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
NEW For their protection, immigrants critical of China and India call for speedy passage of Canada's foreign interference legislation
Canadian immigrants threatened by hostile regimes are urging parliamentarians to quickly pass the 'Countering Foreign Interference Act' so they can feel safe living in their adopted home.
OPINION No reunion between Prince Harry and the King signifies a setback for royal unity
Prince Harry, the Duke of Sussex, has made headlines with his recent arrival in the U.K., this time to celebrate all things Invictus. But upon the prince landing in the U.K., we have already had confirmation that King Charles III won't have time to see his youngest son during his brief visit.
Most of Canada to receive emergency alert test today
The federal government will test its capacity to issue emergency alerts today, with the exception of Ontario, where the test will take place on May 15.
How Drake and Kendrick Lamar's rap beef escalated within weeks
A long-simmering feud between hip-hop superstars Drake and Kendrick Lamar reached a boiling point in recent days as the pair traded increasingly personal insults on a succession of diss tracks. Here’s a quick overview of what’s behind the ongoing beef.
'A huge difference': These adults born in the '90s partnered with their parents to buy homes in Ontario
An Ontario woman said it would have been impossible to buy a house without her mother – an anecdote that animates the fact that over 17 per cent of Canadian homeowners born in the ‘90s own their property with their parents, according to a new report.
Stormy Daniels describes meeting Trump during occasionally graphic testimony in hush money trial
With Donald Trump sitting just feet away, Stormy Daniels testified Tuesday at the former president's hush money trial about a sexual encounter the porn actor says they had in 2006 that resulted in her being paid to keep silent during the presidential race 10 years later.
Susan Buckner, who played spirited cheerleader Patty Simcox in 'Grease,' dead at 72
Susan Buckner, best known for playing peppy Rydell High School cheerleader Patty Simcox in the 1978 classic movie musical 'Grease,' has died. She was 72.
Northern Ont. woman makes 'eggstraordinary' find
A chicken farmer near Mattawa made an 'eggstraordinary' find Friday morning when she discovered one of her hens laid an egg close to three times the size of an average large chicken egg.
Indian envoy warns of 'big red line,' days after charges laid in Nijjar case
India's envoy to Canada insists relations between the two countries are positive overall, despite what he describes as 'a lot of noise.'