Metro Vancouver residents spend ungodly amounts of income on rent

Residents in Metro Vancouver pay more to rent than anywhere else in Canada, but a new report outlines how much of their income goes towards housing.

Canadian rental website liv.rent just released its October rent report, and it suggests that Metro Vancouver residents dedicate over half their income, on average, toward the cost of rent.

More specifically, Metro Vancouver residents spend 51.75% of their monthly income on rent, even though the average monthly rent for a one-bedroom unfurnished unit in Metro Vancouver has decreased by $32 following six consecutive month-to-month increases.

This also doesn’t factor in additional costs the average Metro Vancouver renter pays for housing, like utilities or parking.

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In October, liv.rent reports an average rent of $2,406 for a one-bedroom unfurnished unit in the Metro Vancouver region, down from $2,438 in September.

Some cities did still see rent increases, like New West (+4.05), Surrey (+1.94%) and Vancouver (+1.05%).

Places that saw the most significant drops in rent include West Vancouver (-7.83%), Burnaby (-3.52%) and Richmond (-3.24%).

One stunning change was that in New West, furnished units saw a massive jump in rent, increasing by 17.15%.

The average rent per square foot across Metro Vancouver was $3.31 in October, with New West at the high end of that metric ($5.19).

According to liv.rent, Vancouver is still the most expensive city in Canada regarding one-bedroom unfurnished units, followed by North Vancouver, West Vancouver, Richmond and then Markham, Ontario.

Does this report accurately describe how much you’re spending on rent? Let us know in the comments.