More than a quarter of Tri-City residents are paying monthly shelter costs that exceed what the Canada Mortgage and Housing Corporation deems affordable, according to census data released last week.
The numbers show that in Port Coquitlam and Port Moody, 25% of residents pay more than 30% of their income each month on housing, which is the CMHC figure used to indicate whether housing is considered affordable.
In Coquitlam, the percentage is even higher, reaching 31.9% in the latest census figures.
And it appears that renters have been the hardest hit.
While the monthly carrying cost of owning a home is still higher, the data shows monthly shelter costs for renters have increased more sharply over the last decade. For example, the 2006 census found that in Coquitlam, renting cost an average of $878 — a number that has jumped 27.9% over the last decade to $1,217.
Meanwhile, the average owner has seen their monthly shelter costs rise 21.7% in Coquitlam, jumping from $1,235 to $1,578.
The difference is similar in the two other municipalities.
In Port Moody, for example, the monthly shelter cost for a renter has increased 27.6% compared to 16.1% for owners over the last decade. And in PoCo, the monthly shelter cost for renters has risen 25.5% and 17.8% for owners during the same time period.
Still, in the Tri-Cities, the number of households that own their home is significantly higher than those that are renting.
In Coquitlam, for example, 71.7% of residents said they owned their home while Port Coquitlam had the highest figure at 76.9%. Across the Tri-Cities, 73.5% of households owned their home while 26.5% rented.
In Canada, 67.8% of households own their home compared to 31.8% that rent. The figures are the same for British Columbia.
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