Vancouver is one of the most expensive cities to live in North America. It recently came in 3rd place on a list of the most expensive, coming in ahead of other areas like Toronto and Mississauga.
This isn’t the first time that Vancouver has ranked among the most expensive places to live in Canada.
For some they’ve already sought to look elsewhere to see what they might find.
There are many full-time working individuals, some who might have 2 or 3 jobs even, who could still struggle at these prices and not have the income to qualify for the mortgage that is needed in an area like Vancouver or Toronto.
Nearby cities aren’t that much cheaper for buying houses and renting either.
You will find high prices across the Metro Vancouver region and multi-million dollar houses all around cities like Langley, Surrey, Port Coquitlam, Coquitlam, and other areas. As the affordability has worsened around Canada it has increased pressure from Canadians, they haven’t been shy in vocalizing their concerns about this issue.
High Cost of Living
Not only is Vancouver one of the most expensive cities in the country to live in but the city has also previously been ranked as one of the least affordable cities to live in the world.
Increasingly, Canadians are spending more of their income on shelter costs and some recent reports have suggested that if mortgage payments go much higher then it could mean more Canadians will be pushed to sell their home.
Giving Up On The Dream of Owning A Home
With incomes for many not keeping up with the high cost of housing it is no wonder that many young Canadian families today are feeling the stress and why a number of Canadians have given up on the dream of ever owning a home at some point.
For those who do not own a home and who continue to rent they too are at risk of increasing rent prices.
It is no secret that many cities around Canada have had an affordability issue and the question is what political representatives might look to do about it.
The cost of living is one of the most important issues for Canadian voters.
Canadians have been hearing for years that this issue is being addressed in one way or another but here we are now in 2022 and Vancouver still ranks as one of the least affordable cities in North America.
Rent prices are climbing higher in multiple areas around this province and elsewhere, along with the rising inflation, which is causing great concern for many Canadians these days as reports have repeatedly suggested.
Some estimates suggest that as many as 80% of Canadians or more are worried that inflation is going to make things less affordable.
For those who are living in places like Vancouver, Toronto, and other expensive cities, they might not have much room to absorb those increases due to the high cost of living there, people are struggling as the cost of living worsens.