Rent prices have jumped on average over 20 per cent since last year and that is causing a lot of pressure for individuals and families around the Metro Vancouver region. Cities all over the Lower Mainland are seeing housing prices grow too, this is one of the least affordable regions in Canada.
The prices are growing for rent and that causes some to worry about what protections the government might come up with to help. Some are already calling for rent caps in other parts of Canada, among other possible suggestions. Vancouver isn’t the only region facing rental and housing problems.
Through the pandemic we already saw the government move to cap rent increases while people were going through that strenuous time.
With inflation pushing prices higher we have also recently seen BC move to tie minimum wage increases to inflation and the upcoming min wage increase is expected to bring it to $15.65 per hour.
The growing cost of living for Canadians is placing the struggle on many individuals and families, especially for those already living in one of the most expensive places in the world. From gas to groceries, rent costs or housing prices, we are seeing prices go up to push more out of the affordability of those goods.
Millions of Canadians have already given up on the dream of eventually owning a home one day.
The average rent for a 2 bedroom in Vancouver is close to $3k and there aren’t many incomes that can afford this standard of living as the average incomes earn far less than what is required to comfortably afford something in that range.
Turning to Community Resources in Times of Need
To help get by more Canadians are turning to community resources like food banks to supplement what they need. This too places more pressure on those community resources and the more we see the cost of living rise then the more we can expect pressure to be placed on those resources.
We just saw this take place during the pandemic when a record number of individuals and families around the world started turning to their local community resources for help.
Majority of Canadians feeling financial strain of rent increase
One previous poll on the financial strain connected with rent increases and the cost of living has found that many Canadians are already feeling the stress of it all. Renters living in BC have been found to have the most concern about the impact that rising costs might have on their budget. It is already a struggle for many and there isn’t much room for those individuals if any unexpected emergency were to take place.
Various political parties in BC and around Canada have promised to address this issue of housing affordability. It is a major concern for many Canadians today. To address those concerns there are hundreds of new homes expected to be built to address that supply and demand imbalance that we’ve been experiencing. Who knows when things might level out though and Canadians will start seeing more true affordability in rent and housing prices.