Our parents, bless their ancient souls, taught us that rent or mortgage should account for, at max, a third of our salary. They’re wrong. (Sorry Mom.) The rule of thirds is functional in theory, but times have changed: a recent RBC report suggested that typical Torontonians need to spend 72 per cent of their income on an average house; in Vancouver, that number jumps up to 80. We can argue if those numbers are reasonable, but them’s the facts. So you have two options: make more money or spend less on housing. We suggest the former.
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