on the Government of Canada website for more details and updates.
Dream big, plan ahead, and with the FHSA, you're one step closer to the keys of your new home! 🌈🏡✨
Thinking of moving to Vancouver in 2024? Give us a call or sign up to get new listings.
Hey guys, it's Solomon again from the BC Elite Real Estate Group and in this video, we're going to share with you the 4 places that I recommend if you're thinking about renting in Vancouver , Fraser Valley, or all the way to Chilliwack, so let's get right to it.
All right, before we get onto this video. If this is your first time to our Channel, we do tons and tons of videos about Vancouver living ,Fraser Valley and all the way to Chilliwack. Back and we're getting dozens and dozens of phone calls emails and text messages about where to live where to move to all the different spots schools and neighborhoods. And we absolutely love your messages. So keep them coming.
So this video is really to tackle messages. I've been getting about helping you guys find rental properties. So in this province of British Columbia, I'm not licensed to handle rentals. So this video will address where to look for if you're thinking about moving out here and which websites I recommend.
So I called around some different rental management companies. And in fact a lot of them don't For the service where you could hire them to find you a rental. So this video is going to just tackle where to look what are my go-to recommendations and where to find the best deals and also stay to the end so I can show you guys which ones to avoid so you're not scammed into giving your security deposit through some scammers that are always lurking out there on these websites. So let's get right to it.
Craigslist
All right. So let's dive right into it. So the first website that I recommend that you visit if you're looking for rentals is Craigslist, so what you're going to Do is go to your search engines and typing Craig's List and I would put in Vancouver to start.
So for this example, we're going to look for a rental place in let's say New Westminster. So what you're going to do is find the category housing and there's apartments and housing field here. This is where you want to click. So there's a couple ways to find rentals here. So there is either searching it in the search bar the city that you're interested in and then pulls down the list of homes or you can search by map view.
So let's start with the map view and if you see this is where New Westminster is and you can zoom in and find a bunch of rentals here now New Westminster has predominantly a lot of condos. So if you're interested in getting houses you can Actually filter it by housing type and you can just put in a house here.
Let's say you're interested in a three-bedroom home then. You might be short of inventory, but there is still some places in the area. So here's one for 2,200. Mm and so on. So the other way to search is to just put in, for example, I want to move to Langley. So if I put it Langley here, I'm going to get a list of houses in Langley. So this is where you could find rentals and Click here. So here's one for 3700. You can definitely communicate with the owner that way or sometimes you gotta management company handling this. So yeah here you can actually see the pictures of the property.
Some descriptions of it. And to respond to them you could hit the reply button and either their phone number will show up our email. So in this case, there's an email address just have to reply by email or you could click one of these Gmail links to go directly to the button to respond to so this is how we do it and just inquire that way so Craigslist is the first website that I recommend.
Facebook
Okay. So the next website that I recommend is Facebook, so if you go to Facebook, Is a section here called Marketplace. So that's one way to find stuff in Facebook or you could go to different rental groups. But right now let's just go to Marketplace and you can search property rentals on the categories here and here you'll find more rental properties.
Let's go look for something in Maple Ridge. And here you have rentals now the good thing about Facebook marketplaces that you are most of the time dealing directly with owners and you can just communicate with them by sending them a message. So there's less of a scam than you would find in Craigslist or scammers I should say. So this is one way to find rentals on Facebook Marketplace.
The other way is that you could just go and join different rental groups. So for example, there's a rental group Maple Ridge Pitt Meadows. You could join this group and you can talk to people directly here. So. All right, and that's it for Facebook Marketplace.
Zumper
The other website that I would recommend is called Zumper. So I'm going to put that zumper apartments for rent houses for rent. So now let's say I want to move to ah, let's go Vancouver. You're going to see a list of all these places on the numbers another cool map that map search here that you could search all the different neighborhoods in Vancouver Richmond Kitsilano, like everywhere Richmond. New West Surrey Delta. So it's I believe it covers all over the world this website zumper, so here let's go look at the when this thing here. So we got property here in Burnaby. So I haven't really used this much but I know you can get an account set up. You can see a lot of data about the rental market in the area walkability scores and other nearby rentals. So this is a really really good website that I was recommended to use from property management company.
Padmapper
Another website the final one that I would suggest you visit is called padmapper. Padmapper.com so very similar to zumper. So let's put a New Westminster again and you're gonna get all these different rentals here. So there's a lot of rentals actually available here. The final bonus way website to search is you can just type in here Property Management. Let's just put in New Westminster yet. So you can actually go directly to different property management companies and see what their inventory looks like.
So let's look at this one ACDrealty.com. And here you've got different properties available exclusively from that brokerage. So this is one other way to search.
Residential Rental Scams
All right. So this part we're going to talk about the residential rental scams. So in Vancouver, the vacancy rates are very low under 1% So it is a tough Market out there for renters trying to find a place. So it's understandable where criminals can see this opportunity as a way for them to scam potential tenants that are desperate to find a place so I'm going to share with you guys some tips that will help you avoid any kind of scams.
Tips to Avoid Scams So according to CTV News 43% of ads are fake. So this is something that's really eye-opening. So be careful out there and I'm going to share with you guys my tips. So here are some ways to identify rental scams. So first way to tell if an ad is fake is that the rents are way too low for the area. They might include all the utilities. They said well pets are allowed and worries for the area. It seems like it's way too low. So that's the first red flag.
Alright. So another thing is to make sure you check and analyze all the pictures. So if you notice that the pictures look very off like it's blurry or it just looks like it's been taken from maybe a real estate listing. Sometimes these scammers use an actual home that's for sale or was for sale while back and they're just taking the photos from there. So make sure that something that you want to analyze and there's no description in the ad is just pictures. So that's one red flag for you.
Another huge red flag is that they're saying, the scammers are saying that they're out of the country. So if you ever get a response back that they're out of the country and to funnel them some money cash or e transfer or wire transfer. There's another red flag. So be careful for that.
Okay, if they say that they want to leave the real estate management companies out of the picture or that they can trust the real estate agent. That's another red flag. All right, always, always, always ask to see the apartment. Don't be sending money without seeing the property first.
So I know a lot of people are desperate they just Want to secure something because you know, everything goes pretty fast here a lot of Apartments. Don't last too long. So make sure you just stay calm and just make sure you have the time to see the property without sending money. So I've had some people messaging me saying that they're coming from out of Province and that they want to have their place secure before they arrived. I suggest maybe just go rent the hotel for a bit. And then just when you land here just look at properties in person and meet the landlord's another tip is get the address of the property. Go to Google Maps and do a street view make sure that it even exists.
So whatever address they give you Google it look it up on the map view and make sure that it does exist. All right, and make sure when you go and see the property that you asked for identification from the person that's showing it to you and let them know that you know, you just want to be careful right down their license plate if they're arriving in a car, but yeah get their information check their ID. And then you can also go to the land title's office and ask for a copy of the title to verify that they are. Actual owners also be careful about giving too much information. So don't give me your sin numbers out. Don't give out your Visa cards. This is a perfect opportunity for scammers to take advantage and get all the information so they could do identity theft. So be careful for that now just go with your gut feeling if you find that the process was too easy.
They didn't do enough screening or reference checks. That's another red flag. So if they're just willing to give you the rental place without doing their homework, and they're asking In for the cash upfront and they're adamant to have the cash right away. That's another red flag.
So another thing to look out for is informality. So if they want to just do a handshake deal, they don't want to go through the paperwork do any leases. They just say well just wire me some money and it's yours. Then there you go. You better run fast and the way from this person. So yeah, so just be careful out there.
There's a lot of scammers as I mentioned some tips for you guys when you were looking at moving to Vancouver, Fraser Valley or Chilliwack, there are some people out there that are going to take advantage of you. So be careful out there and wish you all the luck.
Alright, so I hope you found this video very helpful again. I'm a local real estate agent, and if you're thinking about buying or selling your home in the Vancouver Fraser Valley or Chilliwack area, don't hesitate to reach out to our team and I by contacting us at 778-655-7999 or visiting our website at searchbcealestate.com again, stay tuned to our next video and we'll catch you later.
Rarely Available Executive French Style Townhome In Westwood Plateau. Located Across From Westwood Plateau Golf Academy. Built By Quality European Builder With Unique Timeless Design. Home Features 3 Bedrooms With 3 Full Baths. 4 Level Split Home With An Amazing Layout & Finished Lower Level as Rec Room or 4th Bedroom. Over 2000sqft Of Sprawling Living Space. Gas Fireplace In The Grand Living Room Which Features 22’ High Ceilings With Lots Of Natural Light. Large South Facing Deck Off the Family Room. Master Bedroom Has Vaulted Ceilings & Juliette Balcony. Private Back Patio. Park Up To 3 Vehicles With Garage and 2 Side By Side Parking Pad In Front. Close To Skytrain, Coquitlam Town Centre Mall, Lafarge Lake. We are the BC Elite Real Estate Group and are one of the top producing teams in Vancouver and the only team providing video on every town, neighborhood, and city in the Vancouver Lower Mainland and Fraser Valley. Reach out anytime day or night, we got your back!
We have so many people contacting us who are moving here to Vancouver British Columbia and we ABSOLUTELY love it! Honestly, if you are moving or relocating here to Vancouver or the Fraser Valley, we can make that transition so much easier on you!! Reach out Day/Nights/Weekends whenever you want, we never stop working for you!!
Have you heard of the BRRRR strategy? A What? BRRRR— It stands for Buy, Repair, Rent, Refinance and Repeat.
If you are a real estate investor and want to learn an awesome strategy to implement in Vancouver, FV or Chilliwack, then you must watch this video to the end as we dive into this popular method to grow your rental property portfolio and we are going after it right now.
Let's define what BRRRR stands for:
1. Buy: purchase an undervalued or distressed property with alternative financing such as hard money or private loan.
2. Rehab: Make improvements to the property to add value and get it rent ready.
3. Rent: Rent the property out to market standards.
4. Refinance: Use a cash-out refinance to pay off your original hard money loan or private loan.
5. Repeat: Use profit left over from the cash-out refinance as a new down payment for your next investment property.
This method allows you to grow your real estate investment portfolio without having to tie up all your money on one property. eg. If you wanted to own 5 properties, you would need large downpayments for each home and with this method you are able to pull money out of the properties you BRRRR and buy another one to repeat the process. If done properly, this method can increase your net worth and passive income. Ultimately financial independence. I would say this method is perfect for a buy and hold strategy for 10 to 20 years.
So today we are in Chilliwack and I am going to show you a home that needs TLC and repair and the BRRRR strategy would work well in this home. So let's go inside and take a look.
So with this property, if say it sell for $350k, you spend xxx amount in here is my estimate, rent it out for $2200 to $2500 month. Analyze it. Equity take out.
This strategy does come with risks.
Here are 3 risks associated with the BRRRR method:
1. The risk of unable to pull out the desired amount after the Reno’s and rent, eg the refinance appraisal came back lower than expected, or the market took a dip and you might have to prepare for holding it until the market goes back up and try in 6 months again. It is so key to buy at the low and not overpay for these properties. This is where a good Realtor, would come in to play.
2. The risk of a longer than expected time to renovate the home and the holding costs, as well as unexpected surprises during the Renos that may take much longer to finish.
3. You might lose cash flow because the refinance requires a larger loan and possibly a higher mortgage rate. However the name of the game for me anyway is long term strategy and if you can think 20yr game plan, then you should be fine.
Hope you found this video helpful.
Again, my name is Solomon, our team and I at the BC Elite Real Estate Group are here to help you with finding these types of deals.
If you are in the market to get into one of these homes and perform this strategy then reach out to our team of buyer agents and we are here to help you by calling or texting 778-655-7999 or visiting our website searchbcrealestate.com.
Please subscribe to this channel and smash the like if you found it helpful. We would love your comments and feedback.
Burnaby is a top-rated and sought-after destination because of its proximity to Vancouver. Located 13 km away from the downtown area, Burnaby has become a hotspot for people looking to escape the high costs associated with Vancouver. As such, there are a lot of shopping destinations, restaurants, and other fun things to do within the city limits. With so many people are looking at Burnaby, the cost of living in Burnaby, BC, has also increased.
To better understand what the cost of living in Burnaby is like compared with Vancouver, we'll look at the expenses across ten broad categories. These ten categories should be reasonably representative of how an average family will spend their money and will, therefore, be indicative of what it is like to live there!
· Rental Prices
· Housing Prices (buying to own)
· Grocery Costs
· Dining Costs (when you want to go out instead of eating in)
· Utilities
· Gas Prices
· Median Income
· Property Taxes
· Commute
· Childcare Costs
Rental Prices
One of the highest expenditures for any family living in Vancouver will be rent. If you are looking to rent an apartment within the city, you can expect to pay $2,200 per month for a simple one-bedroom apartment. That's the average rent price, so to get into the most beautiful areas will run you even more. Two-bedroom apartments (which are much more conducive for families) cost upwards of $3,000 per month. Rent, unfortunately, has become mostly unaffordable for the average family in the Vancouver city limits.
Given the fact that Burnaby is relatively close to downtown Vancouver, it should come as no surprise that rents in Burnaby are less, but not too far off what you would pay in the downtown area. The average rent for a one-bedroom apartment is $1,600 per month. A two-bedroom unit costs approximately $2,400. Each of these prices represents a 20% discount from what you'd pay to be right in the city. Having that extra $500 or so per month certainly makes the cost of living in Burnaby less, but you should still expect to pay a non-trivial amount of your income towards rent if you choose that path within this city.
Housing Prices Reduce The Cost Of Living In Burnaby
Housing within the main cities in British Columbia is a hot topic. Many observers decry the high cost of housing within the city limits. A detached home currently runs for $2.2 million. Even the cheapest option, a condo, costs a stunning $787,000. If you want a townhome, you should expect to pay approximately $1.2 million. As a family looking to relocate to Vancouver, paying these sums of money to buy a home may be quite challenging.
As such, many would-be homeowners have been looking outside of the city limits. Since Burnaby is relatively close, it makes a logical choice for people who are deterred by the housing costs in Vancouver. Unfortunately, the desirability of Burnaby means that, while there is a discount on housing, there isn't a discount quite like can be found in other regions (like Langley or Surrey, for example). A condo will cost approximately $600,000. Townhomes cost $855,000, and detached homes cost an elevated $1.5 million. While these prices are technically more affordable than Vancouver, they do not represent a low cost of living by any means.
Grocery Costs
The proximity to Vancouver has also impacted the cost of goods within the city as well. According to Numbeo, groceries are only very slightly cheaper in Burnaby than in Vancouver. The price of milk, bread, eggs and other staples will be about the same or slightly above what you would pay in Vancouver. Of course, where you shop likely influences these prices quite a bit, but if you're buying in Burnaby expecting to have inexpensive food, you may be better to consider somewhere else within the greater Vancouver metro area.
Dining Costs
If you want to eat out, you will find the prices within Burnaby to be relatively comparable to that of Vancouver. You can expect a lower-cost meal to be under $20. Similarly, a meal for two at a nice restaurant should cost less than $100, unless, of course, you order lots of alcohol. The cost of dining out in both cities is roughly the same, even though there are most definitely restaurants that are more expensive in Vancouver than what you would find in Burnaby.
Burnaby is home to some top-rated restaurants, earning more than 4.5 stars on Google Maps, including Pear Tree Restaurant, Anton's Pasta Bar, and Chad Thai Restaurant. No matter what type of food you are craving, you are very likely to find it within the Burnaby city limits! And with the lower cost of living Burnaby, you'll be able to afford it.
Utilities
The number estimates that the cost of utilities in Burnaby is more than in the city of Vancouver. It's important to note that electricity prices are the same throughout the province as BC Hydro is responsible for those. Therefore, no matter where you live within the provincial boundaries, you can expect to have the same electric bill.
What can change, however, is the cost of water, garbage, and other essential services. For a 915 square foot apartment, the estimated price for these is about $100 per month, compared with $90 for Vancouver. It's not a significant increase, but technically speaking, you're more likely to pay a little bit more in utilities in Burnaby.
Gas Prices
Gas in British Columbia is, sadly, incredibly expensive. The average cost for a litre of gasoline in Vancouver is often over $1.20. Unfortunately, residents in Burnaby will not receive much of a break in this regard. It's typical for gas prices only to be about 10 cents cheaper than in Vancouver. While that is a little bit of a saving, you should also consider that in the downtown area, you might be able to get away with not having a car. However, in Burnaby the transit is really good and you can avoid gas payments by taking the many sky train options through out the city and bus transit.
Median Income
The median income within the city of Vancouver was $72,662, according to the last census figures published by Statistics Canada. Indeed, compared with some other Canadian metro areas, Vancouverites earn a decent wage. However, factoring in the exorbitant cost of living within the city limits, the rent alone on a two-bedroom apartment will consume a large portion of that wage.
Unfortunately, for Burnaby residents, things don't get much more comfortable. According to Townfolio, the median wage for a household in Burnaby is $64,737. While that wage is proportional, relative to the cost of living, to what people make in Vancouver, it's not much better. Other areas surrounding Burnaby, like Surrey, have a higher wage relative to housing prices. The cost of living Burnaby feels higher than in those other places.
Property Taxes
The property tax rate in Burnaby for residential properties is $2.84 per $1,000 of assessed home value. For the average detached home which sells for $1.5 million, the average yearly property tax bill will be $4,260.
The amount levied per $1,000 of value is similar to what Vancouver has. They collect about $2.56 per $1,000 of assessed home value. The difference, of course, is that homes in Vancouver cost $2.2 million (for an annual tax bill of $5,632) while homes in Burnaby have an average bill just north of $4,000. Expect to pay about $100 a month less in property taxes in Burnaby!
Commute
Burnaby is quite close to downtown Vancouver. Commute times are frequently under 30 mins. Which saves time and money. Fortunately, there are many public transit options for this commute, so you should expect to spend money on cars, gas, insurance, and if you decide to simply use transit, then you can purchase a Translink monthly bus pass to access the skytrain and buses. The cost for a monthly pass is from $98 to $177 month depending on how many zones you need it for. And a single pass is $3 to $5.75 for up to 90 mins. Also, A bonus for drivers is that there are no toll fees around the city, not yet anyway.
Childcare Costs
Putting an infant in Vancouver's childcare system is notoriously expensive. The current cost of daycare is about $1,400 per month, which is quite substantial - especially considering the median income of $72,000 per year!
Childcare costs in Burnaby are roughly $1,000 per month, which is approximately 30% cheaper than within the city of Vancouver. Families very much appreciate those extra $500 monthly savings!
Burnaby Is A Lower Cost Of Living Region With Some Flaws
From a purely numerical point of view, Burnaby does have a lower cost of living than Vancouver. It's about 10-20% cheaper across the board. However, that does come at a cost. The overall household income isn't as high in Burnaby, and there is a commute into the downtown region. Both of these are negative factors. Additionally, the cost of living savings is not necessarily worth being outside of the city limits. That's a personal decision, of course, but something you should consider when looking at properties in Burnaby.
Burnaby does have many jobs within the city limits itself, though. There are tech companies, restaurants, hotels, and other industries that have plenty of employment. If you get one of those jobs, then the commute into work is not something about which you should be too concerned.
If you're looking for a lower cost of living place than Vancouver, speak with me today so we can see if Burnaby might be a good fit for you!
Cost Of Living Burnaby, BC: The Definitive Guide For Non-Residents
Burnaby is a top-rated and sought-after destination because of its proximity to Vancouver. Located 13 km away from the downtown area, Burnaby has become a hotspot for people looking to escape the high costs associated with Vancouver. As such, there are a lot of shopping destinations, restaurants, and other fun things to do within the city limits. With so many people are looking at Burnaby, the cost of living in Burnaby, BC, has also increased.
To better understand what the cost of living in Burnaby is like compared with Vancouver, we'll look at the expenses across ten broad categories. These ten categories should be reasonably representative of how an average family will spend their money and will, therefore, be indicative of what it is like to live there!
· Rental Prices
· Housing Prices (buying to own)
· Grocery Costs
· Dining Costs (when you want to go out instead of eating in)
· Utilities
· Gas Prices
· Median Income
· Property Taxes
· Commute
· Childcare Costs
Rental Prices
One of the highest expenditures for any family living in Vancouver will be rent. If you are looking to rent an apartment within the city, you can expect to pay $2,200 per month for a simple one-bedroom apartment. That's the average rent price, so to get into the most beautiful areas will run you even more. Two-bedroom apartments (which are much more conducive for families) cost upwards of $3,000 per month. Rent, unfortunately, has become mostly unaffordable for the average family in the Vancouver city limits.
Given the fact that Burnaby is relatively close to downtown Vancouver, it should come as no surprise that rents in Burnaby are less, but not too far off what you would pay in the downtown area. The average rent for a one-bedroom apartment is $1,600 per month. A two-bedroom unit costs approximately $2,400. Each of these prices represents a 20% discount from what you'd pay to be right in the city. Having that extra $500 or so per month certainly makes the cost of living in Burnaby less, but you should still expect to pay a non-trivial amount of your income towards rent if you choose that path within this city.
Housing Prices Reduce The Cost Of Living In Burnaby
Housing within the main cities in British Columbia is a hot topic. Many observers decry the high cost of housing within the city limits. A detached home currently runs for $2.2 million. Even the cheapest option, a condo, costs a stunning $787,000. If you want a townhome, you should expect to pay approximately $1.2 million. As a family looking to relocate to Vancouver, paying these sums of money to buy a home may be quite challenging.
As such, many would-be homeowners have been looking outside of the city limits. Since Burnaby is relatively close, it makes a logical choice for people who are deterred by the housing costs in Vancouver. Unfortunately, the desirability of Burnaby means that, while there is a discount on housing, there isn't a discount quite like can be found in other regions (like Langley or Surrey, for example). A condo will cost approximately $600,000. Townhomes cost $855,000, and detached homes cost an elevated $1.5 million. While these prices are technically more affordable than Vancouver, they do not represent a low cost of living by any means.
Grocery Costs
The proximity to Vancouver has also impacted the cost of goods within the city as well. According to Numbeo, groceries are only very slightly cheaper in Burnaby than in Vancouver. The price of milk, bread, eggs and other staples will be about the same or slightly above what you would pay in Vancouver. Of course, where you shop likely influences these prices quite a bit, but if you're buying in Burnaby expecting to have inexpensive food, you may be better to consider somewhere else within the greater Vancouver metro area.
Dining Costs
If you want to eat out, you will find the prices within Burnaby to be relatively comparable to that of Vancouver. You can expect a lower-cost meal to be under $20. Similarly, a meal for two at a nice restaurant should cost less than $100, unless, of course, you order lots of alcohol. The cost of dining out in both cities is roughly the same, even though there are most definitely restaurants that are more expensive in Vancouver than what you would find in Burnaby.
Burnaby is home to some top-rated restaurants, earning more than 4.5 stars on Google Maps, including Pear Tree Restaurant, Anton's Pasta Bar, and Chad Thai Restaurant. No matter what type of food you are craving, you are very likely to find it within the Burnaby city limits! And with the lower cost of living Burnaby, you'll be able to afford it.
Utilities
Number estimates that the cost of utilities in Burnaby is more than in the city of Vancouver. It's important to note that electricity prices are the same throughout the province as BC Hydro is responsible for those. Therefore, no matter where you live within the provincial boundaries, you can expect to have the same electric bill.
What can change, however, is the cost of water, garbage, and other essential services. For a 915 square foot apartment, the estimated price for these is about $100 per month, compared with $90 for Vancouver. It's not a significant increase, but technically speaking, you're more likely to pay a little bit more in utilities in Burnaby.
Gas Prices
Gas in British Columbia is, sadly, incredibly expensive. The average cost for a litre of gasoline in Vancouver is often over $1.50. Unfortunately, residents in Burnaby will not receive much of a break in this regard. It's typical for gas prices only to be about 10 cents cheaper than in Vancouver. While that is a little bit of a saving, you should also consider that in the downtown area, you might be able to get away with not having a car. However, in Burnaby, it's harder to avoid having a vehicle and, as such, you will have to spend money on gas!
Median Income
The median income within the city of Vancouver was $72,662, according to the last census figures published by Statistics Canada. Indeed, compared with some other Canadian metro areas, Vancouverites earn a decent wage. However, factoring in the exorbitant cost of living within the city limits, the rent alone on a two-bedroom apartment will consume a large portion of that wage.
Unfortunately, for Burnaby residents, things don't get much more comfortable. According to Townfolio, the median wage for a household in Burnaby is $64,737. While that wage is proportional, relative to the cost of living, to what people make in Vancouver, it's not much better. Other areas surrounding Burnaby, like Surrey, have a higher wage relative to housing prices. The cost of living Burnaby feels higher than in those other places.
Burnaby for residential properties is $2.84 per $1,000 of assessed home value. For the average detached home which sells for $1.5 million, the average yearly property tax bill will be $4,260.
Property Taxes
The property tax rate inThe amount levied per $1,000 of value is similar to what Vancouver has. They collect about $2.56 per $1,000 of assessed home value. The difference, of course, is that homes in Vancouver cost $2.2 million (for an annual tax bill of $5,632) while homes in Burnaby have an average bill just north of $4,000. Expect to pay about $100 a month less in property taxes in Burnaby!
Commute
Burnaby is quite close to downtown Vancouver. Commute times are frequently under one hour, which saves time and money. Unfortunately, there aren't many public transit options for this commute, so you should expect to spend money on cars, gas, insurance, and maintenance if you're working more than walking distance from your property.
Childcare Costs
Putting an infant in Vancouver's childcare system is notoriously expensive. The current cost of daycare is about $1,400 per month, which is quite substantial - especially considering the median income of $72,000 per year!
Childcare costs in Burnaby are roughly $1,000 per month, which is approximately 30% cheaper than within the city of Vancouver. Families very much appreciate those extra $500 monthly savings!
Burnaby Is A Lower Cost Of Living Region With Some Flaws
From a purely numerical point of view, Burnaby does have a lower cost of living than Vancouver. It's about 10-20% cheaper across the board. However, that does come at a cost. The overall household income isn't as high in Burnaby, and there is a commute into the downtown region. Both of these are negative factors. Additionally, the cost of living savings is not necessarily worth being outside of the city limits. That's a personal decision, of course, but something you should consider when looking at properties in Burnaby.
Burnaby does have many jobs within the city limits itself, though. There are tech companies, restaurants, hotels, and other industries that have plenty of employment. If you get one of those jobs, then the commute into work is not something about which you should be too concerned.
If you're looking for a lower cost of living place than Vancouver, speak with me today so we can see if Burnaby might be a good fit for you!
If you've been looking at moving to Vancouver, you've undoubtedly heard about the cost of living here. People almost religiously discuss how expensive everything is in Vancouver - from housing to gas. Sadly, this has an effect of turning people away from this great city, even though the reality is a lot more complicated than that. Vancouver's reputation for high prices is at least partly unfair because much of it depends on what you are looking for in terms of housing and lifestyle.
To better understand the cost of living in Vancouver, let's take a look at some key metrics and see how they stack up against similar word-class cities (specifically, Toronto, Seattle, and San Francisco). In particular, we'll be looking at ten metrics:
·Rental Prices
·Housing Prices (buying to own)
·Grocery Costs
·Dining Costs (when you want to go out instead of eating in)
·Utilities
·Gas Prices
·Median Income
·Property Taxes
·Sales Taxes
·Childcare Costs
Rental Prices
Despite Vancouver's reputation for elevated housing prices, Vancouver rental prices are more affordable than some comparable markets. The average rent for a one-bedroom apartment in Vancouver is $2,200 per month. For a two-bedroom apartment, that figure rises to $3,000 a month.
In the closest city by proximity, Seattle, a one-bedroom runs $1,900 US whereas a two-bedroom goes for about $2,500 US. In Toronto, those numbers are $2,300 and $2,850, respectively. And, of course, when compared with San Francisco, Vancouver looks cheap. There, rents are $3,690 US for a one-bedroom apartment and over $4,500 US for a two-bedroom unit.
So, while Vancouver is pricier than cheaper cities, it's certainly not the most expensive. Rent here is slightly less costly than in Toronto. When accounting for currency conversion, Vancouverites pay about the same as Seattleites. Vancouver looks like an absolute bargain to anyone in the Bay Area!
To summarize, when it comes to rents, we have high rents, but many, if not all, major metro areas have high rents. Our prices are not too bad in the big picture.
Housing Prices
There's no doubt that Vancouver has elevated housing prices. An infographic using late 2018 data showed that Vancouver had the second-highest home price in North America. San Francisco was the highest, Vancouver second, Seattle eighth, and Toronto took the eleventh spot.
However, this infographic is somewhat misleading. Vancouver has a significant price disparity between condos and houses. There's a relatively consistent supply of condominiums, which keeps prices slightly in check. According to Zolo, a Vancouver condo sells for $811,000, whereas a Toronto one sells for $655,000. More expensive, yes, but the average detached home in Toronto is $1.3 million, whereas a Vancouver one clocks in at almost double at $2.5 million.
Vancouver is more expensive, but if you're in the market for a condo, it's not that much pricier than Toronto. Additionally, if you're willing to commute, the prices drop substantially in the suburbs like Maple Ridge or Delta. And it's still more affordable than a place like San Francisco.
Grocery Costs
Groceries are a mixed-bag for Vancouverites. Residents of this city pay more for some groceries and less for others. For example, according to Numbeo, when compared with Toronto, Vancouverites save on milk and cheese but spend more on bread and rice. According to the same site, people living in Vancouver pay a similar grocery cost to those living in Seattle, except that while a Vancouver person might pay $0.83 for a banana, someone from Seattle will pay $0.83 US for that same banana. It can sometimes be cheaper to buy groceries in Vancouver as compared with US cities, after considering the currency differences. Perhaps unsurprisingly, Vancouver is pretty much always on par or less expensive than San Francisco.
Dining Costs
Dining out in Vancouver is not incredibly expensive when compared with other cities. According to Numbeo, for an inexpensive restaurant, a person here can expect to pay about $16. For mid-range place for two-people, that number rises to $80. These figures seem reasonable.
In Toronto, those numbers are $20 and $80, respectively. So while Toronto is a little more expensive, Vancouver's pretty much on par. For Seattle, Vancouverites pay about what Seattleites pay, just in Canadian dollars instead of US dollars. A person in Seattle will pay $15 US, but a person in Vancouver will pay $16 Canadian. Of course, continuing with the trend, San Franciscans pay more in US dollars than Vancouverites pay in Canadian.
Utilities
When it comes to utility costs, Vancouver's residents enjoy a break when compared with other large metro areas. Numbeo ranks utilities based off of how much a 915 square foot apartment should expect to pay. They estimate Vancouver residents would pay $90 per month versus Torontonians who would be looking at $138. Both of these figures are less than San Franciscans who pay $140 and Seattleites who pay $162 US per month.
Vancouver also enjoys relatively inexpensive electricity. A report by the Business Council of British Columbia showed that Vancouver's electricity costs were the lowest of all four metro areas at 11.42 cents/kWh on average. Toronto clocked in at 13.24 cents, Seattle at 15.02 cents, and San Francisco was a whopping 28 cents on average!
Gas Prices
Another thing that people love to discuss is the cost of gas here in BC. At approximately $1.50 per litre, Vancouverites have the highest price of gas in Canada. However, at $1.15 per litre, Toronto is not too far behind. At approximately $3.00 per gallon ($1.03 Canadian per litre) in Seattle, Washingtonians have the least high price overall. At roughly $4.00 per gallon ($1.37 Canadian per litre), people in San Francisco have it bad stateside.
While there is no doubt that gas prices are higher in Vancouver than in other places, they are not insanely high. If you're driving to and from work every day, gas prices out here won't break your bank too much more than living in other world-class cities like Toronto or San Francisco.
Median Income
Unfortunately, when it comes to median incomes, this is one area where Vancouver has some catching up. According to Statistics Canada, the median income for this city was $72,662 back in 2015, the latest year available. In Toronto, the average was $78,373.
For Seattle, the average income is $93,481 US, and for San Francisco, that number unsurprisingly rises to $112,376 US.
Of course, our southern friends need to deduct extra expenses like health insurance from those salaries. Still, there's no doubt that Vancouver and other Canadian cities have some work to do to catch up to wages in other large metropolitan areas.
Property Taxes
Vancouverites pay $2.56 per $1000 in value for property taxes. On the other hand, Torontonians pay approximately $4.50 per $1000 of property value. The US has very high property taxes by comparison as both San Franciscans and Seattleites frequently pay $10-20 or more per $1000 of property value.
Sales Taxes
Despite its reputation for being expensive, Vancouver has decent tax rates. Sales tax in BC is 12%, and there are many classes of products that are exempt from PST (like restaurant meals). Torontonians pay 13% HST. Seattleites pay 10%, and San Franciscans pay 8.5%, the lowest of all the cities.
Childcare Costs
Despite Vancouver having very high childcare costs relative to other cities in Canada, it's still the cheapest of the three other cities to which we're making the comparison. In Vancouver, childcare costs $1,400 a month per infant, which is less than Toronto. There, the average monthly cost is $1,685. Both of those numbers are less expensive than both Seattle and San Francisco, where people will pay $1,680 US and $1,955 US, respectively. While Vancouver daycare is pricey when compared to Winnipeg, for example, it's not as pricey as other large metropolitan areas.
Overall Cost of Living Assessment
There is zero question that Vancouver is not the cheapest place to live in Canada. However, when compared with three other world-class cities, it is not the most expensive, and it's not the most affordable. On average, Vancouver tends to be about the same or have a slightly lower cost of living than Toronto. When compared with Seattle, Vancouver is often less expensive when factoring in currency conversion. However, unfortunately, Vancouver salaries don't match Seattle's. Finally, Vancouver is almost always significantly less costly than San Francisco, which is not surprising considering that San Francisco is consistently rated as one of the most expensive cities to live in the world!
One of the fantastic things about British Columbia is that there are ways to make it very affordable. For example, picking a condo will give you a reasonably-priced place to live with lower property taxes. You'll then be able to take advantage of the lower electricity costs and lower grocery costs to save for your dream home (which, if you're willing to look at a suburb of Vancouver like Maple Ridge or Coquitlam, isn't as pricey).
If you're looking to move to Vancouver and are wondering about the cost of living, speak with your real estate agent today. There's a good chance that there's a way to move to this beautiful city without breaking the bank!
