Comparing Montreal vs. Vancouver Cost of Living (2024)

Montreal and Vancouver are two of Canada's biggest metropolises, each offering a distinct living experience. Montreal, in the heart of Quebec, is celebrated for its cuisine, nightlife, and cultural charm. On the opposite side of the country, Vancouver, British Columbia is a major economic centre known for its stunning landscapes and outdoor activities.

Montreal vs. Vancouver Cost of Living

The burning question for many considering a move: is it cheaper to live in Vancouver or Montreal? In a nutshell, Montreal has a lower cost of living compared to Vancouver especially when it comes to rent and housing prices.

This guide will compare the living expenses in Montreal and Vancouver to help you choose the city that aligns with your lifestyle and budget.

Rent and Housing

The biggest cost of living difference between Montreal and Vancouver lies in housing. Montreal offers a significant affordability advantage, especially for those seeking to buy a home.

Montreal homes are cheaper by a long shot. According to The Canadian Real Estate Association (CREA), the average home price in Montreal sits at $531,300, while Vancouver boasts a price tag more than double that at $1,196,800! 

Renting costs less in Montreal too, with the average monthly rent for a one-bedroom apartment at $1,624 while Vancouver rentals go up to $2,376 on average! Monthly utilities like electricity and water are also slightly more expensive in Vancouver.

This stark difference in rent and housing gives Montreal residents a significant advantage in costs. If you choose to live in Vancouver, expect rent or mortgage to take up a bigger chunk of your budget, which might affect financial flexibility.

Food and Groceries

Dining out costs in Montreal and Vancouver are relatively similar. Expect to pay $25 for a meal at an inexpensive restaurant, $120 for a three-course meal at a mid-range restaurant, and $15 at a fast food joint, according to Numbeo. 

Meals at restaurants fall within the same price range in both cities, but a trip to the supermarket paints a different picture. Here's how much common grocery items cost:

Groceries and everyday expenses in Vancouver are generally higher, making Montreal a more budget-friendly choice for those looking to save on living expenses.

Transportation

Both cities have a well-developed public transportation system with trains, bus services, and even bike-friendly routes to support an active urban lifestyle.

The Montreal Metro system and bus services can get you around the city and its suburbs efficiently. Tickets cost $3.75 for a one way trip and $97 for a monthly pass.

On the other hand, Vancouver has SkyTrain, bus, and ferry services that cover extensive areas of the city and suburbs. One way tickets are cheaper in Vancouver at $3.15, but a monthly pass ranges from $104.90 to $189.45 depending on the fare zones of your commute.

If you own a car, be prepared to shell out more money in Vancouver for insurance and gas. The average cost of car insurance in Quebec is the lowest in the country at $1,112 while it's significantly higher in British Columbia at $1,775, according to Arc Insurance.

Industry and Career Opportunities

‍Vancouver has a higher average salary compared to Montreal. This can be attributed to factors such as the presence of high-paying industries and compensation for the higher cost of living in the city.

Vancouver's strategic location on the Pacific Rim facilitates strong trade and business links with Asia-Pacific countries. Notably, Vancouver has gained international recognition in the film and television industry. The technology sector is also thriving with numerous startups and large companies choosing Vancouver as their base.

Montreal, on the other hand, is known for its strong presence in the aerospace industry and for leading innovation in visual effects and animation, video game development, deep learning, and life and health sciences.

Beyond looking at the average wage, it’s also important to factor in provincial taxes when considering the overall living cost. Both Quebec and British Columbia have progressive income tax structures which means tax rates increase as income levels rise. Comparing them, Montreal has higher personal income tax. 

Leisure and Entertainment

Montreal boasts a thriving cultural scene and is home to many museums, galleries, and a vibrant nightlife. There are festivals and events that are free to attend if you’re looking for entertainment options in the city.

Vancouver, on the other hand, offers a wide range of outdoor activities. With mountains, beaches, and parks readily accessible, residents can enjoy hiking, biking, kayaking, and more—often at no cost.

Ultimately, the choice depends on your priorities. Do you crave the energy of cultural events and nightlife, or would you rather be out in nature every weekend? Both cities offer exciting leisure activities that cater to different lifestyles and interests.

Conclusion

Knowing about the expected living expenses in Montreal and Vancouver can help individuals make informed decisions based on their preferences and financial capabilities. 

Students and young professionals might find Montreal's affordability and thriving nightlife scene more appealing, while families might want to prioritize Vancouver's access to nature and outdoor activities. Before making a big move, make sure to choose the city that aligns not just with your desired lifestyle, but also with your financial situation.

Frequently Asked Questions

Is $60,000 enough to live in Vancouver?

Living in Vancouver on a $60,000 salary can be challenging due to the high cost of living in the city. While it is possible to live on this salary, it may require careful budgeting, finding a more affordable place, and reallocating expenses to maintain a comfortable lifestyle.

Is Montreal the cheapest place to live?

Though it’s not the cheapest, Montreal is one of the most affordable places among the big cities of Canada especially when compared to Vancouver and Toronto. It ranks 135th worldwide and 20th in North America in the list of most affordable cities. (Source: Tourisme Montréal)