Metro Vancouver renters spending more than 60% of monthly income, report suggests
Metro Vancouver renters are spending nearly two thirds of their monthly income on rent – more than double the recommended rent-to-income ratio – a new report suggests.
According to monthly data released by listings site Liv.rent Thursday, the average renter in the Metro Vancouver region is spending 61.65 per cent of their income on housing each month.
"While traditional financial advice would be to spend no more than 30 per cent of your income on rent, this advice is perhaps not well suited to renting in cities like Vancouver," the report said.
According to the report, the cost to rent an unfurnished one-bedroom unit in Metro Vancouver rose by 1.68 per cent between March and April, while the cost to rent a furnished one-bedroom unit rose 10.05 per cent. Year-over-year, the average rent for an unfurnished one-bedroom unit in Metro Vancouver rose by $113, according to the report.
"As the busy summer renting season approaches, Metro Vancouver’s average rental rates have increased after a brief dip in March," the report said. "With this recent change, the region’s rent prices have rebounded to just below February’s yearly high."
Langley cheapest for most space
Liv.rent's report showed the cheapest rentals based on square footage were in Langley, Surrey and West Vancouver. In those cities, rents were less than $3 per square foot, per month.
Vancouver's rent per square foot, however, was the highest at $3.88 per square foot. Burnaby wasn't far behind at $3.84 and North Vancouver came in third at $3.55.
Looking at specific neighbourhoods, the report showed downtown was the most expensive place to rent in Vancouver, with one-bedroom units going for $2,840 per month, on average. Similar units went for an average of $2,127 in Sunset-Victoria Fraserview, however, which was the cheapest neighbourhood in the city.
Most expensive in the country
Nationwide, Liv.rent's data for April suggested four of the five most expensive cities in the country were located in Metro Vancouver.
West Vancouver, North Vancouver, Vancouver and Burnaby took the top four spots, while the fifth spot was handed to Markham, Ont. In that city, the average monthly rent for a one-bedroom apartment hit $2,404.
CTVNews.ca Top Stories
Poilievre kicked out of Commons after calling Prime Minister Justin Trudeau 'wacko'
Testy exchanges between the prime minister and his chief opponent ended with the Opposition leader and one of his MPs being ejected from the House of Commons on Tuesday -- and the rest of Conservative caucus walking out of the chamber in protest.
Baby, grandparents among 4 people killed in wrong-way police chase on Ontario's Hwy. 401
A police chase which started with a liquor store robbery in Bowmanville Monday night ended in tragedy some 20 minutes later when a suspect fleeing police entered Highway 401 in the wrong direction and caused a pileup which killed an infant and the child's grandparents, as well as the suspect, investigators say.
Freeland leaves capital gains tax change out of coming budget implementation bill, here's why
Deputy Prime Minister and Finance Minister Chrystia Freeland will be tabling yet another omnibus bill to pass a sweeping range of measures promised in her April 16 federal budget, though left out of the legislation will be the government's proposed capital gains tax change.
Man dies after suffering cardiac arrest while waiting in ER, widow wants investigation
When an ambulance took David Lippert to the hospital in March of 2023, the 68-year-old Kitchener, Ont., executive was hoping to find out why he was feeling weak and unable to walk. Some 24 hours later, he was found unresponsive in the ER.
Sword-wielding man attacks passersby in London, killing a 14-year-old boy and injuring 4 others
A man wielding a sword attacked members of the public and police officers in a northeast London suburb Tuesday, killing a 14-year-old boy and injuring four other people, British authorities said.
WATCH Arnold Schwarzenegger spotted filming in Elora, Ont.
The name of the project has not been officially released although it’s widely believed to be the Netflix series FUBAR.
Eviction for landlord's use was legitimate, despite owners' partial move, B.C. court rules
A B.C. judge has upheld the eviction of a family from their North Vancouver townhouse, finding that the landlords did not take an unreasonable amount of time to move into the home after the tenants vacated it.
What's causing the catastrophic rainfall in Kenya?
The torrential rains and deadly floods that have hit Kenya since March have been some of the worst in the country in recent years. Here's how factors combined to create the deadly deluge.
BREAKING Hosting Vancouver's FIFA World Cup games could cost half a billion dollars
Hosting seven games in Vancouver during the 2026 FIFA World Cup could cost more than half a billion dollars, according to an updated estimate provided Tuesday.