Canadians are spending more than ever before on housing, but according to data released Tuesday by the Canadian Centre for Policy Alternatives, there is a significant difference between the two types of housing.
In Canada, the average monthly rent for a single-family home is $2,600, while a studio apartment in Vancouver costs $2.5 million, or nearly $8,000 per month.
That is $8.4 million more than the average rent in the U.S., which is $1,100.
The average monthly cost of a two-bedroom apartment in Toronto is $3,000, while the average price in Vancouver is $4,300.
The study also found that the average cost of owning a house in Canada was $1.1 million, about $2 million more expensive than in the United States.
On average, Canadians pay $7,000 a year for housing.
(Canadian Centre for, The Globe and Mail, 4/15/17) Housing affordability, the study said, is “not simply a matter of supply and demand, but also of affordability and accessibility.”
But some economists say the gap is getting worse, with more and more Canadians living in rent-controlled apartments, which have been linked to a decline in homeownership.
The survey found that one in three Canadians (33 per cent) have either rented or had to rent their home for at least a year in the past three years.
One in five people (19 per cent of Canadians) have paid more than half of their income in rent in that time, according to the report.
(The Canadian Centre For Policy Alternitives, “Homeownership, housing affordability and equity,” 4/22/17.)