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How much you need to earn to rent a two-bedroom apartment in Canada in 2021

2-bedroom apartment in Canada

Looking for a place to live? Here’s how much you need to earn to rent a two-bedroom apartment in Canada.

How are rent prices looking across Canada in 2021? According to Padmapper, 11 cities saw a reduction in rent prices over this time last year, and six had an increase. Seven had no change.

Vancouver prices stayed flat while remaining the most expensive place in Canada in which to rent a two bedroom apartment, with rent prices of $2,650. Toronto, which saw a drop of 3.7%, comes in second place with prices of $2,470. Third, fourth, and fifth places went to Burnaby, BC ($2,150), Victoria, BC ($2,000), and Barrie, ON ($1,730).

On the other side of the spectrum, Abbotsford, BC, and Windsor, ON, saw the largest jumps in rent since this time last year, up 26.9% and 21.4%, respectively.

How much do you need to earn to rent a two-bedroom apartment in Canada in 2021?

What does this mean for you? Someone, somewhere devised a way to know how much rent you can afford, suggesting you divide your salary by 40 (or multiply a rent price by 40). So, if your salary is $50,000: $50,000 ÷ 40 = 1,250 . You can afford $1,250 in rent. This rule isn’t foolproof, as it fails to take into account income taxes and variant costs of living. Still, it’s something to start with. We calculated how much you need to earn, using gross income, to rent a two-bedroom apartment in 12 Canadian cities (all with populations of more than 100,000).

Here’s how much you need to earn to rent a two-bedroom apartment in Canada with required annual salaries and hourly wages  (rounded to the nearest 50 cents).

Victoria
Average rent price for a 2-bedroom apartment: $2,000
Required annual salary: $80,000
Hourly wage: $38.50

Vancouver
Average rent price for a 2-bedroom apartment: $2,650
Required annual salary: $106,000
Hourly wage: $48.00

Calgary
Average rent price for a 2-bedroom apartment: $1,300
Required annual salary: $52,000
Hourly wage: $25.00

Edmonton
Average rent price for a 2-bedroom apartment: $1,200
Required annual salary: $48,000
Hourly wage: $23.00

Winnipeg
Average rent price for a 2-bedroom apartment: $1,300
Required annual salary: $52,000
Hourly wage: $25.00

Regina
Average rent price for a 2-bedroom apartment: $1,050
Required annual salary: $42,000
Hourly wage: $20.00

Toronto
Average rent price for a 2-bedroom apartment: $2,470
Required annual salary: $98,800
Hourly wage: $47.50

Ottawa
Average rent price for a 2-bedroom apartment: $1,760
Required annual salary: $70,400
Hourly wage: $34.00

Montreal
Average rent price for a 2-bedroom apartment: $1,670
Required annual salary: $66,800
Hourly wage: $32.00

Quebec City
Average rent price for a 2-bedroom apartment: $1,340
Required annual salary: $53,600
Hourly wage: $26.00

Halifax
Average rent price for a 2-bedroom apartment: $1,740
Required annual salary: $69,600
Hourly wage: $33.50

St. John’s
Average rent price for a 2-bedroom apartment: $900
Required annual salary: $36,000
Hourly wage: $17.00

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