I've lived through it too for the last 12 years here in Vancouver and have moved every 2-3 years in order to find cheaper accommodation as the rent increases year-to-year.
If I had stayed in the same apartment that I moved into in 2004, my rent would be $1000 more than I'm paying now for a comparably-sized apartment in the same neighbourhood.
I have had to forego the in-suite washer & dryer and dishwasher, but I have a balcony as the tradeoff and I can actually afford to go out to eat once and a while with the savings!