Cost of Living Comparison Between Vancouver, Canada And Nanaimo, BC, Canada (2024)

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Cost of Living Comparison Between Vancouver, Canada And Nanaimo, BC, Canada? ›

Cost of Living Comparison Between Vancouver and Nanaimo, BC

Cost of living in Nanaimo

When comparing the cost of living between Nanaimo and Vancouver, Nanaimo wins on most fronts. Rent, groceries, and other consumer prices are generally lower in Nanaimo than in Vancouver.

Summary of cost of living in Nanaimo, BC, Canada: A family of four estimated monthly costs are 3,543.5$ (4,862.8C$) without rent. A single person estimated monthly costs are 983.5$ (1,349.7C$) without rent. Nanaimo is 36.7% less expensive than New York (without rent).

As you need 3X your rent to be able to qualify to rent an apartment in Vancouver and a 1 bedroom apartment average rent is over $2000 a month that means you need a gross income of at least $6000 a month to live on your own. That is $72,000 a year in average.

The median list price of homes in Nanaimo, BC overall was $680,175 in March 2024, compared to $682,841 in February 2024, trending down by 0.39% month-over-month.

Average snow coverage is less than 8 inches. Winter temperatures range between 0°C and 8°C.

As of Mar 24 the average annual salary in Nanaimo is $41,925. Just in case you need a simple salary calculator, that works out to be approximately $20.16 an hour. This is equivalent of $806 a week or $3,493 a month. Most salaries in Nanaimo range between $33,500 (25th percentile) to $48,750 (75th percentile) annually.

What is the average price of a house in Vancouver Island? ›

The median sale price for single detached homes was up 6.7% on a year-over-year basis to $810,000 in the first quarter of 2024. The median sale price for townhouse and row units rose 10.1% on a year-over-year basis to $592,450 in the first quarter of 2024.

Nanaimo is a Good Place to Retire

Outdoor activities are plentiful, and access to amenities and necessities are within reach. Nanaimo's climate is comfortable and moderate, the housing selection is varied, and many neighbourhoods are safe, making Nanaimo a perfect city to retire to.

Port Alberni, nestled on Vancouver Island, is a hidden gem with a CSI of 58.2. This small town offers a unique blend of natural beauty and small-town charm, making it an appealing choice for those looking for a slower-paced lifestyle in a close-knit community.

The average salary in Vancouver is $62,250, which is 14.3% higher than the Canadian average salary of $54,450. A person making $80,000 a year in Vancouver makes 28.5% more than the average working person in Vancouver and will take home about $60,706.

$70,000 is $7,750 more than the average yearly salary of $62,250 in Vancouver. A salary of $70,000 per year means that you would be taking home about $53,526 per year after taxes, or $4,460 per month to pay for things like housing, transportation, groceries, and entertainment.

A Living Wage means strong local economies, and sustainable and healthy communities. In November 2023, the Living Wage for Families BC announced the updated living wage for Metro Vancouver, which is set at $25.68 per hour.

The cheapest place to live in BC is Prince Rupert. Other places that are cheap to live in BC include Prince George and Dawson Creek. The most expensive cities to live in BC are Vancouver and Victoria.

The cheapest neighbourhoods in the Metro Vancouver area are, perhaps unsurprisingly, the furthest from the city's core (and most expensive) neighbourhoods. Rent in Surrey's Guildford neighbourhood is the lowest, with the average unfurnished one-bedroom home hitting $1,750.

In Nanaimo, residents enjoy a more affordable lifestyle without compromising the perks of city living. Here's a breakdown of key expenses: Housing Costs: Generally lower than Victoria. Renting a one-bedroom apartment in the city center costs significantly less than in Victoria.