Vancity report shows Vancouver rental market too pricey for young workers
VANCOUVER — Canada’s largest credit union is warning that young workers who have long since abandoned hope of owning a home in the Vancouver area are now being priced out of the city’s rental market.
A new report from Vancouver City Credit Union explores the tight rental market across Vancouver and the problem it poses for the so-called millennial generation.
Vancity’s vice-president of community investment, William Azaroff, says the report shows only the Marpole and East Hastings neighbourhoods remain affordable for the average worker under 40, earning less than $40,000.
He says millennials are being forced to the suburbs because Vancouver’s high rents and near zero vacancy rate mean renting is no longer an alternative to home ownership.