What is the Real Cost of Living in North Vancouver?

Amir Miri PREC*

05/12/23


North Vancouver, Canada, is a vibrant city ideally located between the ocean and mountains. It is on Vancouver Harbour across from Vancouver and east of the popular West Vancouver community. It is renowned for its natural beauty, excellent quality of life, and varied cultural identity. The community is highly active, and numerous outdoor recreation opportunities exist, including skiing, hiking, biking, and kayaking.

The city's desirable location and excellent quality of life come at a premium, and residents should expect to pay more for housing, groceries, and other essentials compared to other Canadian cities. However, many residents feel like the benefits of living in North Vancouver far outweigh the higher costs and are willing to make financial sacrifices to enjoy all the city offers.

Housing Options and Home Purchase Price

North Vancouver is not only known for its beauty and lifestyle but also for its luxurious housing and impressive architecture. From modern, sleek designs to traditional west coast-inspired homes, North Vancouver has incredible housing options. Many of these homes feature breathtaking mountains and ocean views and have top-notch amenities like heated pools, expansive garages, large lots, and home theatres. For those considering a move to North Vancouver, it is crucial to recognize that home prices can vary extensively depending on the location and amenities of the property. Waterfront homes and properties with coveted views will naturally come at a higher price, while those further from the water are more affordable.

The average home price in the metro Vancouver area for a single-family home is more than $1,900,000, with apartments reaching approximately $750,000. While the prices are down from 2022, single-family home prices have steadily increased in 2023, with the average sale price in January 2023 around $1,800,000, rising to $1,813,100 in February and $1,861,800 in March.

Utilities in North Vancouver

North Vancouver provides access to many quality utilities for its residences. The city has implemented several initiatives geared towards sustainability and environmental consciousness. The city offers all essential services like water, electricity, waste management, and recycling programs that contribute to a high quality of life for its residents. The average water and sewer cost for a multi-family home is around $685 per year and $1,133 for a single-family home. Most North Vancouver residents are charged a residential rate of $21.10 cents per day for electricity.

The community's commitment to sustainability extends beyond government initiatives, and residents have many options to cut utility costs in their homes. One popular option is to install solar panels, which can significantly reduce dependence on traditional electricity sources. Upgrading to energy-efficient appliances and installing low-flow showerheads and faucets can help you save money on water usage.

Transportation fees

North Vancouver residents' transportation options are extensive and convenient. The city's public transport system includes buses, shuttles, and the Seabus, which offers a scenic boat ride around downtown and the North Shore. For those who prefer to drive, several major highways run through the city, including the Trans-Canada Highway. The Skytrain is a quick way to get around the greater Vancouver area, with daily rates starting at $3.05 and even lower fares with a Compass discount card. The TransLink day pass is $10.75, depending on your travel zone.

As a community known for its commitment to an active lifestyle, North Vancouver has walking and biking initiatives to make getting around town safe and easy. The city has invested heavily in building and maintaining a network of safe and accessible paths across the community, making it easier for residents to commute by bike, e-scooter, or foot. Not only is this healthier and better for the environment, but many residents prefer to take in the views and fresh air on daily commutes.

The average salary in North Vancouver

Salary can offset the cost of living in North Vancouver. When debating whether or not to move to a new city, the average wage can make or break the decision. Depending on your intended lifestyle, the type of home you want to purchase, and how long you plan to commute to work, school, and other essential locations, living in North Vancouver may or may support your needs. The average salary in North Vancouver is around $95,600 CAD, with less than 25% of workers earning less than $63,200 CAD.

Job type can make a significant impact on salary range. Industries like technology and finance typically offer higher-paying job opportunities, while fields like retail and hospitality may not provide the same income level. Despite variances in income, many North Vancouver residents find housing options to enjoy the exciting community.

Food cost

Groceries and food costs are another part of living costs. Depending on your family size, grocery costs can vary. Still, with many local farmers' markets and grocery stores offering fresh, locally sourced produce, residents can enjoy healthy and delicious meals while supporting local businesses. The average person spends nearly $500 per month on groceries, not accounting for additional family members or the cost of restaurant dining or fast food.

Find your next property in this waterfront city

Working with an agent can make your home search less stressful and more enjoyable. There are many upscale areas in North Vancouver offering different features and amenities to support your preferred needs. An experienced real estate professional will know the ins and outs, providing you with helpful information so you can limit your search and find your dream property. 

Since there are many luxury properties in North Vancouver, seeking an agent experienced with luxury real estate transactions is also wise. Your criteria may be very specific and challenging to find on public listings. When you work with a high-profile agent connected to off-market listings, you can be at the forefront of exclusive homes in the community.

Amir Miri is a North Vancouver real estate agent specializing in luxury real estate. Amir is a driven agent focused on results and client satisfaction. With years of industry experience, he works closely with clients to find incredible properties. Start your home search in North Vancouver with Amir.



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