Cost of Living in Vancouver, B.C?

Question

Is CAD$ 5000 enough for a couple to live comfortably in Vancouver, B.C? I and my wife are planning to settle down in Vancouver, B.C. I can easily earn $5000 from my online business. So is it enough to rent a good condo, buy a new BMW on installments and live comfortably? Please provide a detailed answer

Answer 1

$5000 for 2 people will allow you to live comfortably here for about 1 1/2 to 2 months if you are frugal and live in a cheap basement suite; it will not be enough to buy a new BMW on instalments or otherwise, or live in a nice condo.

Rent for an average condo in the downtown core range from $850 for a bachelor to over $3000 per month for a 2-bedroom. The outlying areas are a bit cheaper, but also becoming unaffordable.

It is also MANDATORY in BC to join the MSP government medical plan. This will cost $54 per person per month.

Answer 2

If you want to live downtown in a condo prices range anywhere from $1300-$15000 depending on location, rooms, amenities, etc. Then you'll have to pay hydro bills etc. on top of that. As for a BMW, I heard they had a promo going on, but be prepared for the car payments and insurance to run you at least $1000 plus gas (which is now very very very expensive).

You can look for a condo at : http://vancouver.craigslist.org

You'd likely be able to do it, but with no money left for savings and retirement. Maybe you should consider buying a BMW that is one or two years old will save you THOUSANDS!! Or consider living just outside of the downtown core. If you were to move just over the bridge to a place like South Granville or Commercial drive you'd save hundreds per month.

So just as a ballpark let's say..

$2500/condo

$1500/car

This only leaves you about $250/week for bills/groceries/eating out/entertainment.

It'd be tight. If you picked up a part time job, or your wife did, it would make things much easier. Or... live like the rest of us and buy a cheaper car ;)

Answer 3

If you can't live on 5 G's a month you have bad spending habits or a drug problem. A good condo will be around 2000 a month with strata fees and car payments from 300 to 800 depending on your down payment and the length of your term. To insure a car in BC you have to go through ICBC (our billion dollar corporation monopoly insurance company)100 to who knows a month ( i pay 160) That would still leave you with plenty for gas, food and entertainment. BC is expensive but its also one the best places to live by far.

Answer 4

I assume you mean 5000 a month but is that your gross or what you take home after taxes and other deductions?  5000 gross, no way. 5000 net, maybe. You could live reasonably well but not in luxury. Depends what else you have to pay for or like to spend money on. The good condo will cost you I'd say at least 1500/month if you want a nice one in a good neighbourhood, I don't know what the car payments will be but the insurance is going to be 150 a month probably. I can see the basics, as you've outlined them plus all the things most of us have to pay for, taking a good 60% of the 5000 net.