Vancouver’s Rental Crisis Reaches New High

September 13th, 2015  |  Canadian Business

Greater Vancouver is in the midst of an affordable housing crisis, according to a new Canadian rental housing cost index.

B.C. ranked as having the highest rental rates amongst all the provinces with a quarter of households putting more than 50 percent of their income towards rent.  The average rent in Greater Vancouver is sitting at $1,054 while the average renter household income sits at $54,000.

The new housing cost index, put together by housing organizations and financial institutions, was designed to give housing planners and governments the information they need to make policies.

Data for the index was pulled from 2011 Statistic Canada figures and shows that the city has the highest rental cost crisis reading of all cities across Canada.

The CEO of the B.C. Non-Profit Housing Association, Tony Roy, states that renters face towering costs for housing.  Those hunting for reasonable rental accommodations will have cause to avoid West Vancouver, as the average rent sat highest in the area at $1555.

 “The number one pocketbook issue for Canadians is housing affordability, and that pocketbook is getting squeezed,” Roy said.  Roy reported that housing organizations are lobbying for more affordable housing, taking advantage of the federal election to push it as a national issue.

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