It seems like the price to live in Toronto just keeps getting worse, and now it looks like nobody can afford to live there.
Residents of Toronto knew that the cost of living was getting bad but, not this bad. Currently, the price to rent a one bedroom apartment is the highest in Canada, and a new survey reveals that the affordability of housing is one of the worst in the world.
The 14th annual Demographia International Housing Affordability Survey released a report on global middle-income housing which includes cities in Canada, the U.S., Australia, Hong Kong, Japan, Ireland, New Zealand, Singapore, and the United Kingdom. Out of 293 cities involved in the survey Toronto, Ontario moved up from its position at 28 last year to the 21st least affordable.
“In both Vancouver and Toronto,” states the global report, “the household cost of even the least expensive housing, apartment condominiums is well above widely accepted 30 percent maximum guideline.”
The report continues to say that Toronto is guilty of having “the worst housing bubble risk” and a “severely unaffordable housing market.” The federal and provincial governments have been taking initiatives to quell the rising prices with the foreign buyer’s tax and Fair Housing Plan but, both have proven ineffective thus far.
You can read the full Demographia International Housing Affordability Survey here: https://fcpp.org/wp-content/uploads/dhi2018-fcpp.pdf