The escalation of housing prices in Vancouver, Victoria, and other Canadian cities, has been so phenomenal that the gap between renting and owning is no longer bridgeable.
According to The Practical Utopian [click on photo to see article], during 2015, single family house-prices in Vancouver rose by 37%. In Tsawassen they rose by 41%; in Richmond by 36.5%.
With most family earnings lagging far behind, getting a mortgage has become an impossibility for many people.
At least one third of all Canadians will be forced to rent for life – that is, they are being forced to confront a reality where rental accommodation is very expensive and in short supply, and there are no major governmental attempts to provide us with social housing.