Everything is expensive Part III: Rents
Rents are on the rise in Canada, making it harder for tenants to find a place that fits their budget.
The Canada Mortgage and Housing Corporation's definition of "affordable" housing is a place that costs less than 30 per cent of your household's income. But in Vancouver, where the average monthly rent for a two-bedroom is now $3,597 — you'd have to earn more than $150,000 for that rent to be affordable. In Toronto, your household would have to make more than $135,000.
On today's episode of Front Burner, Andy Yan, director of the City Program at Simon Fraser University in B.C., breaks down what's happening with rents and what could be done to help make them more affordable.