RE/MAX has recently labelled Vancouver to be the most unaffordable city in the country which might not come as a shock to many. For the average home and rental situation in Vancouver right now not many people are able to afford it.
The increasing cost of living in Vancouver (and around Canada) has been referred to as one of the biggest real estate bubbles in the world on more than one occasion. This has some asking if or when that bubble might pop. And while some are eager to see prices decline and a more affordable market come about, there are many home owners who of course want to see the opposite.
Those home owners in Vancouver and around Canada can’t help but ask themselves why some and the media might be seemingly cheering for a real estate market collapse in Canada by wanting those prices to decline significantly so that the average full-time working family could afford it.
Higher and Higher Prices for Homes in Vancouver
The prices in the Vancouver real estate market are some of the most expensive in the world. This has meant that on repeated occasion Vancouver has been called one of the most expensive places in the world to live.
It is getting more difficult for the average individual and family to call Vancouver home and make a comfortable living here, as prices go out more families are being pushed out of Metro Vancouver to find more affordable housing.
It isn’t getting easier for those in Metro Vancouver to afford a living. People in Metro Vancouver also face high gas costs too. Those in BC are known to pay more than anyone else on those gas costs and that Vancouver has had the highest gas prices in Canada despite frequent fluctuations.
Looking for Cheap Housing in Vancouver
From postponing starting families to making the difficult decision to relocate, many British Columbians don’t have the choice when living in the Metro Vancouver area. They are priced out. With the average 1 bedroom apartment costing $2,000 it isn’t a viable option for a number of families and individuals.
Whether families are working full-time, or have multiple income streams between them, there is a lot of struggle in British Columbia. This means that altogether many Canadians have simply given up on the dream of home ownership. The consequences of that environment, experts warn, could fuel stress and anxiety linked with that decision to give up hope on things getting better for a home situation.
For now Vancouver is the most unaffordable city in Canada and things are not looking like that will turn around anytime soon. For years it has been reported that Vancouver is one of the most expensive places to live not only in Canada but also one of the most expensive cities in the world to reside.
