More than half of Vancouverites spend 50% of income on housing
Vancouver residents are experiencing a common sentiment: half of their expenses are directed toward housing.
That’s according to a recent Habitat for Humanity Canada study that found that 53% of BC residents are spending half their income on housing, with people in Vancouver especially worried about paying their rent, mortgage, or owning a home.
According to the study, 48% of Vancouver residents are concerned about their ability to pay their mortgage or rent over the next year, which Habitat for Humanity Canada says is higher than the national average.
Habitat for Humanity Canada
People in Vancouver are more worried about being “renovicted” than people in any other major cities in Canada, such as Toronto, Calgary, and Montreal.
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It gets even bleaker. The survey shows that 84% of Vancouver residents agree that owning a home one day is entirely out of reach.
Vancouverites, especially the younger population, are particularly stressed about the dream of house ownership, with the national average for that same statistic at a whopping 74%.
“Despite increasing concerns, the survey indicates Canadians believe action can be taken as 69% of respondents reject the idea that there isn’t much that can be done to deal with Canada’s housing problems,” the study says.
Habitat for Humanity Canada recommends using all available tools to create affordable, safe, and decent housing for everyone while also creating new tools and making systemic changes.
What are you most stressed about when it comes to housing?
Let us know in the comments.