Metro Vancouver renters spending 50% of paycheques on rent
Posted October 5, 2022 7:06 am.
Last Updated October 5, 2022 6:32 pm.
Spiking prices for gas and food have been making headlines lately, but Metro Vancouver renters are also facing a challenging milestone.
When renting a home, the recommendation is it should take no more than 30 per cent of your monthly income.
In Metro Vancouver that ratio usually goes out the window, but the latest report from the platform liv.rent finds renters in the region are now spending more than half — 51.6 per cent — of their paycheques on rent.
By comparison, in September it was a little under 40 per cent, and in August it was about 34 per cent.
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This is after a slight increase to October’s typical rent in Metro Vancouver, the report now pegging the average, unfurnished one-bedroom unit at a little over $2,250 per month.
“This year, with interest rates continuing to climb and vacancy rates remaining low, we could see prices remain high throughout the rest of the year,” reads the report.
While rents seem to be levelling off after big increases through the summer, there are expectations the usual seasonal dip in rents will eventually come through the colder months.
“With students now settled in their new rentals and the hyper-competitive summer months now drawing to a close, we should see prices hold steady or begin to decline throughout the remainder of the year.”
The report also ranks the most expensive cities in which to rent in Canada, finding they are currently all in British Columbia.
West Vancouver tops the list at $2,828, followed by Vancouver at $2,589, North Vancouver at $2,499, and then Burnaby at $2,386.
“This month is particularly notable, as it marks the first time in recent memory we’ve had an all-B.C. list of the most expensive cities in Canada.”
Langley continues its streak as the cheapest place in Metro Vancouver to rent both unfurnished and furnished one-bedroom units, at $1,780 and $1,927, respectively.
