Here’s What You Need To Earn To Afford Rent in Vancouver Right Now

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Vancouver affordability

Living in Vancouver is expensive, which is obvious. However, even if you are wanting to rent vs. own, there is a specific price point to be aware of.

A new report from Liv.rent shows that renting in the city of Vancouver is the most expensive in all of Canada, above Toronto.

RELATED: Vancouver Just Became The Most Expensive City In Canada For One-Bedroom Rentals

A Look At Vancouver Rent

The rent hasn’t really changed in the past year, however there has been a steady increase since February of this year.

The average Vancouverite pays $1,842 per month for a furnished one-bedroom apartment. Unfurnished apartments of the same size are averaging about $1,716 per month.

Below is a graph comparing the price with some other cities in Canada.

Vancouver affordability

Photo: Liv.rent

Neighbourhood Breakdown

The rent of different neighbourhoods across Metro Vancouver also differs drastically.

Looking purely at square-footage, Surrey and Coquitlam comes out as the cheapest, where as Downtown and South Vancouver is the most expensive.

Vancouver affordability

Photo: Liv.rent

Here is a breakdown comparing the cost of different sized apartments in different cities.

Vancouver affordability

Photo: Liv.rent

Income To Rent Ratio

The report also shows that people in Vancouver spend 30% of their income just on rent. Therefore, if renting in Downtown Vancouver, someone would need to earn at least $80K a year.

If you earn around the $40K a year mark, you would need to find a place for $1,000 a month without spending the majority of your pay cheque on rent.

However, in Vancouver… finding a place for that price point is pretty slim.

 

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