They are, but they are not necessarily the same thing. Living costs, also called the cost of living, usually refer specifically to things that are considered essential. If Vancouver’s divorce attorneys charge more for their services, that could be considered in your alternatives, but it would be highly unlikely to be included in the meaning of the original sentence.
[size=150]- [color=red]Vancouver prices are high.
Is [color=red]Vancouver, not [color=green]Vancouver’s, really correct? [/size]
yourmortgagecentre.com/site/article.cfm?ID=20
House prices in Canada are falling. But the headline numbers can be very misleading. In Vancouver, for instance, the close to 45% year-over-year fall in the number of homes sold and the fact that Vancouver prices are much higher than the national average combined to make it look as though national home prices were falling sharply.
Tofu, “Vancouver prices” can be considered a compound noun, like “pencil sharpener” or “noun clause.” Just as we are not required to say “nounal clause,” we are not required to say “Vancouver’s prices.”
Please note that this gets sketchy when we start to refer to locations, such as countries, whose adjectives are well-known and highly frequent.
*America prices are high. - Incorrect
But, where no adjective exists at all, we have “U.S. prices are high.”