The excitement of living in the 6ix is quickly diminishing for residents of all ages. How can anyone comfortably enjoy this bustling metropolis when the struggle is uphill to find a property to buy or rent that is affordable, in good shape and ready to inhabit with minimal renovations. Why is the rise in property prices creating such problems for those who have the desire to live in Toronto? It's simply because of stagnation with wage growth. Corporations are booming, but people are still not earning enough to stay afloat. The cost of living in Toronto is approximate, $32,885 per year. Broken down, that includes an average monthly cost of $1672.13 spent on rent, $127.50 on phone and internet, $176.25 on transportation, $283.60 on groceries, $354 on entertainment, $75 on fitness, and $52 on insurance. There is a big disparity and living in Toronto is no longer a viable option for many people. A new report from the Toronto Foundation highlights the inequalities that face thousands of Torontonians and the need to ensure that the city is viable.
"Despite our self-image, Toronto does not work for all. In fact, for a growing majority, life in the city poses a serious struggle, and the trend lines suggest that things will get worse before they get better," says Sharon Avery, president, and CEO, Toronto Foundation. "For those who think that things are no tougher today, Toronto's Vital Signs is a wake-up call. We've compiled more data than ever before and the evidence is clear: inequality is the new normal", Wage and housing inequality are primarily affecting racialized groups and marginalized populace.
It is now up to local and federal politicians to devise a plan of action to make Torontoliving accessible to most people. Growing and un-monitored wealth inequality are directly negatively affecting the youth, newcomers to Canada, and racialized communities, who have had no inflation-adjusted increases in income over the last 30 years. First time homebuyers are affected the same way as others. Speak to your trusted realtor and mortgage broker to explore viable options in affordable and financially accessible housing Trust your 8Twelve Mortgage Broker to help you get the ‘best’ mortgage!