Fair warning, your bank account may not like this report. According to a new study, you need to be making a seriously high hourly wage to rent an apartment in BC cities. The prices are ridiculous, but here’s what you need to know.
According to a new study conducted by the Canadian Centre for Policy Alternatives (CCPA), you might need to make a lot more than expected to live in some major BC cities.
The report mapped out rental affordability in neighbourhoods across Canada by calculating the 'rental wage', which is the hourly wage needed to afford a basic apartment without spending more than 30% of your earnings. Let's just say it doesn’t look too good.
Across Canada, the average minimum wage needed to afford a two-bedroom apartment is $22.40 an hour, or $20.20 for a one-bedroom place. Out of 795 neighbourhoods that were examined across the nation, only 24 have a minimum wage that would allow you to rent a two-bedroom place by working full-time.
In BC’s largest hub, Vancouver, you would need to make an average of $35.43 an hour to afford a basic two-bedroom apartment. This is over $13 more than the Canadian average! Yikes.
If you have to stick with your minimum-wage job, no problem. Just be prepared to work 112 hours a week to afford an apartment! Just to put this into perspective, there are only 168 hours in the week, so enjoy your mere 56 hours off.
Victoria is also up there for rent but compared to Vancouver, it is cheap. According to the report, a person would need to make $21.33 an hour or $28.47 an hour for a one and two-bedroom apartment respectively. The minimum wage in Victoria is currently $13.85 hourly, which is the same as Vancouver.
Kelowna also crept its way to the top of the list. With the city's average minimum wage being $12.65 per hour, you will need to find a job that pays $19.29 hourly for a one-bedroom place and $23.87 per hour for a two-bedroom apartment.
Following Vancouver, the second hardest place to rent in Canada is, unsurprisingly, Toronto. With a minimum wage of $14 per hour, you would need to find work that pays $26.72 or $33.70 per hour, depending on how many bedrooms you need.
The most affordable place on the list is Trois-Rivieres. This city, located near Montreal, has a minimum wage of $12 an hour. To afford a one-bedroom or a two-bedroom apartment, you will need to find work that pays $9.15 and 11.56 an hour, respectively. This means you may even have a little bit of a disposable income.
Of course, these prices are just for average areas around the respective cities. If you want something glamorous, be ready to pay even more! In Toronto’s waterfront and island areas, you should find a job that pays $53.01 an hour.
Vancouver’s North False Creek neighbourhood is even more expensive, so you'd need to leave that serving job and become a doctor, as the job will need to pay you $60.93 an hour.
On that note, anyone looking for a roommate?