Most Vancouverites facing more financial struggle than years previous, poll finds

Three in four people living in Vancouver are finding it harder to make ends meet than they were two years ago, according to a new poll.

According to data collected by Research Co. on the current state of the province’s economy and housing, 75 per cent of the Metro Vancouver population are finding it “considerably harder” or "moderately harder” to get by financially than they were in 2022.

It is a viewpoint shared throughout much of the province, with 75 per cent of those polled on Vancouver Island in agreement, plus 80 per cent in northern B.C., 74 per cent in southern B.C. and 76 per cent in the Fraser Valley.

The province noted it has become more difficult to find a job, buy a house, pay for post-secondary education and save money for retirement over the previous two years, with four fifths of the Metro Vancouver population and 70 percent of the Vancouver Island population stating it is harder to purchase a home.

“It was 54 per cent of B.C. residents telling us that finding a job is harder than it was two years ago,” said Mario Canseco, the president of Research Co.

He went on to say that the lack of positions greatly impacts the younger generations as many are looking for careers that would enable them to eventually enter the housing market.

The data released by Research Co. found that despite the financial struggles, people throughout B.C. are generally on board with the housing policies recently implemented by the provincial government, according to the survey.

In Metro Vancouver, 75 per cent of respondents agree with building more modular supportive homes in areas where people are experiencing homelessness, and 68 per cent agree with capping rent increases in 2024 at 3.5 percent.

Of those surveyed, 57 per cent agree with removing strat rental decisions. Sixty-four per cent agree with raising the fines for short-term rental hosts who break municipal by-laws to $3,000 per day per infraction, and 55 per cent agree with banning homeowners from operating a short-term rental business, unless it is located on their principal residence.

The research comes as leaders prepare their own housing policies ahead of the looming provincial election this Oct. 19.

NDP Leader David Eby has announced a plan to fast-track factory built homes, while B.C. Conservative Leader John Rustad said his party will overhaul the approval process for home building to shorten the time awaited for granted rezoning, development and building permits.

While those polled are in favor of previously executed housing policies, the general outlook on the future of housing isn’t one of much hope.

Research Co.’s polling suggests that just under 50 per cent of the Metro Vancouver and provincial population are of the opinion the government will be effective in making housing in B.C. more affordable, the survey found.

Just over half of respondents aged 18 to 34 (55 per cent) expect the B.C. government to succeed in making housing more affordable, while only 45 per cent of those aged 35 to 54, and 31 per cent of those aged 55 and over, agree.

Business impact

The Centre for Future Work told CTV News on Thursday that high interest rates implemented to combat inflation have forced many businesses to scale back hiring in an attempt to save money.

“The good news in B.C. job creation has been faster than elsewhere in Canada, and the unemployment rate has been consistently lower,” said Jim Stanford, the director of the centre.

Sula Restaurants operates three locations in Vancouver and employs around 100 workers. Rising inflation over the past few years has forced the popular Indian establishment to find ways to make a profit, including stalling hiring.

“We have to have a certain profit margin to be sustainable,” said Sheilly Vikram, the restaurant's director of operations.

Vikram mentioned that when positions do become available, there is a flood of applications, but finding qualified applicants has also become a challenge.

The business owner says whether it’s the rising cost of food and labour, they also face provincial taxes that are diminishing their bottom line and are calling on whoever wins the fall election to step in and address it.

“We have been providing our employees with health benefits. On top of that, we have to pay the health tax, which has taken money out of our razor-thin margins,” said Vikram.

The survey was conducted online by Research Co from Sept. 5 to Sept. 7 among 801 British Columbians, and has a margin of error of plus or minus 3.5 percentage points, 19 times out of 20.