Cost Of Living For Students Vancouver
Starting school in Vancouver is an exciting adventure, but understanding the cost of living is crucial for planning your budget.
Here’s a comprehensive guide to help you estimate your expenses as a student in Vancouver.
Vancouver’s Cost of Living for Students
The monthly cost of living for students in Vancouver ranges from CAD 800 to CAD 1,500. International students face higher expenses, including tuition, health insurance, and visa fees, resulting in monthly costs of CAD 1,600 to CAD 2,700. Key factors influencing these costs include tuition, housing, utilities, food, transportation, entertainment, health insurance, banking, and taxes.
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Factors That Affect the Cost of Living
1. Tuition
Tuition is a significant expense, especially for international students who pay higher fees. Scholarships and financial aid can help mitigate these costs.
University | Undergrad (Canadian) | Undergrad (International) | Graduate (Canadian) | Graduate (International) |
---|---|---|---|---|
University of British Columbia | CAD 5,756 | CAD 23,218 | CAD 3,569 | CAD 4,996 |
Simon Fraser University | CAD 6,114 | CAD 27,895 – CAD 31,775 | CAD 4,051 | CAD 4,051 |
Capilano University | CAD 4,502 – CAD 15,355 | CAD 19,213 – CAD 30,433 | ||
Vancouver Island University | CAD 4,798 | CAD 19,227 | CAD 10,428 – CAD 14,021 | CAD 18,360 |
Emily Carr University of Art and Design | CAD 4,352 | CAD 7,322 | CAD 31,945 | CAD 38,011 |
2. Housing
Housing is another major expense. Options include apartments, on-campus housing, off-campus housing, and homestays.
- Apartments: Rent varies by neighborhood. Splitting rent with roommates can reduce costs.
- West End: CAD 2,352 – CAD 5,295
- Mount Pleasant: CAD 2,395 – CAD 6,300
- Fairview: CAD 1,750 – CAD 3,400
- Renfrew-Collingwood: CAD 1,600 – CAD 3,000
- University Endowment Lands: CAD 1,800 – CAD 4,550
- On-Campus Housing: More affordable and convenient.
- University of British Columbia: CAD 960 – CAD 1,260
- Simon Fraser University: CAD 818 – CAD 950
- British Columbia Institute of Technology: CAD 933
- Capilano University: CAD 600 – CAD 1,580
- Off-Campus Housing: Offers independence and privacy, often more affordable with roommates.
- University of British Columbia: CAD 1,096 – CAD 1,879
- Simon Fraser University: CAD 575 – CAD 3,300
- British Columbia Institute of Technology: CAD 796 – CAD 1,800
- Capilano University: CAD 1,190 – CAD 2,100
- Homestay: Ideal for international students, includes meals and a supportive environment.
- Full Board: CAD 1,050 – CAD 1,300
- Half Board: CAD 660 – CAD 1,000
- No Meals: CAD 580 – CAD 850
3. Utilities
Basic utilities cost around CAD 293 per month, including electricity, water, gas, internet, and waste disposal.
4. Food and Groceries
Allocate at least CAD 500 per month. Grocery shopping is more cost-effective than dining out. Weekly flyers and bulk buying can save money.
5. Transportation
Public transit is accessible with a U-Pass BC card included in student fees (CAD 42.50 – CAD 45.10 per month). This card provides unlimited access to buses, SkyTrain, and Seabus.
6. Entertainment
Budget around CAD 215.50 per month for movies, concerts, sports events, gym memberships, and streaming services.
7. Health Insurance
International students need MSP, costing CAD 75 per month. Canadian students’ healthcare costs are covered through taxes.
8. Banking
Opening a bank account is free, and many banks offer bonuses for students.
Bank | Account Name | Benefits |
---|---|---|
BMO Bank of Montreal | Student bank account | CAD 70 cash bonus |
Canadian Imperial Bank of Commerce | CIBC Smart for Students | Up to CAD 150 cash bonus |
RBC Royal Bank | RBC Advantage Banking for Students | Free excess debit transactions |
Scotiabank | Student Banking Advantage Plan | CAD 75 welcome fee |
TD Bank | TD Student Chequing Account | CAD 75 gift card, unlimited transactions |
HSBC | HSBC Canada Newcomers Programme | CAD 150 signing-up fee |
National Bank | Student Bank Account | Up to CAD 100 signing-up fee |
9. Taxes
Taxes depend on income and deductions. Check the Province of British Columbia’s tax brackets and rates annually.
Student Permit Costs
International students require a study permit costing CAD 150.
Conclusion
Living in Vancouver as a student requires careful budgeting. By understanding these costs and exploring financial aid options, you can make the most of your time in this vibrant city.