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.
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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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