Cost of living
B.C. is a great place to live, but many people are facing big challenges from global inflation and high interest rates squeezing family budgets.
That’s why we’re taking action to ease pressures from rising everyday costs and making it faster and easier to connect to benefits and savings.
Find ways you can save and learn how we’re working to make life more affordable.
Access savings now
BC Family Benefit Bonus
Eligible families with children under 18 automatically get an extra $445 this year, on average, if they filed their 2023 taxes.
Lower child care costs
Most families save up to $900 per month per child for child care and out-of-school care costs.
Credit on your electricity bill
Households automatically get a $100 break on their electricity bills starting April 2024.
Connect to benefits and savings
Knowing where to find ways to save money can help, especially when life gets busy. People in B.C. now have a faster and easier way to connect to benefits and savings to help with daily costs through the BC Benefits Connector.
Supports for families with children
Families can access programs to help with the cost of child care, school or sports fees, get basic dental, glasses and hearing care, and start saving for post-secondary.
Supports for renters and homeowners
Renters are protected from high increases and can get help when facing an unexpected financial crisis. More people can now save thousands when buying their first home.
Supports for seniors
Seniors can access a variety of services to help with daily tasks, medical care and supports to remain independent at home longer.
Supports for people when they need it most
Access free counselling, legal aid or employment services, get free help to quit smoking, or apply for income or disability assistance.
Supports for business owners and entrepreneurs
Find out how we’re helping entrepreneurs save money so they can focus on growing and keeping their small business strong.
Help with home energy costs
Households will get a break on their electricity bills this year and can apply for rebates to cover the cost of making homes more energy efficient.
Transportation savings
Drivers will get an ICBC rebate this year and can save when buying an electric vehicle, transit is free for kids 12 and under, and we’re keeping ferry fares are affordable.
Health care savings
People in B.C. can access free birth control, one round of IVF, opioid addiction treatment. MSP fees have been eliminated and the Fair PharmaCare plan helps keep medication costs low.
Education and training savings
Students can access more funding to help with the education and training costs to start a new career. Interest on student loans have been eliminated.
Taking action to address affordability
We’re tackling the big challenges from the ground up to build a better future for people by easing the pressure of rising costs and protecting key services.
Delivering more homes for people
So every person in B.C. can find a decent place to live they can afford, we’re tackling the housing crisis head on by investing a historic $19 billion to deliver more homes for people faster, making rent more affordable, and providing more housing for those in need. Nearly 80,000 homes have been delivered or are underway since 2017.
Improving access to fresh, local food
All people in B.C. deserve nutritious, affordable, local food. We’re making a historic $200 million investment in food security to help increase how much food is produced and available in B.C., particularly in remote, northern and Indigenous communities. We’re also giving extra support to local food banks to help everyone put good food on the table.
Expanding school food programs
When children get the healthy food they need, they can focus on learning. We’re investing $214 million over 3 years to help to expand school food programs and address student hunger throughout B.C.
Moving towards universal child care
Since the introduction of ChildCareBC in 2018, we have been building a future where access to affordable, quality, inclusive child care is a core service that families can depend on. More than 37,000 new licensed child care spaces have been created since 2018.
Increasing student aid and scholarships
Eliminating interest on student loans and increasing financial assistance and scholarships are some of the ways we’re helping more students access the education and training they need for an in-demand career in B.C. Interest-free student loans have saved students $40 million since 2019.
Helping people out of poverty
To help people get through tough times, we’re making it easier for people receiving income or disability assistance to access supports and employment, and we’re setting new 10-year targets to reduce poverty overall and for children and seniors. B.C.’s poverty rate was 45% lower in 2021 than 2016, meaning 313,000 fewer people and children were living in poverty.
Making medication more affordable
B.C. is leading the way by expanding the use of biosimilar medications, which cost up to 50% less than the original drug. The savings will be reinvested to improve patient care and make other medications more affordable. B.C. saved $732 million in the first 5 years of the program.
Expanding treatment for people with addictions
Opening 600 new publicly-funded substance use treatment beds is part of our $1 billion in funding to address the toxic drug crisis and help more people access the care and treatment they need. B.C. now has nearly 3,600 treatment beds, with more to come.
Bringing high speed internet to more people
Connecting every household to high-speed internet services by 2027 is our commitment to ensure people in every community have better access to jobs, education, training and health care. So far, 208 projects have connected nearly 100,000 households in rural, remote and Indigenous communities since 2017.
Keeping BC Hydro rates low
Ensuring electricity rate changes do not exceed inflation is now a clear goal under the Clean Energy Act so people and businesses can continue accessing clean affordable power for years to come. BC Hydro customers continue to have the second lowest electricity bills in North America.
Freezing ICBC rates
B.C. drivers will get a fourth rebate of $110 in 2024 and 0% increases to ICBC rates until 2026. This means there’s been 6 years with no increases to basic rates for B.C. drivers, keeping insurance costs stable. On average, drivers have saved $2,000 in rebates and lower rates.
Keeping ferry fares affordable
People rely on BC Ferries to get to work, do errands and visit loved ones. We’re making sure ferry fares stay affordable by investing $500 million to keep fare increases low. Since 2019, fares were reduced on smaller and northern routes, frozen on major routes and brought back free travel for seniors Monday through Thursday.