16 Jul Canadian Rental Housing Index Shows 1 In 5 Households Give Half Their Income To The Landlord – Via Huffington Post
Canadian Rental Housing Index Shows 1 In 5 Households Give Half Their Income To The Landlord – Via Huffington Post
If you think affordability is bad for Canada’s homeowners, look at what the country’s renters are dealing with.
In all the talk about Canada’s lofty house prices, it’s easy to overlook the fact that roughly one-third of the country’s households are rented.
And a new rental housing index, which uses 2016 census data, shows renters are suffering from a much more widespread affordability problem than homeowners.
For those who own, affordability issues have mostly been concentrated in Toronto, Vancouver and their surrounding areas; many other Canadian cities, as well as rural areas, remain affordable for buyers.
Not so for renters. The rental housing index shows extremely unaffordable housing costs affecting numerous mid-sized and small cities, as well as rural areas, across Canada. The index’s map shows an archipelago of crisis-level rental costs from Greater Vancouver to Alberta’s oil patch to wide swaths of the Maritimes.