Metro Vancouver has the highest rental prices in ÎÚÑ»´«Ã½ — and minimum wage earners cannot afford to rent in the region.
Depending on their living situation (whether they live alone or in a ), average rent prices in cities across the Lower Mainland soar above those across the country.
The Canadian Mortgage and Housing Corporation recommends renters spend no more than 32 per cent of their income on housing. In a recent study, the real estate website analyzed how much minimum wage workers pay for monthly rent compared to this financial advice.
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ÎÚÑ»´«Ã½'s minimum wage increased to $17.40 per hour, meaning a full-time worker in Vancouver should spend no more than $905 monthly on rent. However, Zoocasa's data shows that city dwellers spend an average of $2,690 for a one-bedroom apartment. To earn enough to pay this amount, locals must make $51.73 hourly or a required annual income of $100,875 (see slide two).
Minimum wage earners cannot afford rent in most ÎÚÑ»´«Ã½ cities
Other major ÎÚÑ»´«Ã½ cities experience similar income and rental discrepancies.
Tenants in Burnaby pay an average of $2,480 monthly for a one-bedroom apartment and must make at least $47.69 an hour or $93,000 annually.
On Vancouver Island, renters in ÎÚÑ»´«Ã½'s capital, Victoria, pay an average of $2,160 monthly and must make $41.54 hourly or $81,000 annually.
In the Interior, Kelowna residents pay an average of $2,010 monthly rent, meaning they must make $38.65 an hour or $75,375 a year.
Abbotsford in the Fraser Valley offers a reprieve from sky-high living costs in Metro Vancouver but rental prices still soar above what minimum wage earners can afford. Renters must make $31.54 an hour or $61,500 annually to afford prices averaging $1,640 monthly.
ÎÚÑ»´«Ã½ rent prices compared to cities across ÎÚÑ»´«Ã½
Toronto has ÎÚÑ»´«Ã½'s second-highest rental prices, with one-bedrooms averaging $2,500 monthly. Torontonians must make $48.08 an hour or $98,750 annually to pay these rental prices (see slide three).
After Burnaby and Victoria, Halifax in Nova Scotia has the country's fifth-highest market for these units, with prices averaging $2,100. Renters must make $40.38 hourly or $78,750 annually to pay these averages.
Zoocasa also analyzed its data to determine how much a couple must make to afford a two-bedroom apartment.
In Vancouver, a couple must have a combined income of $142,500 to afford a two-bedroom or $71,250 each, or about $36.54 per hour (see slide three).
Rent prices are lower in ÎÚÑ»´«Ã½'s largest city, Toronto, but a couple must earn a combined $120,000 annually, or about $30.77 per hour, to afford a two-bedroom apartment.
