Vancouver is Canada's most expensive city to rent in and afford a vacation
A new study comparing rent, income, and vacation costs found that Vancouver is the most expensive city in Canada if you’re looking to balance rent with an occasional vacation.
Real estate platform Zoocasa compared the average vacation budget of $2,278 with monthly rent prices across 28 Canadian metro areas. It looked at how much rent takes from the average family’s after-tax income, then added the cost of a vacation to see how much pressure that puts on household budgets.
Nationally, rent alone accounts for between 15 and 33 per cent of household income, depending on the city. Add in the cost of a vacation, and that figure climbs above 50 per cent in many markets.
Vancouver was the least affordable city on the list. According to Zoocasa, renters in the city spend about 33 per cent of their income on rent each month. When the average vacation cost of $2,278 is added, rent and travel combined account for about 69 per cent of income.
Zoocasa
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Four other B.C. cities were also among the most expensive spots on the list when examining annual rent vacation expenses as a percentage of a median income.
In Kelowna and Victoria, 58 per cent of a median household income is put towards housing costs and one yearly getaway.
That number jumps up to 61 per cent for renters in Kamloops and Nanaimo.
YVR
“Cost of living matters more than the number on your paycheque, especially in Canada’s largest air travel hubs,” said Zoocasa in its report.
“Renters in regions served by Toronto Pearson and Vancouver International Airport live close to some of the busiest gateways to the world, but they also face some of the highest rent‑to‑income ratios in the country.”
Zoocasa
You can find the full report online.
Around 58 per cent of B.C. residents also recently shared that at least half of their income has already been committed before they get their paycheque.
The data comes from the latest MNP Consumer Debt Index, which released a quarterly report that Ipsos conducted.
It pointed to the fact that many B.C. residents are caught in what it coined a “pre-spent paycheque cycle.” Upon entering each pay period, for these folks, most of their income has already been dedicated to certain expenses.
With files from Kendall Collins and Allison Stephen