There are many in B.C. who are struggling with their rent payments and trying to get by. You will find many individuals and families spend between 30 to 50 percent or more of their income on just shelter alone.
Vancouver is one of the top most expensive cities to live in the world. The cost of living here is higher than many other places and that means that during the pandemic it was clear that many were going to be left suffering.
Like we saw take place in other regions around the world who tried to deal with their rent crisis, B.C. also came up with a solution of their own to help for those behind on rent.
Just recently, we saw that B.C. extended a moratorium on rent increases in the province. The ban on evictions for people that have non-payment of rent has also been extended in the B.C. region.
While some landlords might not be happy about this, we see that many renters are pleased that they will have a place to live and wont have to worry during the pandemic.
Many in the province could still be one or several months behind on their rent because of because of COVID-19. If they didn’t step in to help that could mean more people on the streets. And cities around the province aren’t ready to deal with an influx in their homeless population right now.
Together we now see renters trying to fight against these high housing costs and rally calling for moratorium extensions on those rent evictions through the pandemic.
Surveys have found that there is broad support for this move from the province.
As much as 68 percent of those in B.C. might be in support of this move by the province to help with that rent freeze and would like to see it extended to the end of the year.
But there could be some negative impact, with a further decrease in supply for those who might have been looking to rent out their property spaces. About 47 percent of landlords were in support of the plan, with renters showing obviously much more enthusiasm at over 90 percent in support of this change.
Roughly 93 percent of B.C. renters were shown to be in support of this measure with one recent survey that was conducted by Insights West.
The same survey found that some landlords could be changing their renting goals because of the rent increase changes, and that could make matters already worse for what’s described as a bubble real estate market.
Things are already pricey and there isn’t enough supply to go around, this could make it worse by taking even more rental homes off of the market. But for many who have gotten mortgages for those spaces it probably isn’t feasible to suddenly discount renting it out of the picture just because of this recent change.
One thing is certain and that it is there will likely be growing calls for government help on the real estate and rental crisis. We saw the same thing happen last time when Vancouver real estate bidding wars captured media attention and houses started selling for 600k over asking price etc.