Vancouver is an expensive city, many people that call it home have to deal with this fact all the time. The living wage for a family in Metro Vancouver is is $19.62, but the minimum wage is so much lower at $10.25. Quickly, you’ll see that the minimum isn’t enough for an individual to live comfortably in Metro Vancouver.
- Vancouver is the Second Most Expensive Housing Market in the World
- Vancouver the Most Expensive City in North America
At $19.62 per hour for Metro Vancouver for each parent working full-time, the living wage covers only bare bone expenses (see bare bones budget photo below). This living wage calculation does not cover:
- credit card, loan, or other debt/interest payments
- savings for retirement or for children’s future education
- owning a home
- anything beyond minimal recreation, entertainment, or holiday costs
- costs of caring for a disabled, seriously ill, or elderly family member
- much of a cushion for emergencies or tough times
With the bare bones budget totaling $64,932 a year, it’s easy to see how minimum wage simply won’t cut it for a family. Even if the cost of shelter was reduced by half, you’re still looking at $56,292 in annual expenses. Ultimately, our high housing costs take the biggest chunk out of the pie, leaving little for other things.
For full details, download 2013 Metro Vancouver Living Wage.