… Or consider a prospective lower-income renter in Toronto. Scanning the offerings turns up one that might once have served such a person. It has a good location but is in a basement, measures just 450 square feet and, at least according to the photos in the listing, admits natural light only through the door. It costs $1,900 per month.
Would anyone argue that if the unit cost $1,520 instead that would make it affordable? To cover even that lower price without exceeding the recommended 30 per cent of pretax income on housing would require the renter to earn about $61,000.
