British Columbia is the third-largest province by area and the most populous province after Ontario and Quebec in Canada. It’s booming with job opportunities, education, businesses, culture, and demographic.

It’s no surprise that the cost of living in British Columbia is high, especially in the major cities of Vancouver and Victoria. The cost of food, transportation, and other goods and services is always within the top five.

The average cost of living for one person can add up to $3,005.47 and $4,861.6 for a family of three to five. Plus, with the continuous inflation increase, it’s expected that prices will continue an upward trend throughout the year.

However, British Columbia is a beautiful province with lots to offer to residents and visitors alike. The province has a diverse landscape with mountains, forests, beaches, and lakes. It also has a strong economy and a high standard of living.

So, is it expensive to live in British Columbia? Here are things you should know to give you a better idea of the cost of living in British Columbia, and decide for yourself!

Rental fees in British Columbia are high

If you’re looking to rent in British Columbia, you should be financially and mentally ready for the costs, especially if you’re moving from a different province.

With the increasing demand for housing and apartments, landlords and developers have relatively raised their asking prices. The demand also stems from the number of immigrants, students and young professionals opting to live and have a career in British Columbia.

Here’s a table showing the average rental cost in British Columbia and the top 5 cities with the highest rental fees:

Vancouver ranks as the most expensive rent in both British Columbia and Canada, with an annual growth of 18.1% for one-bedroom apartments. Vancouver, Burnaby, Victoria, Surrey and Kelowna, all belong in the top 20 cities with the highest rentals nationwide.

As you can see, the housing and rental market in British Columbia is in a state of flux. It has been rising steadily in recent years, making it difficult for many people to afford to buy or rent a home. 

The rental market is also tight, with many people competing for a limited number of properties. This has led to higher rents and longer wait times for rental properties. 

In addition, the provincial government provides rental assistance to address the housing crisis, especially for low-income working families with children and low-income seniors. But more needs to be done to make housing more affordable and accessible for all.

Utility bills could be kept at a low

Unlike rental fees, you have more chances of cutting down your utility costs by conserving water and energy usage.

There are many ways to save energy and water, such as switching off the lights when not in use, putting a timer on your heater or air conditioning, unplugging or properly turning off idle appliances, and being conscious of the water for bathing and washing.

Here’s a list of monthly utility expenses for one to two people and a family of three to five:

If you live in a one-bedroom apartment, it will be easier for you to reduce your bills and come up with a plan to conserve water and energy. For a family of three to five, more discipline should be put in place to reduce your monthly expenses.

It’s not too late to create a budget plan and start saving. The amount you can save up can be used for emergencies, vacations, business ventures, and other things you’d like.

Expect an increase on food and grocery prices

Food is a basic necessity for us, and it bites a large piece of your budget or disposable income. In fact, it’s usually your second or third most expensive expense — and all of us know eating out with friends or loved ones can put a dent in your wallet.

You can definitely save on food costs since it depends on the type of food, the location, and the season. For example, fresh fruits and vegetables are more expensive in the winter than in summer. 

Food is also more expensive in urban areas than in rural areas.

Here’s a list of ways to reduce food expenses:

• Cook at home more often. Eating out is often more expensive than cooking at home.
• Buy food in bulk. This can save you money in the long run.
• Compare prices. Look for sales and coupons.
• Grow your own food. It’s free and gives you access to fresh, healthy food.
• Eat seasonally. Fruits and vegetables are cheaper when they are in season.
• Use coupons and loyalty cards. To maximize your grocery budget.
• Donate food that you don’t eat. This can help others and reduce food waste.

To help you get a better idea of the grocery prices, here’s a list of common grocery items and their prices:

Note that these prices are bound to change or fluctuate depending on brand, location, and other factors. You can look into affordable places, discounts, and coupons online, to help you on your next grocery run.

And as you can tell, planning a healthy diet with affordable groceries can help you save a lot for your monthly expenses. Plus, you could always look for cheap eats that’ll satisfy your cravings.

Convenient transportation options are available

Depending on where you are in British Columbia, you’re most likely to ride the TransLink or BCTransit. 

The transit systems provide service to most major cities and towns in the province, as well as some smaller communities. 

Public transportation is a great way to get around British Columbia, and it is a sustainable and affordable option.

That said, it’s best to check out the different passes, discounts and fares, according to your age or if you’re a student. This way, you won’t have to pay for a regular adult pass. 

And it’s common for children under the age of 12 to ride for free — best when accompanied by a paying passenger.

Let’s take a look at the fare prices of the transit systems:

Public transportation is pretty much a necessity, especially if you need it to go to work or school. That’s why it’s a key factor for the overall cost of living.

Inflation rates are quite high

It’s important to factor in the effects of inflation on your costs of living, from food to energy and housing to transportation — it plays a crucial role in how much of our disposable income we can maximize.

Many forces influence the inflation rate, such as the rising cost of agricultural inputs, such as fertilizer and pesticides. The war in Ukraine is also having a significant impact on the price of food, as Russia and Ukraine are major exporters of wheat and other grains.

The rising cost of living is putting a strain on many households in British Columbia. You can also expect the costs of your goods and services to increase faster than in many other parts of Canada since they are one of the top provinces with the highest inflation.

Our Final Verdict: Is it expensive to live in British Columbia?

To sum up, British Columbia is one of the most expensive provinces in Canada. When it comes to the prices for rentals, food, transportation, and utilities, BC or one of its cities is usually amongst the top five.

Let’s take a look at the estimated monthly cost of living in BC:

As you can tell this is only the average, given all the factors and sub-items included, which means everything is subject to change. Inflation is also bound to fluctuate every month, so it’s best to be flexible with your budget, and adjust as needed.

With British Columbia being a great place for job opportunities, education, businesses, and a shot at quality living, it consequently raises the bar for the cost of living, too. Plus, there are always pros and cons in living in BC.