Some comforting news for any Vancouverites feeling like they don't earn enough money, you're probably not alone. A recent Vancouver income drop has marked the biggest fall since the Great Recession, according to new statistics. It's a similar story across the rest of British Columbia. To make B.C. residents feel even worse, income across Canada as a whole is on the rise.
The median after-tax income for families and "unattached individuals" in Vancouver was $64,000 in 2018, according to data released yesterday by Statistics Canada.
This is down 4.48% from $67,000 in 2017. The average was even higher in 2016, at $67,100.
According to Better Dwelling, this marks the biggest annual fall in Vancouver incomes since the Great Recession. Between 2008 and 2009, the average fell 7% from $60,000 to $55,800, Statistics Canada data shows.
Adding this into the mix of sky-high home prices, it's no wonder Vancouver is regularly rated as one of the most unaffordable cities in the world.
According to a report last month, Hong Kong is the only city in the world that's less affordable than Vancouver, which is more expensive than Toronto, London, and San Francisco.
Across B.C. as a whole, the income average was $62,000 in 2018, down from $63,500. Again, this was the biggest fall since 2009, when average incomes were $55,800, down 5.1% on the year before.
In 2018, the median after-tax #income of Canadian families and unattached individuals was $61,400. You can learn m… https://t.co/LZvwm24e5S— Statistics Canada (@Statistics Canada)1582555931.0
The median after-tax income for Canadian families and "unattached individuals" was $61,400 in 2018, which is up from $60,900 in 2017.
Alberta takes most of the bragging rights.
Albertans’ median after-tax income is $72,700, more than $10,000 above average, and it grew 1.1% between 2017 and 2018.
In a news release, Employment and Social Development Canada also offered some more news regarding Canadians' financial situations.
The organization said the statistics showed more than 1 million Canadians have been lifted out of poverty since 2015.