we know the rental crisis in Canada is bad but just how bad is it I crunched the numbers and I found that less than 1% of rentals are both vacant and affordable for the majority of Canadian renters and by affordable I mean that you don’t have to spend more than 30% of your gross income on rent and utilities that’s the threshold used by statistics Canada we were able to gather an update data for over 1,000 neighborhoods across Canada and we wanted to know if you needed to find home to rent could you and where so we built this online tool to highlight how the rental crisis might be impacting you let’s go through an example where could you find a one-bedroom place if you are in Toronto making $45,000 a year well you don’t have many options these red neighborhoods are too expensive and the blue ones might be affordable but have no vacancies the few yellow areas are where you could potentially find something vacant and affordable it’s even harder for minimum wage workers here’s what’s available for someone in Calgary making $31,000 a year and looking for one bedroom apartment the whole map is red nothing is Affordable for them let’s be honest this is a bit depressing you may already be paying more than 30% of your income on rent and it’s worth noting that some Financial experts are saying that this Benchmark needs to be updated and that’s because of our new reality rents are increasing faster than wages everywhere in Canada and all provinces have low vacancy rates so what needs to happen next you probably heard it before but experts are saying that we need to build more housing and to Bringing tougher protections like caps on rent hikes the federal government is also putting quotas on specific visas such as International students to slow down population growth but one thing is sure this crisis will take years to be solved
According to a CBC News analysis of over 1,000 neighbourhoods across Canada’s largest cities, less than one per cent of rentals are both vacant and affordable for the majority of renters. CBC’s Nael Shiab shows a new online tool that reveals where you can afford to rent.
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