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A new report reveals just how much you need to earn to afford rent in some of Canada’s biggest cities, and spoiler alert: It’s a lot.
If you’re thinking about moving to Canada or wondering where the most affordable cities in Canada are, this breakdown from real estate platform Zoocasa might make you think twice about your next move. Whether you’re in Vancouver, Montreal or Saskatoon, rent is taking up a huge chunk of people’s income — especially those earning minimum wage — and it’s costing more and more to live comfortably in 2024.
According to the Canadian Mortgage and Housing Corporation (CMHC), no more than 32% of your income should go toward housing costs — but Zoocasa’s report reveals that in cities like Montreal, Quebec City and even smaller spots like Regina, this just isn’t happening. In fact, many Canadians are paying nearly double what they should to keep a roof over their heads.
The report shows the required hourly wages and annual incomes Canadians need in order to afford rent for an average one-bedroom apartment in different cities across the country. These numbers are based on full-time hours (37.5 hours per week) and the 32% rule for income allocation. Here’s a snapshot of the findings:
- Vancouver: $51.73 per hour ($100,875 annually)
- Toronto: $48.08 per hour ($93,750 annually)
- Victoria: $41.54 per hour ($81,000 annually)
- Halifax: $40.38 per hour ($78,750 annually)
- Ottawa: $38.65 per hour ($75,375 annually)
- Calgary: $34.23 per hour ($66,750 annually)
- Montreal: $33.46 per hour ($65,250 annually)
- Hamilton: $33.27 per hour ($64,875 annually)
- Winnipeg: $28.46 per hour ($55,500 annually)
- Quebec City: $27.31 per hour ($53,250 annually)
- Edmonton: $26.15 per hour ($51,000 annually)
- Regina: $25 per hour ($48,750 annually)
- Saskatoon: $24.42 per hour ($47,625 annually)
The study reveals the harsh reality that nowhere in Canada is minimum wage enough to cover the average rent cost of living alone.
For example, the minimum wage in Quebec is currently $15.75 per hour, but a full-time worker earning that would only be able to afford around $819 per month in rent — way less than the actual average of $1,740 in Montreal. Meanwhile, even if they paired up with a roommate and split the cost of a two-bedroom, they’d be looking at $1,130 for their half.
According to Zoocasa, the gap between income and rent costs continues to widen, making it harder for Canadians to afford housing without exceeding the recommended budget guidelines. This affordability crisis is leaving many with no choice but to stretch their finances beyond comfortable limits or consider relocating to more affordable cities — where job opportunities are typically fewer as well.
For anyone moving within Canada or those thinking about calling Canada home, this report is a crucial wake-up call. Where you live could significantly affect your financial well-being, so it’s important to know just how much you’ll need to make to stay afloat.
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