We’re more than halfway through 2024 and since it’s been a minute since we’ve discussed this popular topic, I thought it was time to update you all on the Cost of Living here in Nanaimo BC.
Housing:
The idea of moving to Vancouver Island in search of more affordable housing costs is consistently on the rise and Nanaimo is particularly appealing due to its proximity to Vancouver via ferry and air transportation.
Let’s look at Buying a home and renting and what that might cost you in Nanaimo.
For rental prices, I’ve taken a look at what’s listed for rent online and determined some averages. Prices have been on the rise since last year.
For an apartment-style one-bedroom, you're looking at an average of $1,750 per month. A two-bedroom apartment will be about $2,147 and a three-bedroom will be on average $2,437.
For an entire three-bedroom home you're looking at an average of $3,000 per month to rent and a four-bedroom home, $3,200
Now let's look at the cost of purchasing your own home. Let's start with strata or attached homes and the median sale prices over the last 90 days. For a condo or apartment style home with two bedrooms and about 10 years old and under 2200 sq ft you're looking at a median sale price of $402,500 for a townhouse with three bedrooms and two bathrooms between 1100-1500 sq ft, you're looking at a median sale price of $534,900.
Don't forget to add your monthly strata or maintenance fees to these which can range quite a bit but typically will be between $300 and $500 per month1
Now let's look at single-family detached homes here in Nanaimo. For a three or four bedroom two bed home between 1,200 and 2200 ft in Nanaimo, the median sale price over the last 90 days was $769,900. I do want to point out though that Nanaimo’s real estate market is hyper-local, so to give you a more narrowed idea of home prices a four bedroom two-bed home in North Nanaimo (and I've also added areas such as Uplands and Pleasant Valley to this list) the same size house has a median sale price over the last 90 days of $849,900. With the same criteria of a home in South Nanaimo (with areas like Old City and the University District), you're looking at a 90-day median price of $764,900.
Taxes
Nanaimo’s property tax is based on the assessed value of your home on July 1st of the previous year, conducted by BC assessments. This assessed value can differ significantly from the market value of your property. Your final property tax amount is calculated by multiplying the Nanaimo property tax rate for the year by the BC Assessment value. The Nanaimo Property tax rate for residential homes has increased in 2024 to 6.41543, up from 5.83635 in 2023. So let’s use the median sale price I just mentioned for a North Nanaimo home of $849,900
$849,900 x 0.641543% = $5,452.47
A home priced the same in 2023 would have cost $4,960
If you’re looking for a neighbouring Nanaimo city with substantially lower property taxes, check out Ladysmith, which you can learn more about in this blog post.
As for provincial personal income tax, BC rates apply to specific tax brackets. According to Ziprecruiter, the average salary in Nanaimo as of July 2024 is $41,926. If you have two people in a household earning this income your tax bracket would land you in the 7.70% rate.
BC also has a GST or Goods and Services Tax of 5%.
Utilities
In BC, home electricity is provided by BC Hydro and can be billed either monthly or bi-monthly. They use a Tiered billing system to promote energy conservation so if you stay within the first tier and use the median amount of 1,350 kWh every two months you’ll be paying around $162.30. This is roughly 11 cents per kWh and a surcharge of around 23 cents per day. If you use more and enter into the Tier 2 category you’ll be charged 14.08 cents per kWh over the Tier 1 threshold.
For the city of Nanaimo's water, sewer and garbage, your household is billed 3 times per year, approximately every 4 months.
For your WATER BASE RATE (per meter 25mm or less) : $1.00613 per day and then charged with a tier system by the number of gallons you use per day.
For SEWER $0.45057 per day (per dwelling unit) and GARBAGE: $0.624658 per day (per dwelling unit)
Gas & Transportation:
The cost of gas in Nanaimo is currently hovering close to $1.80 per liter.
If you’re driving, you’ll also want to budget for vehicle insurance, which can cost you anywhere from $1,200 to $1,600 annually, depending on your driving history and the type of vehicle. I substantially reduced my car insurance premium when I moved to Nanaimo, which I was very pleased about.
Parking your car in downtown Nanaimo has not changed since my last video on this topic, and has remained at a rate of $1.25/hour. When compared to downtown Vancouver which is still $1-$7/hour and not to mention much more of a hassle to even find a parking spot, Nanaimo is winning in this category. Interesting fact, Calgary actually has the most expensive city parking in Canada, and is only second in North America to San Fransico!
For those relying on public transit, a one-way bus ticket is $2.50, while a monthly pass is $65. If you prefer taxis, the starting fare is around $3.90, and about $2.72 per KM. Taxi fares are set by the city of Nanaimo and were last set in September 2023. Comparing this to U-ride, expect similar or slightly lower rates, especially for trips to popular spots like the Nanaimo Airport. Taxi fares from downtown to the airport are approximately $45, while U-ride services might cost you around $35
Food
The rising costs of groceries has definitely put a financial strain on many Canadians. You’ll be paying a bit more of a premium for groceries on Vancouver Island for things that aren’t locally grown so shopping at your local farmer’s market can be greatly beneficial. I won’t break down the cost of food in this post but if you’d like to see me compare major grocery stores here in Nanaimo be sure to let me know!
So, that’s the lowdown on the cost of living in Nanaimo, BC, in 2024. I hope this gives you a clear picture of what to expect if you’re planning to move or just curious about the costs here!
