Rents in most cities are unaffordable for lower-income earners

19 Juillet, 2019, 06:41 | Auteur: Auguste Feret
  • Rents not affordable for many workers

A minimum-wage employee would possibly maybe well well earn the money for to rent in precisely a pair of neighbourhoods in Canada, suggests a new evaluation of the country's condo market that additionally raises questions a pair of promised federal rent-complement program.

"But in most Canadian cities, including Canada's largest metropolitan areas of Toronto and Vancouver, there are no neighbourhoods where it is possible to afford a one- or two-bedroom unit on a single minimum wage".

The study used data from Canada Mortgage and Housing Corporation's October 2018 urban rental market survey to show how much someone would have to earn in order to spend 30 per cent or less of pre-tax income on rent, which it calls the rental wage.

For two-bedroom units, which the report identifies as "the most common type", Macdonald notes that minimum wage workers are "shut out" in Montreal.

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.

In Toronto, for example, a person needs to make $33.70/h to afford an average two-bedroom - or work 96 hours a week at the provincial minimum wage rate.

It also calculated how many hours should work the workers, earning minimum wage to afford the average apartment. The national vacancy rate for purpose-built apartments declined to 2.4 per cent past year from 3 per cent in 2017, according to CMHC, which said higher immigration levels were a key factor in the decline. To afford a one-bedroom and a two-bedroom apartment, you will need to find somewhere that pays you between $9.15 and 11.56 an hour.

Renting in Vancouver is unaffordable for anyone earning less than $26.72 per hour, according to new number crunching, making the city the least affordable in the country for non-home owners.

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"The challenge, of course, is because we haven't really been building purpose-built rental or traditional apartment buildings since the 1990s, we've got a lot of catching up to do", he says.

The ten-year national housing strategy also includes programs to build more rental housing in hopes a boost in supply will drive down costs.

Its design is to be tailored to each province.

At the identical time, negotiations with provinces are winding along on the receive of a new rent complement for low-income tenants that can realistic about $2,500 a twelve months.

Within the 1970s, he talked about, it wasn't odd to behold 100,000 new, reason-constructed condo objects being constructed every twelve months, "which is an wonderful amount of recent condo housing being put into the market". But he said the benefit may not be enough for low-income renters to close the affordability gap.

David Macdonald is a senior economist with the Canadian Centre for Policy Alternatives.

The CCPA said the report shows a short-term need for more rental subsidies from the federal government, and a long-term need for more affordable housing construction.



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