Toronto Renters Forum
Social Aspects of Renting => Housing Affordability => Topic started by: anonymoustenant on February 16, 2022, 10:39:11 am
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Here’s the income you need to afford rent in major Canadian cities
With the average home price in Canada hitting a record $748,450 in January, Canadians in many parts of the country may find the math of buying versus renting makes for a compelling argument in favour of renting. But another part of the renting equation is likely stumping a growing share of tenants: the comparison between market rents and their own incomes.
In many major cities and even some smaller centres across the country, Canadians would need to make at least $70,000 to afford the average asking rent on a one-bedroom apartment without spending more than 30 per cent or more of their before-tax income on shelter costs, a Globe and Mail analysis found.
https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-heres-the-income-you-need-to-afford-rent-in-major-canadian-cities/ (https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-heres-the-income-you-need-to-afford-rent-in-major-canadian-cities/)