We are learning more today about the cost of living with the release of the 2018 Living Wage report by the Community Social Planning Council of Greater Victoria.
A $20.50 hourly wage is needed to cover the costs of raising a family in Greater Victoria, up from $20.01 per hour in 2017.
The Living Wage is the hourly wage that two working parents with two young children must earn to meet their basic expenses (including rent, child care, food, and transportation), once government taxes, credits, deductions and subsidies have been taken into account.
The report indicates family costs would have been even higher if it wasn't for two substantial policy interventions by the provincial government: a 50 per cent reduction to MSP premiums and the Child Care Fee Reduction Initiative, implemented April 1st.
It also shows that the median rent for a 3+ bedroom unit in Greater Victoria has gone up by $65 per month, more than a 4 per cent increase.