Cost of Living

Radium Is Gentler On the Pocketbook

Radium leaves more money in the pocketbook after “the house is taken care of,” meaning greater discretionary spending for the fun things in life.

1) House resale prices (2014, inclusive of single and multi-family residences) are 61% lower than the B.C. average, 72% lower than metro Vancouver average, and 53% lower than metro Calgary average.

2) Radium has the 24th lowest annual residential property taxes and charges ($2132) and 7th lowest business tax rate ($1463.91 per $100,000 of assessed value) of 161 B.C. municipalities (Src: 2014, http://www.cscd.gov.bc.ca/lgd/infra/tax_rates/tax_rates2014.htm).

3) Home ownership operating costs are lower in Radium


Average monthly shelter costs for owned dwellings (2011):

East Kootenay (incl. Radium)  $997
B.C. $1228
Calgary CMA $1412
Vancouver CMA $1420


                       

                                                                        

                                                     

Includes all shelter expenses paid by households that own their dwellings, such as the mortgage payment and the costs of electricity, heat, water and other municipal services, property taxes and condominium fees.

Src: Statistics Canada, 2011 Federal Census

 

% of owner households spending 30% of more of total household income on shelter costs (2011):

East Kootenay (incl. Radium)  17%
Calgary CMA   20.2%
B.C.   23.8%
Vancouver CMA 27.6%

 

 

 

 

Src: Statistics Canada, 2011 Federal Census

 

Approximate annual household operation costs (2014) for an average re-sale home in Radium ($227,000) are as follows:

 

Property taxes1    $1398
Municipal water     $304
Municipal sewer   $202
Garbage 0
Propane (heating)2 $700
Electricity3    $1164
Phone (optional)  $500
Internet (optional) $500
Total     $4138

 

 

 

 

 

 

 

 

Note:  this calculation does not include condo fees. Condo fees most commonly (but does not apply to all buildings) cover your share of building insurance, maintenance, management fees, common area cleaning, reserve fund contributions, exterior maintenance, landscaping and snow removal, parking, heat and water. For e.g. in Radium, a representative 2 bedroom, 2 bath condo unit on the market in October, 2014 has a monthly condo fee of $365.

1Radium residential tax rate (2014) - $6.1622 per $1000 taxable assessment.

2Src: http://www.statcan.gc.ca/pub/11-526-s/2010001/part-partie1-eng.htm). Average use of 21 GJ annually per household reporting propane use. 1GJ=39 litres of propane = 819 litres annually x$ 0.85/litre Fall, 2014 retail auto propane price (proxy for residential price)

3Src: http://www.theglobeandmail.com/news/british-columbia/what-the-bc-hydro-rate-increase-means-for-customers-energy-bills/article15608911/

 

A Note About Gasoline Prices 

At first glance, B.C.’s fuel prices are higher than Alberta. B.C.’s fuel tax, implemented in 2008, covers most types of fuel use and carbon emissions. It started out low ($10 per tonne of carbon dioxide), then rose gradually to the current $30 per tonne, which works out to about 7 cents per litre of gas. “Revenue-neutral” by law, the policy requires equivalent cuts to other taxes. In practice, the province has cut $760-million more in income and other taxes than needed to offset carbon tax revenue.