Tough news: Report shows that all Canadian rental markets are terrible
It’s looking like the Canadian rental market continues to get worse, not better, based off of a new report by the Canadian Centre for Policy Alternatives. The nationwide study looked at 795 communities across the country, and the results are pretty bleak.
A little bit about the methodology first. The report assumes that workers spend 30% of their full-time, full-year salary on housing costs, as determined by the Canada Mortgage and Housing Corporation. Those who spend more are considered to be in ‘core housing need’.
The emphasis on two bedrooms comes from both their abundance (50%) in the rental market and their applicability to renters. Often, young families/partners rely on a single income earner while multiple people live in the space.
A total of 24 (3%) of the communities offer a situation where someone earning minimum wage can afford a two-bedroom apartment. Meanwhile, only 70 (9%) offer a one-bedroom that’s affordable for the minimum wage. Basically, you’re going to be splitting rent for awhile.
Vancouver has been deemed the least affordable for those looking for two bedrooms. Workers would need to make a minimum of around $35 an hour, or work 112 hours per week. Meanwhile, Toronto beats out Vancouver in the one-bedroom market, requiring almost $28 an hour to live comfortably.
Calgary and Edmonton are practically neck and neck, sitting around $20/hour for a one-bedroom and $26/hour for two. Although, Edmonton is roughly a dollar an hour less expensive than its neighbour to the south.
Want to live somewhere that is actually affordable? Move to Saguenay or Trois-Rivieres, the only two metropolitan areas in the country where someone can afford a two-bedroom while still working under 40 hours a week.
Fun times. You can read the full report on the Canadian rental market here.