Affordability trumps location for more B.C. renters

Forget “location, location, location.”

As Metro Vancouver rents have risen dramatically over the past few years, renters’ priorities have shifted away from location to affordability, according to a survey from rentals.ca.

The survey suggests more people are packing up and leaving the West Coast.

“Amongst our population of prospective renters, we found that 49 per cent had last moved within the past three years, with 26 per cent having moved within the last year alone,” a report from rentals.ca highlighted.

“We found that 69 per cent of respondents highlighted the unaffordability of rentals in their region as their reason for moving, with 19 per cent of survey participants indicating their interest in moving to a new city for their next home.

“Furthermore, 63 per cent emphasized price as their primary concern when searching for a new dwelling, while only 37 per cent prioritized location. This shift underscores a clear preference for affordability over accessibility, as pricing remains the dominant factor influencing renter decisions.”

More than a third of renters in B.C., Alberta, and Ontario say they’ve been searching for a new place for more than two months and about 15 per cent say they’ve been hunting for six months or longer.

Rentals.ca Giacomo Ladas tells CityNews that interprovincial migration is “really, really high in Canada right now because people are not able to find an affordable rental in the region [that they live].”

More than half of respondents expressed frustration over the limited availability within their budget when searching for rental accommodations.

“People can’t find anything affordable and where they live. So, they’re now finding more affordable areas across the country,” Ladas explained.

“People are leaving Ontario and British Columbia for areas like Alberta. And because of that rents in Alberta have skyrocketed over the past year.”