Hasn't it been getting really bad now? Canadian incomes did not go up by %25 when the currency went down by %25, but rent has risen a lot recently in the past year. I moved away years ago, but that is what I've heard. That chart only goes to 2015.
But yes, that was the only thing saving BC from being a place where nobody could afford to live in it, since the rental market reflected the local supply & demand only.
If your a typical professional making $4000/month after taxes, you will be paying something around $1500+ for a 1 bedroom apartment in Vancouver, which isn't %25, but %37+ of income.
I can't imagine rent having gone up by much in one year. But yes, vacancy rates have gone down, and that has made finding apartments challenging.
But the claims of Vancouver having unaffordable housing predate the recent decline in the vacancy rates. They stem from the high price of a Single Family House, which for a densely populated metropolitan area like Vancouver is an inappropriate standard for housing affordability IMO.
But yes, that was the only thing saving BC from being a place where nobody could afford to live in it, since the rental market reflected the local supply & demand only.
If your a typical professional making $4000/month after taxes, you will be paying something around $1500+ for a 1 bedroom apartment in Vancouver, which isn't %25, but %37+ of income.