Spend 50% of income on rent
Huffpost reports that nearly one in five Canadian renters are spending half their income on rent.
This chart shows the top 10 median rent prices for Canadian cities. Note, these are median prices not average.
This chart shows current rental prices in Nanaimo as posted on the Rent Board website.
According to this information a one bedroom apartment in Nanaimo will range from $750 to $925 with the average settling in at $808. Given the high number of low paying services jobs in the Nanaimo economy it is highly possible that many Nanaimo renters are also paying 50% of their income to keep a roof over their heads.
Given that the banks and now government is doing nothing to burst the artificial price of housing the costs associated with either buying or renting sooner or later will simply become unmanageable. Perhaps then we will be simply forced by chaos in the market to make the correction. Likely will be messy.