BUSINESS

Rental Apartments In Canada: What You Can Get For $1,500 Or Less

08/02/2015 11:45 EDT | Updated 08/02/2015 11:59 EDT
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In Canada, we hear plenty of talk about how difficult it is to afford housing.

Much of that discussion concerns the cost of buying a home in a major market such as Toronto or Vancouver.

But what of rentals? How hard is it to find what you need with a median household income?

That depends entirely on where you're looking.

The Canada Mortgage and Housing Corporation (CMHC) considers a home affordable when it takes up less than 30 per cent of a household's before-tax income.

So to examine the challenges of renting in Canada, we took a household income of $60,000, which is below the median for every province. Then we looked at how tough it would be to rent a place for $1,500 per month — a round figure that accounts for approximately 30 per cent of a $60,000 annual salary.

In some cities, that's enough to rent, and eventually own a four-bedroom house. In others, it's enough to pay for a studio apartment.

Check out what's available to rent for $1,500 or less across Canada*:

What You Can Rent For $1,500 Across Canada

*NOTE: Apartments in this slideshow were listed for rent on July 27. Their statuses may have changed since then.

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