But the report suggests that rental affordability, particularly in Canada’s largest cities, is not strictly a concern for those earning the minimum wage.
For instance, in British Columbia, the minimum wage was $12.65 as of last October. But to comfortably afford a two-bedroom rental in the Vancouver area at an average price of $1,842 a month, a full-time worker would need to earn $35.43 an hour, the report said. For a one-bedroom unit at an average price of $1,389 a month, it’s $26.72 an hour.For Canada over all, a full-time worker would need to earn $22.40 an hour to afford the average-priced two-bedroom dwelling, and $20.
Roughly 28 per cent of Canada’s 13.7 million full-time workers are earning less than $20 an hour, Statscan data show.As part of its analysis, the CCPA used minimum wages from October to match the release date of rental market data from the Canada Mortgage and Housing Corp. In many jurisdictions, minimum wages have since increased, including in B.C. to $13.85 an hour. The CCPA often used rental rates that combined those of purpose-built apartments and condominiums.
The report arrives as Canada’s rental market is getting tighter. The national vacancy rate for purpose-built apartments declined to 2.4 per cent last year from 3 per cent in 2017, according to CMHC, which said higher immigration levels were a key factor in the decline. In particular, the Toronto and Vancouver areas are home to some of the lowest vacancy rates in the country.
In both cities, condo construction greatly exceeds that of apartments, and condos comprise a growing share of rental supply. Condos are also more expensive: In the Vancouver area, the average two-bedroom condo rented for more than $2,000 a month last year, compared with $1,649 for a two-bedroom apartment. In the Toronto area, condos were even steeper, with the average two-bedroom unit renting for nearly $2,400 a month.
globebusiness What would expect from greedy landlords and unreasonable govt costs of landlords. Housing market reflect the high greed of banks, govt housing management and realtors
globebusiness Ya think?
globebusiness see, minimum wage jobs aren't meant for people to live on. They are entry positions or for people to supplement their income.
globebusiness This is what room rentals are for, and splitting apartments with friends/family. If you continue to earn minimum wage after several years in this position you are simply ignoring opportunities.
globebusiness Minimum wage jobs were meant for students and people living at home with their parents
globebusiness Its unaffordable for workers making allot more than mimimum wage. How about condicting a poll in Vancouver to see how many single middle incomers are living with single and multiple room mates to afford rediculously high rents!!
globebusiness When could you live on minimum wage? This is nothing new
globebusiness I wonder how much speculation, both foreign and domestic is impacting this. How many condos and homes sit empty, while people wait to turn a quick profit?
globebusiness Why would 17 year old kids working for minimum wage need rental housing?
HousingNowTO globebusiness Minimum wage workers, the disabled, the elderly, single parents, even some dual income families ffs.
globebusiness Gee, great thing we’re bringing in tons of immigrants to drive up the housing market.
globebusiness A report was needed to tell us that!
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