YOUR PERSPECTIVE: Housing affordability continues to worsen throughout Fraser Valley
It is more expensive than ever to rent or buy a home in our province. No matter where you live in B.C., the worsening housing crisis is a daily reality.
Renters worry about rising costs as vacancy rates remain incredibly low, driving up prices. Those who have been able to save up enough to buy a house — a rarer and rarer occurrence in our province — have been hit hard by mortgage rate increases. All of this has meant that average British Columbians are spending a growing portion of their income on housing.
In fact, according to the Canadian Mortgage and Housing Corporation (CMHC), in 2023, a minimum-wage worker renting an average bachelor unit in Vancouver would see more than 50 percent of their monthly income go towards rent. Adding in the costs of necessities like food and transportation, also more expensive during this affordability crisis, and you can see why so many people in our province are losing hope for the future.
How could anyone even begin to save for a house of their own when all their income is being spent just trying to get by?
