Vancouver is considered the most expensive city to live in throughout the entire country. Rents have become increasingly affordable over the years, though COVID-19 has turned things around somewhat.
Prices have decreased slightly not only in Canadian cities, but across the U.S. as well. For Vancouver today the average one bedroom costing around $1,940 today according to a recent report. Though the prices might have decreased some, it’s still highly unaffordable for many. Many young adults today see a real estate market that they might never be able to tap into.
Some online housing estimate tools suggest that Vancouver is seeing at least a 14 percent decrease in rent prices right now.
British Columbia has also been found to have the highest portion of renters as well who are spending at least 50 percent of their income on just housing and their utilities. At least 22 percent of renters in B.C. are estimated to be spending 50 percent or more of their income on housing.
This is highly unaffordable for many families, working singles, students, and others who are living in the area. This is why some have considered co-ownership as a potential solution to the problem they face over a lack of affordable housing.
For one family in New Westminster who cannot afford to keep up right now, they are facing the potential of having to live in a bus, if they can raise enough funds, so that they don’t have to be on the street.
You can donate here to help support their family.
Their story is like many others who are struggling with the Vancouver real estate and rental market. Not only are housing costs high for many, costing some almost 50 percent or more of their income, but the cost of goods is also increasing.