Cost Of Living Surrey, BC: The Definitive Guide For Non-Residents

Surrey, BC, is a beautiful community located approximately 30 km southeast of Vancouver. It sits across the river from New Westminster, which is a lovely community in and of itself. This city is also an incredibly family-friendly place which, as we will see, is partly attributable to the low cost of living in Surrey. There are numerous restaurants, parks, and other fun activities available for children and adults alike.

To understand how much lower the cost of living in Surrey is, we need to compare Vancouver and it across multiple categories. We've done the research and crunched the numbers across these ten categories.

·  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

If you've been following Vancouver news, you've likely heard of the housing crisis within the city. There is a shortage of affordable housing in Vancouver. As such, people are looking outside of the city limits for places to rent and call home.

Surrey is one of the prominent places for renters to consider due to its relative proximity to the downtown area. In downtown Vancouver, you can expect to pay $2,200 for an average one-bedroom apartment. That price jumps to $3,000 for a two-bedroom unit. Of course, given the median household income, this is unaffordable for most residents.

However, in Surrey, the average cost for a one-bedroom unit is $1,400 per month and the average price for a two-bedroom one is under $2,000. These figures represent a 30% "discount" from what you could expect to pay living in downtown Vancouver. It's certainly debatable how affordable $2,000 per month would be for the average family, but it's more affordable than $3,000!

Housing Prices Reduce The Cost Of Living In Surrey Significantly

The other contributing factor to the housing crisis in Vancouver is the fact that single-family homes have become so unaffordable. With the average selling price clocking in at $2.2 million, buying a detached house within the city limits is officially out of reach for most families. If you're looking at owning a condo or a townhouse, those are a little more affordable at $787,000 and $1.2 million, respectively. Still, for many families, these numbers are out of reach.

Fortunately, suburbs like Surrey are significantly more affordable when it comes to housing costs. The average detached home costs about $1.2 million, which is about 50% less than what you would pay in the city of Vancouver. Similarly, townhomes and condos cost about $603,000 and $400,000, respectively. Both of these home styles are about 50% less than what you would find in Vancouver as well.

Given that Surrey is reasonably close to Vancouver's downtown area, typically, people find that the tradeoff in affordability is well worth the extra commute time to get into the city's core!

Grocery Costs

While the data on grocery costs within Surrey is a little sparser than in other areas of the Greater Vancouver Area, the estimates on Numbeo show that people who live in Surrey should expect to pay less in groceries than in the downtown area. For staple items like eggs, milk, cheese, and water, Surrey is about 10% cheaper than Vancouver. It's not a significant saving, but the fact that your dollar goes further when it comes to food costs in Surrey is a welcome bonus!

Dining Costs

Much like with grocery costs, residents of Surrey may save a little bit dining out compared with people in Vancouver. The cost of a mid-range meal will be closer to $15 instead of $20 that the same meal might cost in Vancouver. Similarly, a meal at a fancy restaurant might cost 10% less in Surrey. One shouldn't expect the food to be significantly cheaper in Surrey

Surrey is home to quite a few well-reviewed restaurants, including Old Surrey Restaurant, Tap Restaurant, and the Afghan Kitchen. Each of these places is incredibly well-reviewed on Google Maps. If you're looking for good food at relatively affordable prices, Surrey is a fantastic choice.

Utilities

The cost of basic electricity, water, and other utilities for a 915 square foot apartment in Surrey is estimated to be about $105 per month. By contrast, the estimated cost for services for the same size apartment in Vancouver is about $80. Therefore, one should expect Surrey to have a slightly higher cost of living when it comes to core services that every home needs!

Gas Prices

The gas in Vancouver is expensive. BC frequently has some of the highest prices in the country, with costs exceeding $1.50 reasonably commonly. At the time of this writing, the average price per litre in Vancouver is $1.57.

Surrey is a little bit less expensive. Again, at the time of this writing, there are stations in Surrey where people can fill up for as low as $1.36 per litre. Saving up to 20 cents per litre is desirable, of course, and helps keep Surrey affordable for families who are more likely to need and make use of cars!

Median Income

According to the last Government of Canada census, the median household income in Vancouver was low, considering how costly rents and home prices are. The income reported as $72,662, well below the amount needed to support $2.2 million detached homes.

The median household income, according to Townfolio in Surrey, is $77,494. Given the fact that housing is quite a bit less expensive in Surrey as compared to Vancouver, this median income means that most people will find it much easier to make ends meet in Surrey. The city of Surrey is a family-friendly destination, and the median income ensures that families have a livable wage on which they can sustain themselves.

Property Taxes

Property tax rates in Surrey, BC, are quite a bit pricier than in Vancouver. The tax rate within Vancouver is $2.56 per $1,000 of the value at which the city assesses your home. So, if the municipality believes your home is worth $1,000,000, then your property tax bill will be $2,560 for the year. Since the average home value in Vancouver is $2.2 million, the average property tax bill comes out to $5,632. That's a steep price to pay to live in your home every single year!

In Surrey, residents pay $3.19 per $1,000 of assessed home value. While this is more, in effect, residents of Surrey pay less overall. The average detached house is only $1.2 million, so those residents will pay $3,828 annually on average. However, the average cost of a condo is just $400,000. Those residents will pay a mere $1,276 per year in property taxes.

The lower housing prices make the cost of living in Surrey much more affordable than other places in the Greater Vancouver Area!

Commute

Assuming you live close enough to the Expo Line extension of the SkyTrain, you can take that into work if you work downtown. Otherwise, you will have to plan on taking your car.

If you do keep a car, then you'll need to plan on paying for gas, insurance, registration, and so on. If you decide to take the SkyTrain instead, then you should expect to pay an average of $5 to commute each way. You can save some additional money by purchasing a monthly pass (Compass Card) from Translink.

Childcare Costs

For families with very young children, the childcare costs of Vancouver have quickly become unaffordable. It now costs an average of $1,400 per month to put an infant in childcare within the Vancouver city limits.

By contrast, the estimated childcare expenses of Surrey are about $1,000 a month, although some places will go as low as $800 or $900. While $1,000 a month is still pricey, it's a much better deal than putting your child in the Vancouver childcare facilities.