Vancouver is notoriously expensive to rent a home — but recent data suggests you need to earn almost $100,000 to be able to comfortably afford a one-bedroom place to live.
According to Canada's Mortgage and Housing Corporation, housing is "affordable" if it costs less than 30% of the total household income, before tax.
In a recent analysis by the Globe and Mail, it found that renters would need to earn around $95,000 for a one-bedroom property and around $128,000 for a two-bedroom home in Vancouver to reach that affordability ratio.
These figures are based on their calculations that the average one-bedroom listing is $2,176 and a two-bedroom average listing is $2,983. It also
The affordability calculation is also based on the assumption that a renter is paying for utilities on top of their monthly rent, including electricity, water, heating, tenant insurance, cellphone and internet bills, and $10 a month towards a streaming service.
Elsewhere across the Canadian housing market, using the same method, you'd need to earn $71,000 for a one-bedroom in Victoria, B.C. and $107,000 for a two-bed.
You'd need to earn $59,000 for a one-bedroom place in Calgary to be considered an affordable option, and $71,000 for a two-bedroom place.
Toronto was the only city which came close to Vancouver's price point. You'd need to earn $90,000 for a one-bedroom place to be considered affordable and $118,000 for a two-bed.
On February 16, Narcity reported that in some areas of the country rent actually went down.
That data was based on the February 2022 Canadian Rent Report by Zumper which showed rent prices dropped in eight cities across Canada from December last year to January this year.
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