Toronto, Vancouver Lead Canada's Worst Rent Affordability Among 62 Cities

A recent report by the Canadian Centre for Policy Alternatives (CCPA) highlights that Toronto ranks as the second least affordable city in Canada for renters, trailing only Vancouver, with Victoria placing third. To afford a one-bedroom apartment in Toronto, a full-time worker must earn approximately $37.66 per hour, or about $78,333 annually, while a two-bedroom requires about $44.80 per hour. This rental wage is more than double Ontario's current minimum wage, making it nearly impossible for minimum wage workers to afford housing independently. The CCPA calls for minimum wage increases tied to local housing costs but acknowledges the challenge in implementing wages as high as $30-$40 per hour. The report also notes that only eight of 62 Canadian cities have affordable one-bedroom rents for full-time minimum wage workers, emphasizing the urgent need for federal and provincial governments to prioritize housing affordability. Despite recent slight declines in rents due to fewer newcomers and new rental completions, the cost burden remains significant, with many renters facing displacement risks and elevated rents for vacant units.