The two most expensive cities to live in in Canada are now in B.C. after Victoria knocked Toronto into third place.
According to its March 2022 Rent Report, liv.rent found that the average cost of living in an unfurnished, one-bedroom unit across Metro Vancouver is now $1,856 — a rise of $16 from February.
Liv.rent also found that Victoria is now the second-most expensive city in Canada, beating out Toronto with an average rental cost of $1,835 for the month of March.
The eye-watering rental costs seem to be moving around in Metro Vancouver, too. North Vancouver is now more expensive than Vancouver itself for unfurnished, one-bedroom units, which are now going for an average of $2,210 per month.
A graphic showing the most expensive places to rent in Canada.liv.rent
The recent trend of the west coast being the most expensive place to live in in Canada doesn't stop there, either.
A recent analysis by the Globe and Mail found that renters would need to earn around $95,000 to be able to afford a one-bedroom property and around $128,000 for a two-bedroom home in Vancouver.
They calculated the data based on the Canada Mortgage and Housing Corporation's "affordable" housing ratio, which means that housing is considered affordable if it costs less than 30% of a household’s income before tax.
So, where should you buy or rent? Narcity recently spoke to Vancouver-born real estate duo Jonathan and Drew Scott, known for their iconic HGTV show Property Brothers, who revealed their thoughts on the best areas to buy a house in Vancouver.
They identified Port Moody, because "there really is this outdoor community vibe," and areas south of Granville Island as great places to buy.