Income Rates in Vancouver Fell Twice as Fast as the Rest of B.C.

Vancouver rent

The average income rate in Vancouver has fallen twice as fast as the rest of B.C., while Canada’s rates stayed the same overall.

Statistics Canada published a report this week, that looked at income across the country, as well as in each provinces and major city.

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It showed that while most of Canada’s median income has remained about the same, Toronto and Vancouver has seen declines.

For most of Canada, the median income rate is at about $61,400 in 2018, which is 0.8% higher from 2017.

While PEI had the highest growth, B.C. had the lowest. B.C. dropped 2.3% from the year before, landing at a median of $62,000.

Meanwhile, Vancouver’s rates are dropping nearly twice as fast as the rest of B.C., reports real estate publication, Better Dwelling.

The Vancouver median income is at $64,000 – falling by 4.4%. That’s the biggest decline since the Great Recession.

It doesn’t help that Vancouver’s housing market continues to be one of the most expensive in the world.

In comparison, Toronto’s median income rate in 2018 is $68,600, which is down by 2.9%. For the rest of Ontario, the rate rose by 3.2%.

On the other hand, Canada overall recently saw a major drop in poverty rates.

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