A report by VanCity reveals that While weekly median wages grew by 6.6 per cent in B.C. between 2011 and 2015, rents increased at a rate closer to double that—up by 11.4 per cent on average in Metro Vancouver.
“The attention on housing needs to broaden to include more permanent and affordable rental housing options. People from all incomes need housing stability and local businesses need a well-housed labour pool to deliver the services that all British Columbians rely on,” commented VanCity vice-president of community investment William Azaroff.
Renters make up a third of all households in BC and 51 per cent in the City of Vancouver with millennials representing a third of the total.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Renters are being squeezed out of Metro Vancouver as rents have become unaffordable to average millennials in all but two neighbourhoods in the City of Vancouver.