There is a big issue with rent affordability around BC in areas like Vancouver, Victoria, and other cities. The issue extends around the country with millions who are concerned about the rising cost of living in the nation.
Recently, one district on Vancouver Island, North Cowichan, had floated the idea of capping rent increases between tenancies as a potential solution to help with rent affordability.
Landlords can increase the rent after a tenant moves out and this can rapidly drive up the cost of rent in the market in the area. The more that tenants would be moving out the more opportunity there would be to raise those rents. This is why the idea of a cap has come about.
There are already restrictions surrounding rent increases, but not when it comes to tenant changes. Will this be a new idea the province takes up?
Rents can increase dramatically between tenancies and that is the worry.
Right now the cost of living and housing affordability is on the minds of many in Canada.
Rent in Vancouver and the surrounding areas isn’t cheap. Thanks to that rising cost of living we’ve seen that Vancouver has frequently been named among the most expensive places to live in North America if not the world.
Even full-time working individuals and families are having a hard time and struggling to keep up with the rising cost of living.
A major voting issue for Canadians today – housing affordability and the cost of living
The cost of living is on the minds of many and for a number of voters, this is the most important issue of the day, there is a crisis that many are suffering and they want to know things will get better.
For many Canadians they say that their incomes aren’t keeping up with inflation and they are feeling the pain in numerous ways.
Changing habits in these times have meant some are reducing savings contributions, or they might be buying less, community resources such as food banks are also feeling the change too.
Unfortunately, though affordability and the economy might be a top issue of concern with many Canadians a solution might not be coming around the bend anytime soon.
Who can solve the issue of housing affordability in Canada?
According to one Ipsos poll on the issue about 3 in 10 Canadians reported that they don’t believe any single political party would be best suited to solve the problem for the cost of living.
As for the average rent in a city like Vancouver it continues to squeeze wallets, with sites like Zumper showing it at roughly 19%+ since last year.