Strong demand for rentals and a shortage of homes are both contributing to soaring rental costs. And that's making it even more difficult for people to save money for down payment on a home. For most minimum-wage workers, affording these rents with their earnings is impossible.
Home prices in Canada continued to rise last month, the fourth consecutive monthly increase. Eight of the 11 markets in the composite index were up in July led by Halifax at 4.9 per cent, Vancouver at 3.9 per cent and Toronto at 3.5 per cent.
The "very active and unpredictable" McDougall Creek wildfire has grown more than six times during a frightening night, destroying homes and putting more than 2,400 West Kelowna properties under evacuation order, up from about 800 Thursday afternoon.
B-C Ferries says it has suspending sailings of the Coastal Renaissance due to a mechanical problem. The move affects trips between Tsawwassen in Metro Vancouver and Duke Point in Nanaimo.
Central Okanagan Emergency Operations has also placed 68 properties on evacuation order and another 5,700 properties on alert due to the nearby McDougall Creek wildfire, which grew to three square kilometres in a matter of hours after it started on Wednesday.