Toronto and Vancouver residents must make at least $40 per hour working a full-time job if they hope to reasonably afford a two-bedroom apartment within the city, suggests a new report by an Ottawa-based think tank.
The Canadian Centre for Policy Alternatives (CCPA) published a report on July 18 studying the gap between Canada’s minimum wage as it varies province-by-province and what it costs to rent an apartment in major cities across the country.
For the study, the report’s authors calculated a “rental wage,” which calculates the hourly wage an individual must earn to afford rent while also working a standard 40-hour week and spending no more than 30 percent of their income on housing….