Newspaper article The Canadian Press

Vancity Report Shows Vancouver Rental Market Too Pricey for Young Workers

Newspaper article The Canadian Press

Vancity Report Shows Vancouver Rental Market Too Pricey for Young Workers

Article excerpt

Vancouver rents too pricey for millennials: report

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VANCOUVER - Canada's largest credit union is warning that young workers who have long since abandoned hope of owning a home in the Vancouver area are now being priced out of the city's rental market.

A new report from Vancity explores the tight rental market across Vancouver and the problem it poses for the so-called millennial generation.

Vancity vice-president of community investment, William Azaroff, says the report shows only the Marpole and East Hastings neighbourhoods remain affordable for the average worker under 40, earning less than $40,000.

He says millennials are being forced to the suburbs because Vancouver's high rents and near zero vacancy rate mean renting is no longer an alternative to home ownership.

Azaroff says the report recommends governments encourage more rental housing construction by offering tax breaks and other incentives to developers. …

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