A report by the Canadian Centre for Policy Alternatives says someone in Vancouver would have to earn $37.84 per hour to afford the average one-bedroom unit in the city in 2024.DARRYL DYCK/The Canadian Press
A new report says Vancouver and Toronto topped the unaffordability list for renters in Canada last year.
The report by the Canadian Centre for Policy Alternatives says the cities topped the list based on the rental wage, the hourly wage needed to afford rent while working a 40-hour week and spending 30 per cent of income on housing.
Using that benchmark, the report says someone in Vancouver needed to earn $37.84 per hour to afford the average one-bedroom unit in the city in 2024. That amount rose to $48.94 for an average two-bedroom unit.
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In Toronto, someone would need to have earned $37.66 per hour for a one-bedroom and $44.80 per hour for a two-bedroom unit in Canada’s largest city last year.
The report noted that of the 62 cities it looked at, there were only eight, including six in Quebec, where someone could affordably rent an average one-bedroom unit while working full time at minimum wage.
About one-third of households in Canada are renters, according to the report.