A collaboration between six affordable-housing groups across the country has created a new Canadian Rental Housing Index using data from Statistics Canada.
The point at which StatsCan considers rental properties to be unaffordable is where renters are paying more than 30% of their income. On this metric 40% are struggling. Some are paying more than 70% of their income on rent which is unsustainable.
British Columbia has the highest proportion of renters paying at least half of their income on rent at 23.4%. Nova Scotia is next at 20.5% and Ontario is at 19.8%.
The index shows that there are 4.05 million renter households in Canada, 30.4% of all households.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Schanzenfeld, Carlow, Dufrost, Saint-Zacharie, Naicam
A new report reveals that one in five Canadian renter households are spending more than half their income on rent payments.