Vancouver and Toronto topped the list for least affordable rents across Canada, according to a new report.
The report, Making Rent: The CCPA’s rental wage update 2024, by the Canadian Centre for Policy Alternatives, looks at how much income a renter needs to earn based on working 40 hours a week and paying 30 percent of their income for housing. It was authored by senior economists Marc Lee and David Macdonald.
Lee and Macdonald said in Toronto, renters would need to earn $44.80 per hour to be able to afford a two-bedroom, and $37.66 an hour for a one-bedroom. The authors noted that an individual earning minimum wage would need to work 135 hours a month to pay for a two bedroom rental….