If you’re considering moving to Parksville, BC, one of the biggest factors to evaluate is the cost of living compared to other cities in British Columbia. With its mild climate, relaxed coastal lifestyle, and strong retirement community, Parksville is an attractive option—but how does it stack up financially against Victoria, Nanaimo, and Vancouver? Let’s break it down.
1. Real Estate Prices: Affordable Coastal Living
Parksville is significantly more affordable than Victoria and Vancouver when it comes to real estate.
- Parksville Median Home Price: ~$750,000
- Victoria Median Home Price: ~$1,100,000
- Nanaimo Median Home Price: ~$850,000
- Vancouver Median Home Price: ~$1,400,000
While Parksville’s home prices have risen in recent years, they remain lower than Victoria and Vancouver, making it an appealing option for retirees and those looking to downsize. Additionally, 55+ communities and mobile homes offer even more affordable housing alternatives.
2. Utilities and Property Taxes
Utility costs in Parksville are comparable to Nanaimo but lower than Vancouver and Victoria.
- Electricity (BC Hydro): ~$100–$150/month (BC Hydro)
- Water and Sewer: ~$50–$100/month (City of Parksville)
- Property Taxes: ~$3,000–$4,500/year depending on property value (BC Assessment)
Parksville’s milder winters also result in lower heating costs compared to inland BC cities.
3. Grocery and Lifestyle Costs
While grocery prices are relatively similar across BC, Parksville offers local farmers’ markets and nearby producers that can help reduce grocery bills.
- Average monthly grocery bill for two: ~$600–$900 (Statistics Canada)
- Farmers’ Market Savings: Local produce and seafood can be more affordable and fresher than grocery store options (Qualicum Beach Farmers’ Market)
- Dining Out: More affordable than Vancouver, with meals at casual restaurants averaging $15–$25 per person
4. Transportation Costs
Parksville does not have the extensive public transit network of Vancouver or Victoria, so most residents rely on personal vehicles.
- Gas Prices: ~$1.80/L (similar to Nanaimo, lower than Vancouver) (GasBuddy)
- Car Insurance (ICBC): ~$120–$180/month (ICBC)
- Public Transit: Limited options, but BC Transit provides regional routes (BC Transit)
For retirees who prefer a walkable lifestyle, Parksville’s compact downtown and scenic oceanfront paths make it easy to get around without a car.
5. Healthcare and Senior Services
Healthcare access is an important consideration, especially for retirees.
- Parksville: Oceanside Health Centre provides essential services but may require travel to Nanaimo for specialist care (Island Health)
- Victoria & Nanaimo: Larger hospitals and more specialists available
- Vancouver: Best healthcare access but highest costs of living
Final Verdict: Is Parksville a Cost-Effective Place to Live?
Compared to Vancouver and Victoria, Parksville offers a significantly lower cost of living, particularly in real estate and daily expenses. While it lacks some of the urban conveniences of a major city, its affordable coastal lifestyle, lower taxes, and strong retirement community make it an attractive option for those looking to enjoy relaxed, small-town living without breaking the bank.
Downsize without compromise—your ideal retirement retreat near Parksville’s best beaches.