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Cheapest Places to Rent on Vancouver Island
Throughout Vancouver Island, there are plenty of places that are cheaper to live and offer an economic advantage than just the larger cities. There are plenty of small towns and small cities that not only provide work to those that live there but have a cost of living that is much more affordable while providing coastal living with that small-town charm.
Duncan
Duncan is a small town on the island with a population of around 5.000 people. Because the population is so much smaller, they also have relatively low housing costs, which allows for affordable living. The average cost to purchase a home is only around $300,000, and the average rent costs around $975 per month for a one-bedroom apartment.
One thing that attracts people to the small city of Duncan is the sense of community. The residents there also live a slower pace of life than those in the city. That said, Duncan isn't too far away from the major cities either. It's roughly a 45 minute drive to Nanaimo and a 55 minute drive to Victoria.
Cowichan Lake
In Lake Cowichan, the rental prices are slightly higher than those in Duncan even though it's only 27 km away. The cost per month for a one bedroom apartment averages around $1,274 per month. The average cost to purchase a home is around $600,000.
The living costs aren’t the only reason that people choose to live in Lake Cowichan, though. Many like it because of the weather. Because of its placement on the island, it's protected from the winds. It also has warm summers and mild winters. On top of that, they also have some of the best hiking, camping and fishing where you can witness the stunning natural surroundings.
Ladysmith
In Ladysmith, the average rent for a one-bedroom apartment is around $950 per month, and the average cost to purchase a home is around $450,000. It is located on the 49th parallel north on the east coast of Vancouver Island and it’s affordable lifestyle allows you to stay in close proximity to Vancouver Island’s charms.
A perk of living in Ladysmith is that it's close to the water. It has plenty of beaches to enjoy in the summer. Because of the mild weather here, there are plenty of outdoor activities that are available year round including hiking and golfing.
Even though Ladysmith is a small town, that doesn't mean you can't make your way to the city from there if you choose to. It's roughly 1 hour and 18 minutes by car from Victoria, but it's only 25 minutes from Nanaimo, meaning you’re still within reasonable distance to urban amenities.
Port Alberni
If you are looking for a town to move to on the Island, then Port Alberni is a good choice. The average rent for a 1 bedroom is $1,350 per month, and they have a very low cost of living that is around 20% lower than the rest of BC. It's also a relatively small town with a population of around 21,000 people.
Port Alberni is located within the Alberni Valley at the head of the Alberni Inlet. It's best known for its world-class fishing and is known as the salmon capital of the world. The two types of fish people travel there to get are salmon and halibut.
Another plus about living in Port Alberni is its location. It is known as the heart of Vancouver Island for its location near the center of the Island. From here, you can travel wherever you want all over the Island, or you can stay nearby and experience everything that Port Alberni has to offer.
Cheapest Places to Live for Families
When it comes to raising a family, Vancouver Island is a good choice. There are plenty of places that are great environments for kids to grow up. Here are some of the best that offer a lower cost of living.
Parksville
Parksville is another place on the Island that offers very affordable housing options in and out of the real estate market. The average rental cost for a one-bedroom apartment is between $1,500 - $1,700 per month. The average cost of living for a single person is around $3,000 per month. The average cost to purchase a home is around $650,000. As you can see, it's slightly more expensive to live here than some of the other towns we mentioned above. That said, it's a great place to raise a family and live a relaxed lifestyle while still having access to big city amenities.
In Parksville, there are some great public schools. Not only that, they also have recreation centers and are involved in arts and culture as well as the thriving arts scene. There are tons of family friendly events put on every year and it offers a safe, clean environment to live in. It's also close to the water which is perfect for taking your family to the beach in the summertime.
Qualicum Beach
Qualicum Beach is another affordable city for families to live in on Vancouver Island. The average price for a one-bedroom apartment is $1,300 per month, and the average house price is around $500,000. It's also really close to Parksville, being that it's only 13.7km away, but you still have access to reasonable real estate in the housing market.
Qualicum Beach is just a quiet little town that is close to Nanaimo, but still remote enough to provide a quiet environment to raise a family in a family friendly atmosphere. There are lots of activities, outdoor adventures and beaches close by which is perfect for family activities. They even have some really great public schools.
Campbell River
Campbell River is another one of the affordable cities for families on Vancouver Island. It's located on the east coast of the Island at the south end of the discovery passage. One of the reasons that Campbell River is so popular for young families is because of its distance from the big city. It's 156.8 km from Nanaimo and 266.2 km from Victoria.
For a single person to live in Campbell River, the average cost of living is $3,200 per month. The average cost to purchase a home is between $600,000 and $700,000. Another reason that families choose to live here is because of the environment. It's a rural coastal community that provides a quieter way of life and more indoor and outdoor space for the residents. That said, those here still have access to affordable housing, community amenities, healthcare facilities, and stunning natural beauty.
Best Places to Live
Throughout the Island, there are so many gorgeous places to live and explore. If we take cost out of the equation and look at some of the best places to live overall, there are quite a few places we can look at. Many of these places also have many employment opportunities for young professionals in the job market. Even if you can't move to these places, though, they are fantastic to visit and offer some amazing activities for tourists as well.
Nanaimo
Nanaimo is a city located on the east coast of Vancouver Island; it also houses one of the ferry ports. Throughout the city, it's full of historical places, including the Nanaimo Museum. This museum is full of exhibits that feature the city's industries as well as their indigenous peoples.
Nanaimo also hosts frequent community events that are not only family-friendly, but many of them pay tribute to the city's different cultures and embrace its history. Besides the local events, it's also home to many different small local businesses that boost the local economy and are close to outdoor activities, green space, and lush forests for outdoor enthusiasts who also want to enjoy an outdoor lifestyle.
When it comes to living in Nanaimo, it can be a bit more expensive than other parts of the Island. The average real estate prices for single family dwellings sits around $750,000. The average rental prices are $1,600 per month for a one bedroom apartment. You are living city life, even though it's quite close to more rural communities.
Sooke
Sooke is another place on Vancouver Island that is considered one of the best places to live in. It's a community that is known for being vibrant and welcoming even though they wouldn’t be considered to have a vibrant city life. They are also very close to nature, but just a short drive from Victoria with a distance of 38 km. Their town motto is actually, “Where the Rainforest meets the Sea”.
Another great thing about Sooke is that the city boasts about the community, they are community focused. They want to give their residents affordable housing and strive to make it a great place to live and raise a family. They offer plenty of opportunities for community involvement as well as a terrific arts and culture scene.
Langford
Langford is another city that's located on southern Vancouver Island. It's a family-oriented community that prides itself on being one of the best places to live and work in BC. The average income here for a household is $93,000, and the median after-tax household income sits around $82,000.
Langford offers easy access to many outdoor activities, including:
- Hiking trails
- Mountain biking trails
- Walking trails
There are also plenty of lakes in this area to utilize. Most notably, there is the Galloping Goose Trail. This trail is a former railway line connecting Victoria and Sooke that just happens to go right through Langford.
Best Places to Live for Seniors
When it comes to choosing a place to retire, there are few things to consider. First, is the cost. After that people consider the way of life that they want to live. Putting these two things together will help to decide which is the best place for them to live. Let's take a look at a few of the most popular places on Vancouver Island.
Victoria
The most popular retirement place on Vancouver Island is Victoria. While the cost of living is higher than in smaller towns, they have a great healthcare system, a warm climate and a low crime rate. Victoria is actually considered to be one of the most beautiful cities in all of Canada. A lot of this has to do with the mild temperatures, making it a perfect growing climate, sometimes referred to as the city of gardens, which makes sense with all of the natural beauty around.
While the cost of living in Victoria is higher than the rest of the Island, it is cheaper than some places in the lower mainland or Vancouver, but still offers all of the amenities. The average cost to rent a one bedroom apartment is around $1,900 per month and the average home price is $870,000. It's a way to live in a city with more affordable housing prices compared to those in Vancouver or Toronto.
Comox
Another desirable place to retire is Comox. It's actually considered to be one of the most desirable places in Canada. It has a mild climate, year round recreation and is located right on the Pacific Ocean. It's also a very peaceful, safe place to live. It offers winter sports like skiing, as well as summer sports.
The cost of living in Comox is actually relatively low at $3,100 per month for a single person. The cost to purchase a home is only between $400,000 and $500,000 making it one of the most affordable cities to retire in, as well as provide one of the more laid back lifestyles.
Courtenay
Not surprisingly, Courtenay is another great choice for retirement. This is because it's actually located in the Comox Valley. This means that it provides the same laid-back lifestyle while being affordable at the same time. The upside with Courtenay is that its population sits around 28,000, while the population of Comox is around 40,000.
The average cost of living in Courtenay is around $3,000 per month. The average price to purchase a home here is around $450,000. This makes it another affordable place to retire, if not the most affordable city on the Island. It's at least one of them that's for sure.
Moving to Vancouver Island
Climate-wise, Vancouver Island is one of the warmest and most beautiful places to live in Canada. No matter where you choose to live here, you have the freedom to choose between a more rural lifestyle or live in the big city. The fact that you need to take a ferry to reach Vancouver Island is another thing that people love about living here. Not only does it make travelling peaceful, but it also helps to create an atmosphere of living on the island.
Where Most People Live on the Island
Not surprisingly, a good portion of the population that lives on Vancouver Island is located in the same spot. Over half of the population is located on the southern tip of the Island, the metropolitan area of greater Victoria. This does include Victoria itself. The rest is scattered throughout the rest of the island.
The Prettiest City on Vancouver Island
The prettiest city located on Vancouver Island is Tofino. It's also a very popular destination for tourists. It's surrounded by wild natural scenery, lakes, inlets and ancient rainforests. It has tons of sandy beaches. It has a relatively small population of under 2,000 people, but its local economy mainly surrounds the tourism sector since they get over 600,000 visitors per year.
