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
Live updates: What star witness in Trump hush money case has said on the stand so far
The star prosecution witness in Donald Trump's hush money trial took the stand Monday with testimony that could help shape the outcome of the first criminal case against an American president.
Police release 3D images of young child found in an Ontario river two years ago
Police have released a three-dimensional image of a young child whose remains were discovered in the Grand River in Dunnville, Ont. almost two years ago.
Steve Buscemi punched in the face while walking in N.Y.C.
Hollywood actor Steve Buscemi has been treated for injuries after being punched in the face while walking in New York City.
'Be very, very careful': Wildfire conditions 'still extreme,' says Alberta fire chief
As wildfire conditions remain 'extreme' in northern Alberta, residents are being urged to be extra cautious and follow a fire ban.
Wildfire smoke drifts across Canada, over parts of U.S., prompting air quality advisories
Air quality advisories are in effect across Western Canada as smoky conditions plague some areas, according to the latest forecasts. Here's where.
Canucks' Zadorov fined $5,000 for post-game crosscheck on Oilers' McDavid
A Vancouver Canucks defenceman has been given the highest possible fine under the NHL's collective bargaining agreement after a scrum broke out at the end of Game 3 against the Edmonton Oilers Sunday night.
WATCH LIVE City of Ottawa negligent in allowing Uber to operate outside of taxi bylaw, judge rules
An Ontario Superior Court judge has ruled that the City of Ottawa was negligent in its enforcement of the city's taxi bylaw when it allowed Uber to begin operating in 2014, harming the city's established taxi industry.
Jerry Seinfeld speech prompts pro-Palestinian demonstration at U.S. university graduation ceremony
A tiny contingent of Duke University graduates opposed pro-Israel comedian Jerry Seinfeld speaking at their commencement in North Carolina Sunday, with about 30 of the 7,000 students leaving their seats and chanting "free Palestine" amid a mix of boos and cheers.
Just how bad are ultraprocessed foods? Here are 5 things to know
Many foods fall under the category of ultraprocessed foods, depending on their exact ingredients. This type of food has been studied a lot lately, and the results aren’t great.