Renters can feel house poor too
The cost of rent continues to climb in Canada. Nowhere is it more expensive than the Greater Vancouver Area.
According to liv.rent the top 5 Canadian cities with the highest average rent are all here in the lower mainland.
Here are the prices for a 1 bedroom unit without furniture.
Below are the prices for individual neighborhoods within the city of Vancouver. 🙂
Not surprisingly downtown commands the highest rent. I guess you pay more for living in a convenient location.
People who live in the city center often have high incomes.
So what if you want to move here or already live in the Greater Vancouver region, but want to know where to find the cheapest housing?
In that case you can try your luck in Surrey, Langley, or even further out like Abbotsford. The average rent in those cities is still below $2,000 a month for a 1 bedroom.
While it’s becoming more unaffordable to live on the west coast the global interest to move here remains as strong as ever. With over a million people each year coming into Canada and not enough homes to shelter them all, the vacancy rate should continue to remain near record low at just a fraction of a percent.
This means rents are likely to go even higher next year.
Random Useless Fact: