25% of B.C. renters spend half of income on housing: report
Global News
According to the 2024 renters report coming out of Royal LePage, British Columbians are still facing some of the highest rent prices in the country.
A staggering 25 per cent of B.C. renters are spending half of their monthly income on their monthly housing bill.
Comparing that with the national average of 16 per cent, once again, British Columbians’ wallets are taking the hit, according to the 2024 renters report from Royal LePage.
According to the report, British Columbians are still facing some of the highest rent prices in the country.
It found that 23 per cent of renters are spending 30 per cent of their income on rent, and 42 per cent are spending between 31 to 49 per cent of their income.
“With a boost in rental supply in Vancouver, competition in this segment is improving, although affordability remains a challenge for tenants facing some of the highest rental prices in the country. Still, demand to live in one of Canada’s most popular cities remains consistent,” said Nina Knudsen, a Royal LePage Sussex property manager out of North Vancouver.
“Empty nesters and working professionals make up a significant portion of our renter demographic, as do tenants who are landlords themselves.”
Knudsen said it’s common for renters to buy an investment property in a less expensive market and lease it out while continuing to save towards another purchase for a future primary residence.
In B.C., 26 per cent of renters said they are considering buying rather than renting before signing or renewing their lease.
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