Looking at the Vancouver housing market can sometimes feel like a scary sight. While the overall cost of living in Vancouver is not as high as some cities in North America, there is no doubt that it is still one of the costliest cities on this continent. To help mitigate some of these costs, many people look outside of the city for housing.
One of the cities that comes across people's radars with reasonable frequency is Pitt Meadows. Situated 38.4 km west of downtown Vancouver, this city is a fantastic choice for people looking for more affordability while still being close to the most magnificent city in the world.
To understand how Pitt Meadows compares with the city of Vancouver, we'll be looking at ten metrics in particular:
- 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
Rental prices in Vancouver are some of the highest in the nation. The only city that costs more than Vancouver is Toronto. Currently, the average cost for a one-bedroom apartment in Vancouver is $2,200 per month. If you want a two-bedroom place, that amount rises to $3,000 per month. Those are steep prices, no matter how you look at it.
Fortunately, Pitt Meadows is significantly more affordable in this regard. Data is a little scarce since most places compile it for the city of Vancouver without looking at the suburbs. However, you can go online and find one-bedroom apartments running for $1,500 per month and two-bedroom units going for $2,000. On average, renting in Pitt Meadows can be 30%+ less expensive than living in downtown Vancouver.
Housing Prices
One significant factor when thinking about the cost of living is housing prices. The average single-family home price in Vancouver is $2.5 million, and the price for a condo is now $800k. That's an incredible sum of money to pay for a home. Even with 20% down, the mortgage payment on a single-family home would be about $10,000 per month. That's a very high sum of money to pay!
Fortunately, looking a little to the east of the city brings these prices down significantly. A single-family home in Pitt Meadows is $792,000, and for a condo, the price comes all the way down to $490,000. If you are looking at moving to the Vancouver area and don't need to be downtown, then Pitt Meadows is undoubtedly an affordable alternative.
Grocery Costs
As might be expected, grocery costs in Pitt Meadows are a little cheaper than in the city but not significantly less expensive. Unfortunately, there is no definitive data on this. Still, according to Numbeo, the cost of living in Maple Ridge (which is very similar to Pitt Meadows) for groceries is about 14.29% lower than Vancouver.
Much of this discrepancy comes from the fact that produce and staple food items like eggs and cheese tend to be cheaper in the suburbs when compared to Vancouver itself. You'll find most products cost a little bit less once you get outside of the city!
Dining Costs
As with the grocery costs, there is no specific data on Pitt Meadows. However, it is close to the cost of living in Maple Ridge. Number of estimates that the average price of dining out in Maple Ridge is 11.73% lower than Vancouver.
Interestingly, much of this difference is consistent as eating at expensive restaurants, cheap restaurants, and coffee shops are all less costly in the Pitt Meadows/Maple Ridge area than in Vancouver.
Utilities
The cost of utilities in Vancouver is amongst the lowest in the nation. Even cheaper cost of living places, such as Calgary, have a higher electricity price than Vancouver. As a city, we have abundant electrical power that is available for an average of 11.42 cents/kWh.
Pitt Meadows has similar electricity prices. They receive their first 1,600 kWh at 10.39 cents/kWh, and then the remainder costs 14.92 cents/kWh. These prices mean that the average resident will pay approximately the same amount per month for electricity as someone in Vancouver.
Gas Prices
It's no secret that the city of Vancouver has some of the highest gas prices in the country. Prices typically hover around $1.30 per litre to $1.50 per litre in the city. Of course, it all depends on various factors that are beyond any of our control.
Pitt Meadows has similar pricing. You might find a station that's a few cents cheaper, but you won't find one that is half price or something drastic like that. Instead, most stations in Pitt Meadows will also be approximately $1.30-1.50 per litre.
One thing to consider though about living in Pitt Meadows is that you will likely need a car. If you're in downtown Vancouver, you may be able to rely on public transportation and bypass some of the high costs of gas. If you take the bus, then whether or not gas is $1.20 per litre or $20 per litre doesn't matter to you since you pay a fixed fare. However, once you live in a suburban community like Pitt Meadows, it becomes tough to avoid having a car. Therefore, the high gas prices are likely to be more impactful in Pitt Meadows than Vancouver.
Median Income
Residents of Pitt Meadows tend to be wealthier than their downtown Vancouver counterparts. While people who live downtown have an average income of $72,662, Pitt Meadows residents have an average household income of $86,912, according to Townfolio.
Many of the people in Pitt Meadows work within the region, although since the city is so small, a lot of people work in Vancouver, Surrey, Burnaby, Maple Ridge, or Langley. Therefore, most people wind up driving a car to work, although other commuter options are available.
Property Taxes
A critical piece of information to remember is that Pitt Meadows property tax percentages are roughly equivalent to that of Vancouver at 0.45%. On a $2.5 million single-family home in Vancouver, you'd be looking at about $1,000 a month just in property taxes alone. However, at $792,000 for a home in Pitt Meadows, your property tax bill drops to about $300 per month. Again, when thinking about the cost of living in Pitt Meadows, this is much more affordable than downtown Vancouver.
Commute
Of course, by living near downtown, your transit budget is relatively minimal since you may be able to walk to work or have a very short commute. In Pitt Meadows, it's 30km each way. However, the cheaper housing prices alone more than make up for the commute time and cost.
There's also the West Coast Express, which is a train that runs right through Pitt Meadows and can take you from Pitt Meadows to Waterfront in the morning in 40 minutes. That's a quick commute when compared with driving!
You'll likely want to have a car in Pitt Meadows, which means that you will be paying both gas and insurance on that vehicle. British Columbians have some of the highest insurance premiums in the country at an average cost of $1,832 annually. Living in Pitt Meadows pretty much guarantees that you will need to factor those costs (including car maintenance as well) into your overall budget. These costs tend to make Pitt Meadows more expensive in terms of transportation than living in Vancouver - where you can often take a bus, train, or bike pretty much anywhere you want to go. Biking to work is pretty much impossible in Pitt Meadows unless you happen to be lucky and find a job right by your home.
Childcare Costs
Vancouver's childcare costs are unfortunately amongst the highest in the nation. At $1,400 per month, Toronto is the only big city that surpasses us.
The childcare in Pitt Meadows is significantly more affordable. There are only a couple of childcare places within the city, and they offer prices that are around $1,000 per month. While it's certainly not as cheap as other cities within Canada, it is a lot more affordable than the Vancouver metro area!
Cost Of Living Is Better In Pitt Meadows
If you're looking at moving to Vancouver but are concerned about the cost of living, consider giving a city like Pitt Meadows a look. It's a beautiful place to live, raise a family, and commute to work. Pitt Meadows is also centrally located, being 30 km from downtown and 30 km from the easternmost part of the Vancouver suburbs, where you start getting into the beautiful forest area.
Pitt Meadows has lots of amenities for all families. You can have shopping, dining, and fun things to do with the kids all in one central location. Pitt Meadows offers more affordable childcare, significantly more affordable housing, and a higher median income all in a small, but beautiful city. You won't feel like you're sacrificing anything in Pitt Meadows, except, perhaps, the high cost of living!
Should Pitt Meadows sound intriguing to you, please contact me, and I'd be happy to try and find you the perfect home for your needs!
