A new report is sounding the alarm on unaffordable rent in Toronto, pointing out that despite a softening of prices in the rental market, one- and two-bedroom apartments remain out of reach for many workers.
The report, Making Rent: The CCPA’s rental wage update 2024, was released Thursday by the Canadian Centre for Policy Alternatives. It looks at the “rental wage”—the hourly wage needed to afford rent while working a standard 40-hour week and spending 30 per cent of income on housing—for one- and two-bedroom units in 62 Canadian cities.
It found that Toronto and Vancouver top the list when it comes to unaffordable rental housing.
Someone working full time would need to make almost $38 an hour in order to afford a one-bedroom apartment in those cities. That works out to an annual salary of around $78,000.
