With the steady rising in housing costs, more and more people are looking farther outside the major urban centres to find a place to call home.
And with the COVID-19 pandemic has brought about a dramatic rise in the number of people working from home, giving even more a reason to leave city dwelling behind.
PadMapper ranks Victoria as the fourth most expensive market in the country, trailing Vancouver, Toronto and Burnaby.
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According to PadMapper, the average cost of a one-bedroom apartment in Victoria is $1,600 for March, up 1.9 per cent from last month, while a two-bedroom will cost you about $2,000, up 0.5 per cent from February. Meanwhile, up the road in Nanaimo, a one-bedroom will cost $1,275 and a two-bedroom can be had for $1,525.
The federal government this week announced funding of $13.1 million towards creating up to 91 affordable housing units in Saanich and Central Saanich. But for many, it is too little too late.
The 2016 census found the median income for a Victoria household was $70,197 before taxes. Most experts suggest spending no more than 30 per cent of a family’s income on rent. That means the typical household would need about $1,750 a month for rent, which could bring some cramped quarters for a family of four in a one-bedroom suite. And a single person working full time at minimum wage would have about $600 to spend on housing in ideal circumstances. Good luck with that.
Those financial pressures are leading many to seek more affordable communities.
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