Another housing report has been released and, unsurprisingly, it doesn’t look good for B.C.
The RentSeeker report found out how much of Canadians average income is spent on rent in each province and territory.
B.C. topped the list with an average of 24% of people’s average income being spent on rent.
That narrowly edges out Ontario and Nova Scotia, where people spend an average of 23% of their income on rent.
Along with the highest home prices in all of Canada, B.C. also boasts the highest average rental prices for bachelor, one bedroom and two bedroom units out of any province.
Ontario is the only province to have a higher average price for three bedroom rentals, while both the Northwest Territories and Nunavut have far higher average rental prices across the board.
The two territories don’t come close to B.C. in average income spent on rent, however, due to the high paying jobs up north.
People in Nunavut only spend an average of 9% of their income on rent, while that number is 15% for the Northwest Territories.
Yukon is not surprisingly third last in that regard, with 18% of people’s average income being spent on rent, while Newfoundland & Labrador is at 20%.
The rest of the country sits sandwiched in the middle of the pack at either 21% or 22%.
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