Vancouver is an extremely expensive place to live, but you already knew that. Whether it’s your groceries, rent, or other living expenses that are keeping you living paycheck-to-paycheck, everyone’s feeling the pains of the economy right now.
Except, a recent report has put into numbers exactly how pricey it is to live in Vancouver. It really puts into perspective the financial situation of many Vancouverites.
RENT IN VANCOUVER
Zoocasa, a real estate website, has recently put out a report that shines a light onto why so many Vancouver residents are struggling to pay rent and put food on their tables.
The report analyzed 51 Canadian cities, comparing the rental costs of a one-bedroom unit to how much one would need to make to comfortably afford it. They based this comfortable cost off the 32 Percent Rule, in which the average rent of a one-bedroom apartment should cost no more than 32% of your salary.
Assuming this rule, Zoocasa then went and compiled a list of Canadian cities and their rental situations. The results leave much to be desired– especially for Metro Vancouver.
REQUIRED INCOME
A glaring issue immediately arises when you look at the chart. North Vancouver and Vancouver are both at a whopping 177% difference. B.C.’s hourly minimum wage doesn’t even cover half of what someone needs to pay for the average rental costs.
The rest of Canada isn’t doing so hot, either. But it’s Metro Vancouver at the top of the list, which may potentially surprise nobody.
Although the minimum wage has recently gone up across Canada– except for one province– “even a basic one-bedroom apartment costs nearly double, or even triple that amount.” As costs climb, wages stagnate, and full-time workers are stuck in limbo with no way to afford even the barest of units.
Zoocasa ends their report by saying that minimum wage hikes have “fallen short of addressing the country’s real affordability challenges… The path forward requires more than modest annual raises. It demands that income standards be tied to real-world housing costs, ensuring that minimum wage truly reflects what it takes to live, not just survive.”
