What is a good salary to live in Vancouver BC?
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by Richard Morrison
- June 1, 2022
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Are you looking to move to Vancouver BC? If so, it’s important that you understand what a good salary is for the area. Knowing this can help ensure that you will be able to afford the cost of living in one of Canada’s most beautiful cities.
As an experienced real estate agent, I have some insight on what constitutes a livable wage and how much money you should make if your goal is to live comfortably in Vancouver.
In this article, we’ll explore exactly what you need to consider when trying to determine whether your salary is enough to sustain a life in this vibrant city. Read on to find out more!
Quick Answer
The average salary in Vancouver is about $64,000, which is not enough to live in comfort. For a comfortable life in Vancouver, you would need to make between C$80,000 and C$100,000. On the other hand, a salary of about $70,000 is also thought to be enough. But the cost of living in Vancouver is high, and the amount of money you need to make to buy a home depends on where you live. For example, to buy the average home in West Vancouver, you would need a household income of about $434,000.
Assessing the Cost of Living in the Area
Keep reading:
- Just How Expensive Is It To Live In Vancouver, BC?
- Cost of Living Comparison Between Toronto And Vancouver
- Cost of Living Montreal vs Vancouver
- Can I actually afford a home in Vancouver?
- 5 Richest Parts of Vancouver Neighbourhoods
- 12 Reasons you will regret moving to Vancouver
Buying a house
For many people looking to purchase a house in Vancouver, Canada, the main question is usually the cost of living in the area. This article will disseminate this question and provide detailed answers to some of the questions that you may have about the cost of living in Vancouver for areas like the west side and even as far as North Vancouver and West Vancouver.
As it is, Canada is home to one of the hottest residential property markets in the world – especially Vancouver homes for sale. Property buyers are flocking to this idyllic seaport town not only because of its natural beauty, attractive job market, properly planned and well-developed amenities but also because of the great quality of life it affords residents. This is despite the high prices and the closing costs of buying a home in Vancouver.
Transportation In Vancouver, British Columbia
Translink is the most popular system of transportation in Canada. The Translink company promises to take you wherever you want and have a large number of buses, trains or railways in a short time.
Transportation: You will be spending around $100 CAD per month.
If Translink will not suit your needs, and you are still thinking about traveling by car, well, the traffic here in Vancouver is heavy, especially in the rush hours. Vancouver, British Columbia, was ranked as the worst city to drive in Canada since there are no freeways in the downtown core.
The Health System in Vancouver and Canada
Although the health system in Vancouver is an excellent one, it can be expensive.
The Medical Services Plan is FREE but covers only residents.
The Medical Services Plan is free but covers only residents, and if you are not eligible for it, you will have to look for private health insurance. However, if you get a job offer, you will almost surely receive medical insurance from your employer.
Rent in British Columbia
Prices start from S2,000 CAD (S1,500 USD) a month for Vancouver condos. Together with Toronto, both cities are considered to be the most expensive in Canada.
Rents start from S2,000 CAD (S1,500 USD) a month
A single person will have to consider her options or the job type when renting in the Canadian city – especially for west-side condos and North Vancouver condos.
Whether and View in Canada
The British Columbia city will not get you bored, nor will its view. The world’s greatest skyscrapers, mountains, sea, 190 parks, amazing restaurants, and museums; are only some of the things Vancouver will offer you for an unforgettable experience. The moderate, oceanic climate makes Vancouver one of the warmest cities in Canada.
Determining Affordability: Can You Thrive in British Columbia?
Contrary to popular belief, life in Vancouver is not as expensive as most people think. Like other cities in Canada, the biggest expense that you are likely to incur will be for renting a home. Other expenses will be distributed towards normal things like shopping for groceries, hiring a nanny if you have a toddler, school fees for your kids, entertainment costs, and transportation.
The amount of money you need to spend to reside in Vancouver will depend on the type of lifestyle that you choose to live.
As at the moment, to live a comfortable and quality life in Vancouver as a family, you need to earn an average annual amount of six figures: CAD 120,000.
More reading:
- Just How Expensive Is It To Live In Vancouver, BC?
- Cost of Living Comparison Between Toronto And Vancouver
- Cost of Living Montreal vs Vancouver
- Can I actually afford a home in Vancouver?
- 5 Richest Parts of Vancouver Neighbourhoods
- 12 Reasons you will regret moving to Vancouver
Is There a Price Difference Between the City Center Flats and Outside of Vancouver, British Columbia?
The average rent in the downtown core can start from 2000 CAD (1495 USD) for a one-room apartment and can go as higher as 3650 CAD (2700 USD) for a three-bedroom apartment. The rental prices for a location outside the city center can start from 1600 CAD (1195 USD) for a one-room apartment to 2800 CAD (2100 USD) for a three-bedroom flat.
You will probably need to look for a real estate agent to help you find the ideal home for you, depending on the location and your annual salary.
What is The Estimated Monthly Cost of Living in Vancouver?
The monthly cost varies from your preferences of living, really. But they should include at least your electricity, gas, water or internet bills, grocery, transportation, health care, and school costs.
For a single person living in Vancouver, Canada, the monthly cost can go up to 1200 CAD (900 USD), and for a family to 4000 CAD (3300 USD). These prices do not include a possible rent increase
What Are The Most Affordable Neighborhoods, Depending on My Salary in Vancouver?
There are many neighborhoods in British Columbia, suitable for your pockets, either we are talking about people with an annual salary of CAD 60,000 or CAD 120,000.
Some of the most friendly and affordable neighborhoods are West End, Yaletown, Killarney, or Kitsilano.
You will first need to see your priorities when finding a house in the area of British Columbia. Do you look for a location, a good place for your kids’ education, or where to spend your vacation? Considering your job type and your salary, you have to see if you will afford all of these.
Calculating the Necessary Income for a Comfortable Life in Vancouver
Vancouver has many great job opportunities that pay well for skilled workers. On average, most jobs pay an annual average of C$ 63,133 before taxes. After taxes, you can expect to take home an average of C$ 44,318.
To live a decent lifestyle in this city, you need to earn an average annual amount that ranges between C$ 40,500 – C$ 136,000.
This can be achieved through many types of jobs. You can live decently here, even as an engineer, but let’s break this down!
Is 120k per year a good salary in Vancouver?
A six figures number makes for a great salary in the city. After taxes, you will be going home with C$75k, and after rent, you will still be having C$55k in your bank account.
Is 70k per year a good salary in Vancouver?
70 k is an acceptable salary in Vancouver, and you can live a comfortable life. This salary will cover your education, rent, grocery, transportation, and health care costs.
Is 50k per year a good salary in Vancouver?
Depending on your location, a salary of 50k per year can work just fine. You will have to consider though how much you will spend in your free time.
What Does a Median Salary Mean?
A median salary consists of C$127 000 per year.
It means that half of Vancouver’s population is earning a smaller salary than the median salary, whilst the other half is earning much more than the amount of 127k.
As you can see, if you have the right skill set and secure a permanent job, you can enjoy a comfortable, fun, and enviable lifestyle in the city.
Discover More Insights:
- Just How Expensive Is It To Live In Vancouver, BC?
- Cost of Living Comparison Between Toronto And Vancouver
- Cost of Living Montreal vs Vancouver
- Can I actually afford a home in Vancouver?
- 5 Richest Parts of Vancouver Neighbourhoods
- 12 Reasons you will regret moving to Vancouver
Exploring the Average Annual Salaries for Top Job Opportunities in Vancouver, BC
At the time of penning this post, we identified the hottest job openings in Vancouver, BC, and did in-depth research on the average annual pay that the professionals working in these fields take home. Our findings were as follows:
- Physician – Annual salary of CAD 125,146
- Business Executive – Annual salary of CAD 88,205
- Dentist – Average salary of CAD 73,170
- Business Development – Average pay of CAD 66,930
- IT Manager – Average pay of CAD 65,069
- Software developer and Software engineer – Average salary of CAD 73,000
- Project Manager/ Product manager – Average salary of C$76k
- Operations Manager – Average salary of C$ 68k
- Graphic Designer – Depending on years of experience, can go high as C$ 46,829
- Data scientist – Average Income of C$ 81,281 per year depending on the experience level
- Civil engineer – A Salary of C$ 69,968
- Marketing Manager – Average salary of C$63,429
- Real Estate Agent – Average salary of C$90401
- Engineer – Annual salary of C$70326
- Sales Manager – Annual salary of C$81326
- Human Resources Manager – Annual salary of C$73115
- Office manager – Annual Salary of C$51973
What Is The Minimum Wage in Vancouver, Bc?
It is worth noting that many other workers in professional fields earn amounts within the same range as above, such as those who work on animation or other types of sales.
On average, the minimum wage (pay for an hour) in Vancouver, British Columbia, ranges between C$15-C$20.
But the salary in Vancouver can go higher following your position in a company, your years of experience, your job title, or your career field. As we can see, the job market looks quite appealing.
What Are The Most Sought After Jobs in Vancouver, British Columbia?
Business development or software development are some of the most looked after job titles in Canada. So, if you are looking for a job as a project manager, sales manager, product manager, software engineer, human resources manager, operations manager, or office manager, this might be the place for you.
It follows after jobs like graphic designer, civil engineer, real estate agent or a real estate expert, data scientist, IT manager, or engineer.
Take note, though, that female workers earn less in Vancouver than in other places, especially if they have certain positions, such as an engineer.
What Are The Highest Paying Jobs in Vancouver?
Medical fields and technology offer the highest paid salaries in Vancouver. According to Indeed.com data, jobs like software engineer, project manager, emergency medicine physicians, or pediatricians (or any job in the medical industry) complete the top of the city’s most well-paid salaries.
One of The Most Popular Companies in Vancouver, BC
The University of British Columbia is the most known university in Vancouver and the United States. It is the global center for research, and it produces thousands of jobs in education and data. The employees’ salaries range between C$45k and C$117k.
Immediately after, these companies from Vancouver complete the top:
- Amazon Inc – Their Employees salaries range between C$70k – C$149k
- StemCell Technologies – the employees’ salaries range between C$44k – C$92k
- Lululemon Athletica – The employees’ salaries range between C$50k – C$122k
- Telus Corporation – The company’ salaries vary between C$58k – C$107k
A Salary Comparison by Cities
Vancouver offers a bigger salary than other cities in British Columbia or Canada. For instance, while Vancouver’s average salary goes for 129,000 CAD, in Richmond, the salary is 107,000 CAD, and in Surrey, the salary is 118,000 CAD.
Private Sector vs Public Salary Comparison
The private sector has a salary of less than 4% than the public sector. In the private sector, you can win a salary of 117,000 CAD per year. And a salary of 122,000 CAD in the public sector, depending on the job title.
A Salary Comparison by Education
Employees with a higher educational level will get a better salary. Those who have a Bachelor’s Degree can earn up to 24% added to their salary. The Master’s Degree owners win 29% more than a Bachelor’s level employee, and finally, a Ph.D. holder can earn up to 23% added to their salary, than a Master’s Degree holder, while having the same job title.
What Is The Average Salary By Gender In Vancouver?
Given the work experience and the company, a woman working in Vancouver, British Columbia, is earning almost 20% less an hour than a man while doing the same job. It is the largest gender pay gap in the BC and the United States. A female engineer will undoubtedly receive a lesser salary than a male engineer, for example.
In Vancouver, there is a noticeable wage gap between men and women. On average, men earn a gross annual salary of around CA$ 91,559, while women earn a gross annual salary that ranges around CA$ 64,089.
Discover More Insights:
- Just How Expensive Is It To Live In Vancouver, BC?
- Cost of Living Comparison Between Toronto And Vancouver
- Cost of Living Montreal vs Vancouver
- Can I actually afford a home in Vancouver?
- 5 Richest Parts of Vancouver Neighbourhoods
- 12 Reasons you will regret moving to Vancouver
Final Words
In Vancouver, there are many options for employment, and the average annual salary is quite high for Canadian standards.
This is a pretty decent wage for this city. Aside from the housing cost, the cost of living in Vancouver is high.
For rent, a one-bedroom apartment in downtown Vancouver costs around $2,500 per month, whereas an apartment in suburban Vancouver can cost as much as two thousand dollars a month. While finding a job in Vancouver is not hard, finding a career that fulfills your passions can take a bit of work. There are plenty of well-paying jobs in Vancouver, and instructors are usually aware of what makes a good employee.
Vancouver is an extremely developed business hub with great residential areas where you can afford to live a decent life.
The cost of living is heavily subsidized since the city has a great and well-connected transportation network that is inexpensive to use. Additionally, the cost of living is further subsidized given the fact that residents of the city have access to a national medical health plan that is offered free to all permanent Canadian residents.
However, it is important to note that no matter how much you earn, whether you can afford to live in Vancouver depends on the lifestyle you choose. Even if you are in the lower-income earning bracket, by making savings where you can, for example, by eating out less, you can live a decent, comfortable, and quality lifestyle in the city.
Sources:
https://grabjobs.co/resources/career-resources/job-search/highest-paying-jobs-in-vancouver/
https://www.moneysense.ca/spend/real-estate/how-much-you-need-to-earn-to-afford-a-home-in-vancouver/
Ready to turn your real estate dreams into reality? Contact Richard Morrison, Vancouver’s top realtor with 20+ years of experience. As a Medallion Club member and RE/MAX Hall of Fame award winning agent, he’s the expert you need on your side. Whether buying, selling, or investing, Richard’s personalized approach and deep market insights ensure a successful transaction. Reach out to Richard today at (778) 900-2235 and make your real estate journey seamless and rewarding.
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