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
Poilievre unrepentant over calling Trudeau 'wacko' as his MPs say Speaker should resign
Conservative Leader Pierre Poilievre says he does not regret calling Prime Minister Justin Trudeau 'wacko,' and now his MPs are renewing calls for the House of Commons Speaker to resign, this time over ordering the Official Opposition leader to leave the chamber.
Is it cold, flu or norovirus? Symptoms explained
The highly contagious norovirus is spreading across Canada, with some symptoms overlapping with other viruses. CTVNews.ca spoke with a health expert to find out how you can tell you have norovirus, the most common form of stomach flu, and what to do if you have it.
Doctors dealing with at least 160 Canadians suffering eye damage possibly linked to looking at the eclipse
Nearly a month after the total solar eclipse, at least 160 cases of eye damage have been reported across the country.
Ontario's police watchdog continues probe of high-speed pursuit involving fatal crash
The investigation continues into a collision that killed two grandparents and their infant grandchild during a high-speed police chase on the wrong way of Highway 401 east of Toronto.
Stranded cruise passengers in Spain race to catch up with their ship
A month after eight Norwegian Cruise Line passengers were stranded in Africa when their ship left without them because they were late getting back, a U.S. couple – ages 84 and 81 – were also left behind by the cruise line in Spain.
Blair says he couldn't sell cabinet on meeting 'magical threshold' of NATO target
Defence Minister Bill Blair says he couldn't convince the Liberal cabinet that Canada's government needed to meet NATO's spending target in its recent defence policy update.
London Drugs expected to give update on store status following 'cybersecurity incident'
Days after dozens of London Drugs locations closed due to a 'cybersecurity incident,' a spokesperson for the company says an update on the stores' status is expected Wednesday morning.
No criminal charges after 4 newborn bodies found in Boston freezer
A prosecutor in Massachusetts won't seek criminal charges against anyone, two years after four newborns were found in a freezer in a South Boston apartment.
Anger can harm your blood vessel function, study shows
Stress and anger can have a negative impact on cardiovascular health, studies have shown. New research points to just how the mechanism may work.