Affordability is a big issue in Canada these days, but even before inflation became one of the most talked about problems of the day there were already widespread concerns about housing and living affordability in the country.
The cost of living isn’t cheap in Vancouver and inflation has only made things worse, pushing many families to the edge of their finances. With this struggle has come a lot of stress and anxiety for a number of Canadians who worry if they too might face homelessness or fall into poverty, tackle food insecurity, and so on. The problems surrounding affordability impact millions.
There is a desperate need for more affordable housing options in Vancouver and around the country. It has been estimated by the CMHC that the country might need some 5.8 million new homes by 2030 if they want to seriously try and tackle the housing affordability problem.
But not everyone agrees that this is a problem with a lack of supply. There are reports on the topic that point in a different direction, suggesting that in some instances in Canada housing supply might be keeping pace with population or even growing faster than it.
How can a lack of supply be the reason for the prices Canadians are seeing then? But we are still repeatedly hearing that it is a lack of supply.
What is the Average rent for 1 bedroom apartment in BC Cities?
Vancouver – $2,394
Burnaby – $2,089
Coquitlam – $2,075
New Wesstminster – $1,690
Richmond – $1,900
North Vancouver – $2,233
Delta – $1,800
Port Coquitlam – $1,900
Surrey – $1,600
Maple Ridge – $1,698
Victoria – $1,925
These are the average rent prices in Vancouver and around other cities around BC according to rental platform Zumper, these averages do fluctuate and for some they are up more than 15% compared the year prior.
Either way, Canadians are struggling with the cost of living and affordability in Canada. One survey from the Angus Reid Institute suggested that as many as half of Canadians can’t keep up with the heavy cost of living.
This struggle for many is also placing more need on community resources in Vancouver and elsewhere that are there to try and bridge the gap and help those individuals and families get by. The pandemic was already a struggle for them and now inflation hasn’t made things any easier as some find themselves lining up for the first time to ask for help.
Community Resources For Canadians
- community fridges have popped up in some Canadian cities and they allow anyone to anonymously come by and access whatever goods they might need that are in the community fridge storage
- pay what you can food market in Vancouver is a great way to help families who are struggling with food insecurity, you come by and take what you need and leave whatever you can.
- food banks are located all around BC and throughout Canada, including those like Greater Vancouver Food Bank, SHARE Food Bank, and Surrey Food Bank Society.
With many Canadians struggling to meet their daily needs it has sparked more interest for money-saving tips and tricks that might help Canadians to get their dollars to stretch a little further for them. Now there are a number of coupon and saving niche social media pages that help Canadians find deals and get more for less whenever they can.
It isn’t a struggle that is unique to Canada either, countries all around the world are struggling with inflation and Canada isn’t suffering the worst inflation crisis among them, but for those here it is higher than it has been in decades.
The question that keeps getting asked is when will things start to get better? At least with gas prices declining a little recently around the Lower Mainland this has helped to ease some of that pressure, because those prices too had been climbing to all-time highs this year.