According to recent data from Expatistan, it looks like Victoria is among the most expensive places in Canada to live. These days for a single adult living in Victoria the average cost of living is over $3,400 per month.
Thousands of new residents have been moving to BC and that means areas like Victoria and Vancouver have seen a significant jump in price for rent.
Previous reports have also suggested that many in BC are already spending much more than 30% of their income on housing which is widely deemed to be the affordability threshold by various housing affordability experts.
Time to start building new affordable housing
Housing has been a big issue in certain parts of Canada for years now. While residents in places like Toronto, Vancouver, and Victoria, have seen prices continue to veer into unaffordable territory there are other areas that have also struggled to offer affordable rent too. Take Kelowna for example.
The issue of housing affordability is one that has caused many Canadians to give up already on the dream that they might ever be able to own a home.
There are over 5 million homes that are estimated to be needed to be built in Canada to tackle the affordable crisis in housing, most of this is reportedly needed in the Ontario and BC markets. There are multiple challenges in the way of trying to solve the problem of bringing about more affordable housing for Canadians.
Vancouver has frequently been deemed as one of the least affordable cities to live in the world.
For many Canadians they are struggling to establish a good standard of living for themselves and their families because they cannot easily find affordable and suitable housing, and this is an issue impacting many across the country.
Not only is this an issue that hits home for many Canadians but it is also a major voting issue, the cost of living, and Canadians want to know that politicians care about this issue and that they are working to try and make things better.