Despite how expensive Vancouver is, a new report reveals that the median income is lower than in some other major B.C. cities.
The Fraser Institute, a think tank, published a report that examines “prosperity” in B.C. at the city level, looking at the 2023 median household income of major metropolitan areas, presented in 2025 constant dollars.
It found that the median household income in the Vancouver Census Metropolitan Area (CMA) was $75,348.
Meanwhile, the median household income in Victoria was $84,431, about $9,000 more than Vancouver.
Vancouver is also behind Kamloops ($77,909) and Kelowna ($77,428), but higher than Nanaimo ($73,164), Abbotsford-Mission ($73,017), and Chilliwack ($70,645).
“Despite its reputation as a prosperous metropolitan area, the median household income in the Vancouver area is well below the provincial capital and even other cities in the interior,” said Ben Eisen, a senior fellow with the Fraser Institute and co-author of the report, in a press release.
The national average of all CMAs was $74,948.
Fraser Institute
What does this mean for Vancouver?
As Vancouver is the biggest urban area in B.C. and its “dominant commercial centre,” the Fraser Institute said in its report that the “middling” income indicates that the city is failing to act as an engine of prosperity.
The report adds that large urban centres — like Vancouver — are typically supposed to drive growth, innovation, and productivity.
“The fact that the province’s largest metropolitan area — and its traditional commercial hub — is struggling economically should be a concern for policymakers and all British Columbians,” said Eisen.
The Fraser Institute pointed out that Canada’s two other large urban centres, Montreal and Toronto, are also near the middle of Canadian rankings, not top performers.
“Large urban centres around the world are generally considered to be drivers of growth, innovation, and productivity, but in Canada, this is not the case,” reads the report.
However, the Fraser Institute pointed out that both Toronto and Vancouver receive a larger number of new immigrants, including non-permanent residents, compared to other cities. This group’s average income level is typically below the national average, especially in the first few years after they move to Canada.
Why is the median income in Victoria so high?
Victoria’s median household income is by far the highest of any CMA in B.C., which the Fraser Institute notes is “consistent with recent research showing that, across Canada, prosperity is clustered in capital cities.”
It also pointed out that Victoria is home to many government workers, an industry that has seen substantial job growth. From 2019 to 2023, government job growth was 22 per cent, with private sector growth 0.5 per cent.
“These results raise questions about the economic performance of metropolitan areas without large public administration centres,” reads the report.
However, since late 2024, the provincial government has implemented a hiring freeze and announced in its 2026 budget that it would be cutting about 15,000 jobs through the 2028/2029 fiscal year, as part of its effort to mitigate its historic deficit of nearly $14 billion.