Vancouver BC Demographics
The latest 2024 Vancouver BC demographics.
Key trends and data for Vancouver demographics covering size, growth, ethnicity, housing and more.
We live and work in Vancouver, British Columbia - a year round playground with city, ocean and mountain opportunities abounding. This city thrives with industry spanning financial, tech, industrial, entertainment, tourism, education and more. Vancouver is a vibrant and diverse city with a unique and ever changing demographic profile. As of 2023, the city's dynamics can be summarized through various key metrics and demographics for Vancouver that we have put together below. We hope this helps you get a quick summary of the market and demographics you may need to think about for any upcoming market research or marketing needs in the Vancouver, BC area.
Population Size and Growth:
Metro Area Population (2023): Approximately 2,657,000, marking a 0.95% increase from 2022 (Macrotrends).
City Population: Around 662,248, making Vancouver the 8th largest city in Canada and the largest in British Columbia (Canada Population).
Ethnicity:
In Metro Vancouver, 54.5% of the population belongs to non-European ethnic groups, 43.1% are of European descent, and 2.4% identify as Indigenous (Wikipedia).
Notable ethnic groups in the city include 28.33% Chinese, 7.04% South Asian, and 5.37% Filipino (AreaVibes).
Income:
Median Employment Income (2019) for full-year full-time workers: $63,200.
Average Employment Income (2019) for full-year full-time workers: $82,600 (Statistics Canada)
Median Household Income: $82,000, with a Median After-Tax Household Income of $72,000 (Point2Homes).
Gender and Age Distribution:
Gender: Approximately 49.0% male and 51.0% female (Point2Homes).
Age Groups: 10.7% under 14, 10.5% aged 15 to 24, 20.6% aged 25 to 34, 15.5% aged 35 to 44, 13.1% aged 45 to 54, 12.6% aged 55 to 64, and 17.0% over 65 (Point2Homes).
Average Age: 42.2 years (Point2Homes).
Employment and Economic Sectors:
Unemployment Rate: 9.0%.
Key Employment Sectors include Sales and Service (24.7%), Business, Finance and Administration (19.7%), Education, Law, Community and Government Services (13.1%), Natural and Applied Sciences (11.4%), and Health (7.7%) (Point2Homes).
Commuting Patterns:
Average Commute Time: 25 minutes.
Modes of Commuting: 56.2% by car, truck, or van; 22.9% by public transit; 18.4% by bicycle or walking; and 2.6% by other methods.
Commuting Destinations: 67.2% within the same municipality, 32.4% to another municipality within the same province, and 0.4% to a different province (Point2Homes) (Point2Homes).
Housing:
No blog post on Vancouver BC demographics would be complete without a bit of coverage on real estate and affordability. The Vancouver housing market continues to experience significant price increases and affordability challenges. As of March 2024, the average home price in Greater Vancouver reached $1,318,687, marking an annual increase of 4.1% and a monthly rise of 3.3%. Detached houses in the area saw average prices of $2,207,689, while attached houses and apartments were priced at $1,281,491 and $822,783 respectively (Norda Real Estate Investments).
The benchmark price of homes in Metro Vancouver also rose to $1,196,800, showing a 4.5% increase over the year. In specific areas like West Vancouver and North Vancouver, benchmark prices soared to $2,550,000 and $1,393,700, respectively, highlighting the premium on real estate in these desirable locations (Norda Real Estate Investments).
Affordability remains a pressing issue, with a report from the Royal Bank of Canada highlighting that over 106% of the median income is required to cover the ownership costs of a home in Vancouver, making it nearly impossible for average earners to afford housing without significant financial assistance (Global News). This has resulted in a market where the wealthy and those with substantial down payments from family can participate, while others are priced out.
Despite increased inventory levels, Vancouver's housing market remains tilted in favor of sellers, as demand continues to outstrip supply in most areas. The sales-to-active listings ratio stood at 23.8% for March 2024, indicating a seller's market (nesto.ca).
Overall, while there are efforts to address the housing supply and affordability crisis in Vancouver, high prices continue to challenge many potential homebuyers, and the market dynamics show few signs of easing in the near term.
Summary:
This data paints a picture of a metropolitan area characterized by steady population growth, a diverse ethnic makeup, a balanced gender distribution, a relatively young population, a varied employment sector, and a mix of commuting habits. On the challenge side is housing affordability with many locals worried their children will not be able to buy into the same city they grew up in.
