This may not be the news you want to hear but it's our current reality. Everyone knows that rental prices in Vancouver are among the highest in Canada. Between getting trying to get a job that pays enough and finding a place that is affordable without being a dive, the housing crisis in the city is real. But according to PadMapper, it’s literally cheaper to go to university than it is to rent a one-bedroom in Vancouver. Big yikes.
It has become impossible to own a home before turning 80 and that is a sad reality most of us have come to accept.
For the most part, us millennials have had to come to terms with working an insane amount just to make ends meet and pay rent.
While there may be a few lucky ones that find jobs that pay over $100,000 annually, most of us have to settle with career paths that pay minimum wage or slightly above.
Even if we are frugal with our money, a large portion of our paychecks go towards rent.
Though it would be literally cheaper to buy a private island in B.C., we do love Vancouver. From the stunning ocean and mountain views to the amazing people and culture, this is our city. So, we're paying for it.
Everyone knows it is difficult to find affordable housing in Vancouver but did you know it is actually cheaper to go to school for an entire year at UBC then to rent a one-bedroom in Vancouver?
PadMapper has released some new stats about renting one-bedroom apartments across Canada.
In Vancouver itself, it is literally cheaper to attend UBC for an entire year than it is to rent an apartment in the city for the same amount of time.
According to the stats, out of the top 10 most expensive places to rent in Canada, Vancouver came in at number two, second only to Toronto.
Should you be interested in renting a one-bedroom place here, you will be paying an average of $2,150.
A two-bedroom place would cost you $2,990, so better start looking for roommates.
To put this into perceptive for you, domestic tuition to attend the University of British Columbia is around CAD $5,500 a year.
If you were to sign a one year lease for an apartment, you would be paying $25,800. You could literally pay for all four years of university.
Unfortunately, Burnaby is also high up on the list.
Coming in at number three, the average cost of a one-bedroom place in Burnaby is $1,760 whereas a two-bedroom is $2,350 a month.
While it's not much better, it is a drastic decrease from living downtown Vancouver.
The other B.C. city to make the top 10 list is Victoria, coming in at number four. Here, rent is an average of $1,590 and $1,920 for a one and two-bedroom respectively.
According to the full data, the cheapest city to rent in Canada is St. Johns with $820 in rent for a one-bedroom.