Metro Vancouver renters spending more than 60% of monthly income, report suggests
Metro Vancouver renters are spending nearly two thirds of their monthly income on rent – more than double the recommended rent-to-income ratio – a new report suggests.
According to monthly data released by listings site Liv.rent Thursday, the average renter in the Metro Vancouver region is spending 61.65 per cent of their income on housing each month.
"While traditional financial advice would be to spend no more than 30 per cent of your income on rent, this advice is perhaps not well suited to renting in cities like Vancouver," the report said.
According to the report, the cost to rent an unfurnished one-bedroom unit in Metro Vancouver rose by 1.68 per cent between March and April, while the cost to rent a furnished one-bedroom unit rose 10.05 per cent. Year-over-year, the average rent for an unfurnished one-bedroom unit in Metro Vancouver rose by $113, according to the report.
"As the busy summer renting season approaches, Metro Vancouver’s average rental rates have increased after a brief dip in March," the report said. "With this recent change, the region’s rent prices have rebounded to just below February’s yearly high."
Langley cheapest for most space
Liv.rent's report showed the cheapest rentals based on square footage were in Langley, Surrey and West Vancouver. In those cities, rents were less than $3 per square foot, per month.
Vancouver's rent per square foot, however, was the highest at $3.88 per square foot. Burnaby wasn't far behind at $3.84 and North Vancouver came in third at $3.55.
Looking at specific neighbourhoods, the report showed downtown was the most expensive place to rent in Vancouver, with one-bedroom units going for $2,840 per month, on average. Similar units went for an average of $2,127 in Sunset-Victoria Fraserview, however, which was the cheapest neighbourhood in the city.
Most expensive in the country
Nationwide, Liv.rent's data for April suggested four of the five most expensive cities in the country were located in Metro Vancouver.
West Vancouver, North Vancouver, Vancouver and Burnaby took the top four spots, while the fifth spot was handed to Markham, Ont. In that city, the average monthly rent for a one-bedroom apartment hit $2,404.
CTVNews.ca Top Stories
Trudeau acknowledges charges in Nijjar killing, calls for commitment to democracy
Prime Minister Justin Trudeau has acknowledged the charges laid Friday in relation to the murder of B.C. Sikh activist Hardeep Singh Nijjar.
No proof man lied to brother about number of kittens born in litter, B.C. tribunal rules
A man was denied a $5,000 payout from his brother after a B.C. tribunal dismissed his claim disputing how many kittens were born in a litter.
Bodies recovered in Mexico likely 2 Australians, 1 American who went missing: officials
Three bodies recovered in an area of Baja California are likely to be those of the two Australians and an American who went missing last weekend during a camping and surfing trip, the state prosecutor’s office said Saturday.
Princess Anne lays wreath at B.C. veteran's cemetery; receives 21-gun salute
Princess Anne paid tribute to veterans buried at a cemetery in British Columbia today, laying a wreath to honour the more than 2,500 military personnel and family members buried there.
Mystik Dan wins the 150th Kentucky Derby at Churchill Downs in a three-horse photo finish
Mystik Dan won the 150th Kentucky Derby in a photo finish, edging out Forever Young and Sierra Leone for the upset victory.
'I just can't believe that it took so long': Body found in wreckage 3 months after deadly fire
A man accused of arson in a January Old Strathcona apartment fire is expected to be charged with manslaughter after a body was discovered in the burned building late last month.
Quebec police hand out hundreds of tickets to Hells Angels and other bikers before 'first run' meeting
Quebec provincial police handed out hundreds of fines to Hells Angels members and other supporting motorcycle clubs who met for their 'first run' in a small town near Sherbrooke, Que.
Work stoppage possible as WestJet issues lockout notice to maintenance engineers' union
A lockout notice issued by WestJet to a union representing aircraft maintenance engineers could result in a work stoppage next week.
London Drugs begins 'gradual reopening' on 7th day after cyberattack
Almost a week after all London Drugs stores across Western Canada abruptly closed amid a cyberattack, they began a "gradual reopening" on Saturday.