Vancouver has been named by economists as the most expensive city to live in among Canadian locales. The high cost of living in the city has diverse surrounding aspects, factors which residents, interested migrants and entrepreneurs should be familiar with.
Of all the most populous cities in Canada, Vancouver is the most expensive to live in. In fact, it is ranked highest among all other North American cities, placing 16th, according to The Economist. Internationally, Tokyo is still ranked number one for being the most expensive city to live in. Factors such as housing prices, minimum wage, taxes, and job prospects all affect the cost of living in any city.
The ranking was based on the cost of some 160 services and products available in the city, including real estate (housing and rent), gas, transportation and food. Other factors such as education and recreation also contribute to the expenditures for living in the city.
Insurance and health care management both factor in on the cost of living index. Vancouver is excelling in both; in fact, the city aims to be the greenest city in the world by 2020 and a healthy city for all by 2025.
However, migrants should know that Vancouver is also considered as the most livable city. The job opportunities, the scenic communities, the beautiful home styles, and the fact that Vancouver is a melting pot of different cultures all make the city an ideal place to live, grow up, work and raise a family in.