In Toronto, it becomes much more difficult to make ends meet, if you are renting, especially for people under 35, according to statistics from the Vital Signs Report for the year 2019.
This comprehensive analysis of trends and phenomena that affect the quality of life of Toronto residents, was released Tuesday, and it reflects the General picture the fast-growing city which is suffering from “an increasingly pervasive inequality.”
Young people, those who have low income, recently arrived and members of racial minorities were among those who “have significantly worse outcomes than white and long-time residents,” most of the major areas of concern addressed in the report, including work, health, civic engagement, safety and transport.
More than 10 pages 144-page report on challenges related to housing – one of the main problems for Toronto for many years.
“The situation with housing quickly moved into the category of crisis in Toronto, with ballooning prices for rental and purchase and unprecedented population growth, which is expected to remain high for many years, and with the lack of support system to help those who can’t afford to live here,” says the report.
“The purchase prices of housing are rising four times faster than income of the population, and the cost of rent is increasing twice as fast in profits over the past decades,” the report says.
The average cost of renting a condo is now $2,235 per month (while in 2008 it was $1,483), and the average worker needs to earn about $70,000 a year to afford a one-bedroom apartment within the city.
In addition, the shortage of rented accommodation leads to the fact that rental prices in the city are constantly growing, and the issue of accessibility manifests itself in the fact that one proposal tenant accounts for more than one demand.
Revenues remain virtually unchanged against the background of rising cost of rent, especially for the youth of the city.
“Challenging trends are observed for young people (25 to 34 years) in Toronto,” – said in the report.
“No revenue growth in the past 35 years, after adjusting for inflation was not observed, while those from 35 to 64 years, income has increased by 29 percent.”
People older than 64 years have seen the growth of their income by as much as 53% over the same time period, reinforcing a widespread theory that wealthy “boomers” really wins compared to young people in Toronto.