A new report is shedding light on just how much income some Torontonians are spending on rent alone. Erica Natividad with the numbers and the difficulty getting out of the rental market and into home ownership.
Most people are paying at least half their income for housing whether it is rent or mortgage. Don't blame renters or landlords blame our incompetent politicians from all levels and all parties for creating a housing crisis.
We in Canada have abundance of wealth, oil, gas, food, Gold, silver and on and on and we have huge reserve and wealth - where our money is going to? Some one answer this question for God sake. Being a Canadian citizen with nationality from Middle East don't get jobs easy, if at all due to discrimination and isolation. We have big problem to solve.
The Minimum wage in Toronto is 17 $ per Hour and after paying Tax you take home monthly is 2000 $ and 2000 Dollers is Averege Rent of one bedroom Apartment or basement in Toronto so please talk about common man your whole salary goes to Rent 100% Not 1 in 4 Most ppl and immigrants work on Minimam wage and Rents are always expensive
Making less than 100k in this city does make you feel that you're just few steps away from being homeless, yet to make this money it not that easy even with 2 jobs
…don’t know why would those ppl prefer to struggle full-time…why not go somewhere else to live a good life w/o financial stress. 50+% expensive rent is beyond words.
Exactly! If you look at history, poor people rarely revolt, because it's hard to revolt on an empty stomach. Most revolts were led by the middle class or upper class against the elite.
It's because of many many years of foreigners parking their money here and investors that are using our real estate to make dumb money. The amount of laundered money used in Vancouver and Toronto in the last 15 years is staggering. I think the right thing to do right now is to force all foreigners to park their money somewhere else within 1 year (fail to do so will be automatic auction sale) and make residential properties for Canadians only. Ban mortgages/HELOC for 2nd property and taxed them appropriately to prevent dumb money. Any homes sold within 3 years will be taxed 100% inclusion rate. That should help drive the house down and hopefully it's enough to eliminate artificial prices Additional changes also could help: make income verification using your tax assessment directly from the CRA. Make airb&b require a business license and obliged by the motel/hotel regulation in their respective jurisdiction
Maybe sometimes people are greedy and sometimes people need to look at how a person thinks and not the colour of their skin. Quality Verses skin colour is what my mom tells me and she is white woman with black kids. So is how you think that counts not the colour of your skin and some people have bad old values and need to liberate there self. Unless they travel 🧳. Some don’t want to understand that.
People who stays in affordable housing loves Toronto. When you work and don’t live in affordable housing you want to move away from Toronto to survive.
In New York no one can rent an apartment that they have to pay more than thirty percent of their income in a month. I don't know how anyone is allowed to pay eighty five percent of their monthly income on rent. And no boss at any job has to keep up with the prices of anything. A few decades ago only doctors made a six figure income. A boss is not obligated to keep up with anything. No one has to support someone elses greed.
Oh be quiet. The fact is that because of Trudeau and the Liberals the rent is high because the cost of mortgages and housing is high, so of course the rent is not going to be cheap. Go look at how much it costs to have a house and to pay mortgages, and also how much free range money laundering was allowed for decades, then come back to do 'journalism'.
However hearing rent is going down in Toronto now that’s a kind thing way to go Toronto. Because it’s hard seeing my friends working hard 😓 and struggling to pay rent and yet they are good people. Maybe give people a break sometimes is good for everyone so it’s easier to help. I see farmers struggling and they put food on are table. Grew up around farming. Farmers are cool.
If you can afford to buy a house and put it up for rent you should be able to . We live in a free market. What really happened lots of Canadians they started flipping and renting out homes and the prices of the homes went up during Covid it just made it worse the people that all ready had properties during Covid became richer . Dont hate because someone invested their money in real estate at the right time . People will hate just about anything . It is what it is . Rent is not the only thing that went up mortgages also went up. Blame the liberals for bringing so many people over and they need landlords to buy homes and rent them out 🤷♀️ stop bringing millions of people into Canada. Then they hate landlords for pushing up the rent because they have a family of 6 living in a 2 bedroom apartment and using up all the hot water of course the la lord will push up the rent . You have any idea how expensive rent is in new York 😅
I left Toronto and Canada, now I live in a tropical beach town in Asia. I stay at a fully furnished spacious and modern studio, utilities included, twice a week maid service, 10 minute walk from a gorgeous beach, my rent is $435CDN/month. And that's on a month to month basis. I could get it cheaper if I were to sign a longer lease, but I enjoy bouncing around every 3 or so months to a new location. I live very comfortably on 1KCDN a month, not wanting for anything. My advice: EXIT while you still can. Make money online and leave Canada and the Western world as they are both shooting themselves in the foot big time. I may come to visit Family but to live in Canada? No more thank you very much. Sad to say but the only thing I miss about Canada is Family. Absolutely nothing else!
The city just has to make a by-law that control rent. Foreign citizens should not be able to own real estate plus renting out their properties because this has become a business on the back of local citizens. Rent should be based on square footage. Rental units should rent at 50$ for every square foot. A 900 square foot apartment should cost 450 $ a month. Every apartment should have standard size bedrooms. The minimum bedroom must be 11 ft x 11 ft.
Rent control is needed for those who need reasonable living. Many rentals are owned by big businesses and don't care about anything but making money. I renovated many rental units with minor repairs and a paint job. But the look of the units are very old and out of style. Someone moved out was paying 900 each month but once painted it went up to 1,300$ each month. Nothing changed but just a fresh paint job. Every rental unit should be based on square footage and the number of bedrooms. This is like working for someone who pays their wages across the board depending on their position. Anyone renting should receive a 100$ per month rebate after renting for ten years would give you 12,000$ to help with a down payment for a home but the three levels of government should add to that 12,000$ to purchase their house.
