If you thought your rent was high – you may be right.
According to the 2018 Canadian Rental Housing Index, Fort McMurray residents continue to pay the highest rent in Canada at $1,802. This number has declined along with Alberta’s economic downturn.
The report shows, on average, the roughly 8,155 Wood Buffalo residents who rent, 15 per cent of their income is going towards rent and utilities. Those who average $40,605 a year and live in a three bedroom home will spend more than half of their earnings towards rent and utilities.
This problem is even more prevalent in other area’s of Alberta – with High River (19.6%), Camrose (18.7%), and Leduc (18.7%) dealing with what is considered a crisis level of spending with 50 per cent or more
of their income going to rent.
The Index also shows from 2011-2016 there has been a 1,190 increase in renter households in Fort Mcmurray – which means roughly 32 per cent of properties in the community are being rented.
“With escalating prices keeping many Canadians from affording home ownership, as well as a lack of affordable rental housing supply, more people are entering the rental market or staying in the rental market longer,” said Jeff Morrison, Executive Director of the Canadian Housing and Renewal Association, in a release. “This marks the first time in a generation that the rate of Canadian renters has outpaced the number of Canadians buying a home, and speaks to the need to increase the supply of affordable housing.”
Meanwhile, Whistler B.C. pays the second highest rent prices in Canada but still saves around $150 compared to Fort McMurray.
Provincially, at $1,279 a month, Alberta has the highest average rent in the country – increasing $200 a month from five years ago.