That pretty much sums it up.
Local arts groups and schools in the Vancouver lower mainland region are (these days) typically paying $60 - $75 for a three hour session. That works out to $20 - $25 per hour. Based on this chart, that is an appropriate rate for "Anonymous art" modeling. It is also 2 standard deviations from the mean and represents the lowest 2.3% of art model rates paid.
However, even at those rates, if it were a full time job (2,000 hours a year) $20-25 per hour works out to $40,000 - $50,000 annually, which is a decent living wage around here these days.