Canada middle class – what is your definition?
My definition of Canada middle class is the group under a new economic attack because of housing costs. Affordable rental housing for Canadians has become an oxymoron in term. In fact, rental housing has enslaved young Canada’s middle class, forcing them to spend so much of their incomes on a place to live, that many are in danger of becoming homeless.
What Statistics Canada says
According to the experts, spending more than 30% on housing is unaffordable. This doesn’t take into account food, clothing, transportation or any of the other necessities of life. According to data from Statistics Canada:
- There are more than 4 million renters in Canada
- Over 40% of all renter households are spending in excess of 30% of their gross income on rent
- 20% of all renter households are spending in excess of 50% of their gross income on rent which housing advocates say puts them at high risk of becoming homeless
- In Vancouver and Toronto, 45% of renter households are spending more than 30% of their income on rent
Not just a big city problem for Canada middle class
The lack of affordable rental housing is not a problem exclusive to the big cities. Renters in small cities across Canada are also struggling financially. In the Toronto area, average rents are higher in the suburban communities of Milton and Vaughan than in the City of Toronto. And, Mississauga ranked among the worst cities in the country when it comes to a shortage of affordable rental housing.
Traditionally people rented apartments to save money and eventually buy a house. With young Canada middle class enslaved by rental prices, buying a house isn’t even on their radar; keeping a rental roof over their heads is a primary concern.
What to do if you have debt problems
Are you living paycheque to paycheque because you’re enslaved by rental prices? We can’t help you find a cheaper place to live, but we can help you deal with what may seem to be insurmountable debt. Call Ira Smith Trustee & Receiver Inc. today. We’ll review your file and come up with a plan so that you can be Starting Over, Starting Now.