24 September 2019

The Conservatives also want to change the stress test for first-time buyers.

The deal is that finding affordable home in Canada is becoming more and more difficult.

According to the Canadian Rental Housing Index, Toronto renters who earn about $45,498 a year spend 40% of their income on monthly housing costs. If you live outside the downtown core, in York or Peel region, the number changes to 44% and 38% respectively.

In case of Regina, the share low-income renters spend on rent and utilities reaches 50%, while in Calgary it’s 62%, and in Vancouver it’s 91%.

It could also explain why there are so many adult children who come back living with their parents even after they received their jobs, or why many young adults prefer living with roommates.

It’s not only an issue of accommodation costs in Canada, but also an issue of restrained supply.

Last year, there were 37,000 new apartments built across the country, however, the demand was up by 50,000 units, says the Canada Mortgage and Housing Corporation. Moreover, Canadian cities keep growing, pushed by immigration and stronger job numbers.