Many Vancouver homeowners are dealing with the city’s notoriously high cost of living by renting out parts of their homes to non-family members, according to a Square One Insurance survey released August 24.
The poll found 43% of Vancouverites who own their own houses are renting out either basement suites, laneway homes or other parts of their residences. This is the highest percentage of all the major cities in Canada and more than triple the national average of 14%.
It is also more than twice as high as the percentage in Toronto, the city in the number two spot (20%).
British Columbia as a whole comes in first place among all Canadian provinces with 25% of house owners saying they rent out spaces in their homes.
"The high percentage of people renting out a portion of their houses is understandable given today's economy and the rising price of real estate across the province," said Square One president and CEO Daniel Mirkovic.
Mirkovic said he suspects the percentages are actually much higher than the results of the survey showed.
“Some people may be reluctant to disclose this information to their home insurance provider if they haven't secured necessary municipal approvals and permits,” he said.
It is important to speak to an insurance company before looking into renting out part of a residence, Square One said in a release, as some insurance policies may not allow for rental suites and would therefore not cover damage caused by tenants.