The best B.C. cities to be a renter and Vancouver isn't one of them
Out of a list of 100, 14 B.C. cities made a national ranking of the best places for renters.
The Globe and Mail partnered with Rentals.ca to help renters find the best place to live in Canada, based on your income. They looked at Rentals.ca’s monthly listing data, ranking 243 cities with populations over 20,000.
The ranking is based on four categories: affordability (how rent prices compare with median incomes), availability (how hard it is to find a rental), stability (markets where rents and availability have been consistent over the past five years), and livability (what it is like to live there).
The ranking puts the greatest emphasis on affordability.
“Renters have more choice and more bargaining power than they’ve had since the pandemic, and the cities topping this list are the ones where rents never got too far ahead of local incomes,” said Shaun Hildebrand, chief economist at Rentals.ca, in The Globe and Mail story.
However, he pointed out that “it’s a supply story” that won’t last, since construction starts are dropping, population growth is expected to resume after recent cuts, and the price upswing when school starts has “already started.”
Unsurprisingly, Vancouver doesn’t crack the top 100. Even though its rental market has softened, rents are still unaffordable for many of its residents.
Out of the 243 cities, Vancouver ranks 130. Its average rent is $2,844, its median income is $82,000, and 39 per cent of renter households spent more than 30 per cent on shelter costs.
If any Vancouverites are hoping to find better rent prices relative to their income, they might consider moving north, where the top three B.C. cities for renters are.
Prince George
Prince George was 21st on the list, and the highest-ranking B.C. city.
The average rent is $1,450, and the median income is $88,000. Twenty-nine per cent of renter households spend more than 30 per cent of their income on shelter costs.
It is about a 10-hour drive from Vancouver, and you’d have to get accustomed to freezing weather in the double digits over the winter months. Its main sectors include transportation, manufacturing, construction, clean fuels, and professional services.
Fort St. John
Fort St. John ranks 23rd on the list and is B.C.’s second-top city for renters.
Average rent is $1387, median income is $102,000, and 25 per cent of renter households spend more than 30 per cent of their income on shelter costs.
It is even further away from Vancouver than Prince George, taking around 15 hours to get there by vehicle. Its industries include oil and gas, mining, forestry, and agriculture.
Penticton
Penticton, B.C. (Wirestock Creators/Shutterstock)
Penticton is 30th on the list, and third for B.C.
Rent is on average $1,720, median income is $68,000, and 44 per cent of renter households spend more than 30 per cent.
It is just over a five-hour drive from Vancouver, with the main industries being sales and services, trades, business, and health.
The remaining B.C. cities in the top 100 are:
- Chilliwack: 59th
- Squamish: 61st
- Abbotsford: 62nd
- Victoria: 76th
- Kelowna: 81st
- Kamloops: 83rd
- Courtenay: 84th
- Vernon: 87th
- Campbell River: 90th
- Colwood: 97th