The percentages drop as income increases with the second quintile paying out 30 per cent; the third paying 23 per cent; the fourth paying almost 20 per cent; and the top fifth of earners paying almost 13.5 per cent.
The national figure is shocking enough but when considered by province there is stark disparity ranging from Newfoundland, where a low-earner will pay out around a third of their income for a home; to BC where the figure is more than 70 per cent.
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:
Board Road, Paradise Hill, Inkerman, Yarmouth, Beasley
The poorest fifth of Canadians pay proportionately more of their incomes for housing. Data from StatsCan’s 2014 Household Spending Survey has been analyzed by Global News and shows that those on the lowest incomes pay 55 per cent of that income for shelter.