BC Hosts Several Of Canada’s Most Expensive Cities

There are several cities in BC that have long been recognized as some of the most expensive places to live.

The province hosts several cities which are among the top most expensive places to live in the country.

North Vancouver, West Vancouver, Vancouver, Richmond, Burnaby, these are among the most expensive places to live in Canada right now, according to a study by liv.rent.

Not only has Vancouver been called one of the most expensive places to live in Canada but it has also been referred to as one of the least affordable cities in the world to live.

Nowadays when you look for a one bedroom apartment in places like Vancouver, Burnaby, Richmond, and other surrounding areas, it isn’t uncommon to see many places listing for $2,000 or above.

Zumper lists the median rent these days around Vancouver at $2,500 and that is about a 16% increase compared to the previous year.

With inflation rising and the cost of living climbing it has driven more renewal for calls of a living wage in the province and for more support for those who need it.

Food banks see record breaking visits around Canada

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Photo by Lisa Fotios on Pexels.com

Food banks around Canada have seen record-breaking visits this year as many families struggle with food insecurity and trying to maintain their standard of living, affording shelter costs and other necessities.

Food banks around Canada have already seen over 1.5 million visits and they are expecting more to come.

Helping Canadians in need

There are a variety of charities and food banks across the country and right here in BC that are working daily to support vulnerable populations and those who are struggling to afford basics like food. Charities around the country and elsewhere are calling for more help as they struggle to keep up with feeding families that are in need.

Millions of Canadians are struggling with the cost of living and the issue of affordable housing is on the minds of many.

There are an alarming number of renters in BC and elsewhere who are spending over 50 per cent of their income on rent and this sort of ‘affordability’ isn’t sustainable for them.

One previous report from several years ago saw that almost half of BC renters were spending over 30% of their income on rent. This province has had the highest proportion of renters who have been spending over 50% of their income on housing.

The income needed to afford rent in a number of Canadian cities is something that individuals and families in BC and elsewhere are struggling to keep up with.

Experts Say Unusual Situation Pushing Gas Prices Up in BC

Gas prices are going up again in BC and it has many drivers feeling the pain.

Taking public transportation isn’t suitable for all individuals in the province. There are many who rely on driving to where they need to go and with inflation pushing prices higher in other areas already, it doesn’t take much to feel a move in gas prices either.

Experts have recently suggested that special circumstances might be contributing to the problem.

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Due to an alleged refinery issue in Canada that has been going on in Alberta the price has recently shot up again.

Some refineries are said to be facing operational issues or they’ve gone offline, this is what experts credit with throwing a wrench into the usual swing of things for the supply chain.

Gas Supply Chain Problems

This is an unusual situation they’ve suggested and experts admit that this recent increase in gas costs for BC isn’t due to the war in Ukraine and Russia specifically.

The increase even a little bit in the cost that British Columbians are paying could end up turning into hundreds more over the year in their gas costs to get to work, school, or fulfill their daily duties etc.

The increase in gas prices especially harms low income Canadians and working class Canadians, when they have to pay more just to earn a paycheck and get to work.

The cost of living is on the minds of many Canadians today and is one of the top voting issues around the country.

Many of those who live in BC might not be unfamiliar with seeing high gas prices, but it certainly couldn’t come at a worse time when many are already struggling with inflation and the cost of living.

Inflation Diary: food getting more costly for Canadian charities

With the rising inflation around Canada this is making food more costly for not only Canadian families but for charities like food banks and other groups as well.

They are also seeing a rise in demand for food too. For the food bank in Chilliwack for example, they reportedly estimate that they have seen about a 25% bump in demand for help with food in the community.

For some who are buying and packing up groceries to give to others in the community they are suffering with this increase in cost, it could mean not being able to help as many in the future if things get worse.

Food banks continue to be in need of donations and help from communities around BC as they see things get more expensive and they see demand for their services also rise.

Responding to food insecurity around BC

There are a variety of community responses we have seen to the growing need for food help and dealing with food insecurity in Canada.

One of those has been to open a food market in Vancouver that allows customers to pay what they can afford. Other ideas have been community fridges that get supplied by volunteers in the community and they’ve been placed already in different BC cities.

Food banks alone cannot meet the need that is there for food insecurity around BC and the country.

There are a large number of Canadians who are food insecure and who have had to already change their buying habits because of that inflation.

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1 in 7 Canadians dealing with food insecurity

Some estimates suggest that it might be 1 in 7 Canadians who are dealing with food insecurity and inflation is already increasing costs for Canadians for their groceries around BC and elsewhere.

Families can already feel that decrease in their standard of living and have been adjusting for it in a myriad of creative ways. It might be purchasing off-brand goods, spending less altogether, dropping certain favorite food items, buying with coupons, or looking to sign up for point programs.

These are a few ways that Canadians have looked to cut their grocery costs and save during these difficult times with inflation in Canada.

The increasing costs could mean some families spending hundreds of dollars more on their grocery bills this year. And it has been pushing more Canadians to look to food banks for help.

For Canadians who are already spending 40%-50% of their income or more on their shelter costs alone they are not going to have much room to absorb those increasing costs for their daily living needs.

Stress about inflation in Canada

Surveys have suggested that inflation is a major concern for many Canadians today, a number of people are worrying about their financial future related to inflation and whether or not rates might soar.

Finance experts have warned that it is those lower income and fixed income individuals that we can expect will suffer greater with that increase in cost of living.

Inflation today is a top issue for many Canadians as they wonder what politicians might do to advance that issue and work to address it in a meaningful way.

Charities addressing food insecurity

There are hundreds of food banks located around Canada, with a variety in BC to be found serving the community.

These different food banks and charitable organizations are helping to keep Canadians fed and working to help keep those individuals and families from going hungry.

These food banks are doing vital work by stepping in to address that food insecurity around the province and the nation.

As grocery costs climb for families around the country they also are going to be climbing for these organizations that purchase goods to meet those needs for others who are struggling with food insecurity.

Annual Inflation in Canada Highest Since 1991

Inflation in Canada has been soaring to new levels, recently hitting the highest level of inflation seen since back in 1991. This means Canada is seeing a 30 year high inflation.

Canadians are already feeling the rising prices at the grocery stores and at gas pumps, in other places around the market. The cost of living is rising along with those prices.

Another area that has also faced criticism for its dramatic rise in prices is real estate, which continues to price millions of Canadians out of the dream of owning a home one day.

Some cities in Canada are among the most expensive places to live in the world, like Vancouver and Toronto. This means that those middle class and lower income families and individuals are continually priced out of the area.

Already, we’ve heard stories about British Columbians looking to move to other parts of the country to try and find a more affordable lifestyle. Inflation and cost of living are a big issue for many Canadians.

In the most recent election it was seen that cost of living was just as important for many, if not more so, than the pandemic itself as an issue of concern. People want to know if, how, and when, things are going to get better on the front of affordability in Canada.

Changing Habits to Save Money

Photo by Tim Samuel on Pexels.com

Some Canadians are already changing their shopping habits to try and save some money where they can. You can even find some Facebook groups where they are also sharing tips with one another and information about seeing price increases on different items.

With that inflation increasing to new highs that haven’t been seen in years it means the cost of living is going up dramatically for millions around Canada.

Meat prices have been growing faster than inflation as well, with bacon seeming to lead the pack on the price rise.

The inflation increasing places a great deal more pressure on social community resources that are there to fill that gap and meet the need of those who are food insecure around the nation.

Bank of Canada holds rates steady for now

The Bank of Canada has suggested that the risks surrounding inflation are reasonably balanced, but that a rising path for interest rates would be required for bringing inflation back to target. But when might they start to make that move to increase? It isn’t happening now as they’ve just announced they are keeping it unchanged as of last week.

Still, this doesn’t mean an increase isn’t off the table they’ve warned going forward.

There are a wide number of Canadians who are food insecure and who do rely on those social community resources to help to fill the void that there is.

For those who are on a fixed income, as well as other lower income families and individuals, experts have warned that it is especially difficult for them to tackle that rising cost of living.

The problem of inflation has already prompted a number of people to ask the question of whether or not the inflation can be stopped, or if things might get worse before they get better etc. These are questions that Canadians are waiting to have answered from those who have been tasked with attempting to control and monitor inflation in the country.

One Ipsos poll found that about 80% of Canadians are concerned with inflation and think it will worsen the cost of living.

As Canadians continue to struggle with affording a place to live and being able to put food in the fridge this will continue to remain an important issue with many Canadians who are looking for things to get better affordability wise around the country.

The same poll found that about 24% of Canadians wouldn’t be able to absorb a rapid increase in the cost of living, they are already being stretched thin. A number of Canadians around BC and other parts of Canada are already spending much more than 30% of their income on shelter alone.

Are We Now Seeing Inflation In BC Home Assessment?

BC Assessment letters have recently gone out to British Columbians and given them new information about the changes to the value of their homes.

Inflation has been a top concern for many Canadians and we’ve been told that prices are going to go up for living. It was reported last year that the country is seeing some of the highest inflation that has been seen in almost 20 years.

Food prices in British Columbia are expected to rise as a result of that inflation, some have issued forecasts which suggest it might be 5 to 7 per cent more on food spending this year. There isn’t said to be any relief on that front coming anytime soon, though some have asserted that eventually inflation will come back down.

Increases in BC Home Values in 2022

Property taxes were expected to increase this year and that is what many are seeing in their recent letters that have gone out detailing the value of homes in BC.

The province and other Canadian leaders have promised previously that they are working to bring down the cost of homes for people this year and as a plan looking into the future.

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The affordability around British Columbia is a big voting issue, as it is for many Canadians.

We continue to see more Canadians priced out of the real estate market, it is one which some financial experts have previously suggested has been in a bubble for years.

Many Canadians today have simply given up on the dream of home ownership because of the unaffordability in cities all around the province, as well as other areas of the country.

With those prices going up and salaries not moving up along with it this only becomes harder and more unaffordable for millions.

Priced Out of Home Ownership in BC

Some British Columbians have already made the choice to move to other more affordable regions because of that housing affordability issue.

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Canadian Parents Gifting Billions To Make Home Purchases Possible in Canada

For those Canadians who have been able to purchase their first property many of them had to get help from their parents, with Canadian parents gifting billions to make those home purchases possible around the country.

Despite several attempts from politicians in the past to address these issues the problem still hasn’t been fixed. The housing demand continues to reportedly be outpacing supply for homes in BC.

There can easily be a decreasing amount of optimism for those first time buyers when things only get more expensive and out of reach.

Some home owners have seen their values go up 20 to 30 per cent on these recent assessment letters that have gone out.

Despite millions hoping that prices come down to a more affordable level there are many who have suggested that we will only continue to see those prices rise for homes in BC and elsewhere.

As those home prices rise and more Canadians give up on the dream of home ownership it means less opportunity, fewer options, and a decreased standard of living for Canadians as a result.

Cheese, Ice Cream, Milk, Butter, And Other Food Prices Expected to Increase

The prices for cheese, butter, milk, ice cream, and other goods, are expected to see new increases in the new year.

Just recently we saw that inflation hit an 18 year high in the country and Canadians are seeing an increasing cost of living around the country as a result.

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Canadians To See Historic Rise in Price

The new price for products like milk and butter are expected to take effect early next year and this means that Canadians might see the price of milk go up as much as 10% and other items like cheese, yogurt, and butter, they might see a 15% rise or more.

Inflation is hitting Canadians hard as there are estimated to be about 1 in 8 households that struggle with food insecurity around the country, as things get more expensive this creates more of a struggle for people in the country to get by and afford what they need.

Food banks in Canada are expecting to see a rise in demand as a result of that growing pressure on the cost of living in Canada. Inflation is getting worse in Canada and that inflation is making the cost of living more expensive in a country that already has several cities which are regarded as being among the most expensive areas to live in North America, and around the world.

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As a result of that inflation in Canada there are some Canadian families who are already seeing hundreds of dollars being added to their grocery bills. Prices are going up for ice cream, cheese, dairy, yogurt, meat, and other goods.

From couponing to buying in bulk or looking for sales, there are tactics which Canadians are already using to try and save money and tackle that inflation and rising cost of living.

Rising Cost of Living in Canada

As the cost of living in Vancouver and around Canada increases this makes things less affordable for millions who were already struggling to begin with. With the recent election we saw that affordability was a top issue for Canadians, this is because the cost of living is increasing and families and individuals want to know what is going to be done to fix the problem of housing affordability, food insecurity, and more. Inflation hasn’t been this bad in almost 20 years.

For those Canadians who are low income and on fixed incomes they are already feeling the changes in price at the grocery store, seeing the cost add up to higher grocery bills and those new price increases for next year haven’t kicked in yet which are expected to come on a number of goods.

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This inflation in Canada hurts Canadians and makes it harder for millions to afford what they need. Finance experts have previously indicated that they are aware of their responsibility to address this issue on inflation that many Canadians are worried about.

As well, due to the pressure of the increasing cost of living for Canadians there are also suggestions that have been made for the overhaul of the social safety net that is available currently to address those needs for people around the country.

Province Sets Max Allowable Rent Increase For Next Year

The government recently announced that the rent hike freeze that had been introduced throughout the pandemic to help those who were financially struggling is going to be coming to a close at the end of the year. Starting in the new year the max allowable rent increase is going to be 1.5 percent for renters in BC.

Any rent hike in 2022 must also be preceded by a three months notice from the landlord too.

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Rent in Vancouver, Burnaby, and other BC cities, has become increasingly unaffordable for millions. There are many families and individuals who spend more than 50% of their income just on housing alone.

In Vancouver it had recently been estimated that a 1 bedroom cost at least $2,000 per month and that is a fee that many are unable to afford even if they are working full-time. The cost of living is on the minds of many British Columbians and for some families they have already had to look and move elsewhere because of things getting more expensive.

For 2022 landlords in BC cannot raise rents by more than 1.5 per cent.

The cost of living in Vancouver and throughout the Lower Mainland has continued to increase, meanwhile not everyone is seeing their wages rise along with it. The cost of living in BC and around Canada has gotten so difficult for so many that now politicians are floating the idea of banning foreign home buyers for a certain amount of time, to see if that doesn’t help to improve the market any. For now, there are a growing number of Canadians who are giving up on the idea of owning a home someday, as they are continually priced out of the market.

With the average 1 bedroom in Vancouver costing around $2,000 that doesn’t leave much room for other necessities, for those who are average earners.

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The recent real estate boom has also meant that more British Columbians are being forced out of their homes, as more rental properties are sold for redevelopment purposes. Those who end up being forced out of their homes might find that they are quickly being priced out of their own community when they go looking for available rentals, and sooner or later might have to face the notion of looking to relocate elsewhere because of the cost of living is too much to deal with.

At least for those renters next year who are worried about any rent increase coming from their landlords they can take a little comfort in knowing that this cap has been established for them. As for what might bring any significant solution to the housing market in Vancouver as far as affordability goes, it doesn’t look like anything is going to unfold on that front anytime soon that will have a meaningful impact for those who need it. Meanwhile, inflation is rising and cost of living continues to go up.