Whether you’re buying a home or renting a home, your housing costs will only make up one part of your cost of living. So, while it’s prudent to shop for the lowest mortgage rates in Nanaimo, it’s also a good idea to consider the additional expenses you can expect to incur.
Nanaimo does have a public transit system and ferry system so, depending on where you choose to live on the island, you might be able to rely on those for getting around. However, you’d likely want the flexibility of owning a car — particularly if you’re interested in exploring the beautiful nature around B.C. That means you might have to factor car payments into your budget.
Car insurance is another expense you should expect to have. Unfortunately, British Columbia has the highest car insurance rates in Canada, according to the Insurance Bureau of Canada. The average driver can expect to pay $1,832 per year. For context, Ontario drivers — which pay the second highest rates in the country — pay an average of $1,505 per year.