Cost of Living in Okanagan region
The Okanagan lifestyle includes delicious wineries, orchards bursting with fruit in the summer, and a dynamic and active urban environment complete with outstanding restaurants, nightlife, and boutique shopping. A visit to the Okanagan area will make you fall in love, but you should be aware that living in paradise comes at a cost.
Kelowna is one of the biggest cities in the Okanagan region. Kelowna, which the Canadian Federation of Business calls "the most entrepreneur-friendly big city in Canada," has a thriving economy fueled by tourism, construction, agriculture, manufacturing, technology, aerospace, and healthcare.
Kelowna welcomes international visitors who support a tourism business worth more than $1 billion each year while also housing the Kelowna General Hospital, the premier healthcare institution in Okanagan and the surrounding region.
According to BCBusiness, the average family income in Kelowna in 2020 was $106,994, while the average income for those under 35 was $87,596. BCBusiness anticipates a 20.7% increase in income between 2020 and 2025.
Personal income and taxation
The average personal income in Kelowna is $45,000, according to Statistics Canada. As of June 1, 2021, the city will adhere to British Columbia's minimum wage standard of $15.20.
Income tax rates in Kelowna, BC range from 5.06% to 20.5%, depending on which of the seven income levels you fall into. In Canada, there are seven income bands ranging from $42,184 to $222,420, which should be considered when calculating your individual cost of living.
As mortgage interest rates rise in 2022, we will witness a tremendous increase in home inventory, transforming Kelowna real estate into a buyers' market.
The average price of a single-family house has risen from $400K to $1.1M from the market's low point in 2013. Kelowna's median house price climbed by 25.3% between 2021 and 2022.
It's no surprise that Kelowna offers amazing cuisine and fine dining options as one of the world's top wine districts. Kelowna offers it all: food trucks, farmers markets, fast food with domestic beer, craft brewers, independent artisanal farmers markets, and five-star restaurants. Kelowna has cheaper food prices than both Vancouver and Victoria.
Monthly minimum amount spent on food per month
Your monthly shopping spending in Kelowna will be at least $428.61. Meals at low-priced restaurants can vary from $15 to $25 for basic lunchtime cuisine, while a meal for two at a mid-tier restaurant can cost around $70. A fine dinner for two at one of Kelowna's many fine dining establishments might easily cost $100 or more.
We have prepared an infographic for you where you can see prices for various things in the Okanagan region: