A new study comparing rent, income, and vacation costs found that Calgary is one of the most affordable cities in Canada if you’re looking to balance rent with an occasional vacation.
Real estate platform Zoocasa compared the average vacation budget of $2,278 with monthly rent prices across 28 Canadian metro areas. It looked at how much rent takes from the average family’s after-tax income, then added the cost of a vacation to see how much pressure that puts on household budgets.
Nationally, rent alone accounts for between 15 and 33 per cent of household income, depending on the city. Add in the cost of a vacation, and that figure climbs above 50 per cent in many markets.
Calgary was among the most affordable cities on the list. According to Zoocasa, renters spend about 18 per cent of their income on rent each month. When the average vacation cost of $2,278 is added, rent and travel combined account for about 42 per cent of income.
While it’s still a large portion of a budget, Calgary ranked among the most affordable spots. St. John’s offers the most room for travel, with rent taking up about 16 per cent of household income. Adding a vacation brings the total to just 34 per cent, offering the most room in Canada. Halifax came in second with a combined total of 37 per cent.
Alberta’s other major city, Edmonton, also found itself on the more affordable end of the scale, landing right behind Calgary. In Edmonton, rent and travel expenses accounted for 45 per cent of income.
In Vancouver, average rent plus vacation costs eats up 69 per cent of a monthly budget. It’s not much better in Ontario, where the total reaches 63 per cent in Peterborough and 62 per cent in Toronto.
You can find the full report online.
With files from Allison Stephen.
Originally published on Daily Hive.
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