Rent Rage: You need to earn how much to live in Toronto?

For the first time ever, the average rent in Canada has soared past $2,000/month — and it's even higher for people living in Toronto. CBC’s Ellen Mauro breaks down how it got so bad and what it will take to fix the problem.

#Toronto #Rent #cbcnews

Watch The National live on YouTube Sunday-Friday at 9 p.m. ET

Subscribe to The National:

Connect with The National online:

The National is the flagship of CBC News, showcasing award-winning journalism from across Canada and around the world. Led by Chief Correspondent Adrienne Arsenault and Ian Hanomansing, our team of trusted reporters help you make sense of the world, wherever you are. The National was named Canada’s Best National Newscast by the Canadian Screen Awards and RTDNA Canada.

[CaptApril]

When people who make high incomes are living a lower standard of living than I did as an impoverished student in Toronto in the 1980's something is seriously wrong.

[bashira]

Higher rent, crazy food prices, high taxes, low income, shortage of medicines, shortage of medical.staff, shortage of beds in hospitals. All this happening in 2nd largest country in the world with the population less than 40 million. Canada comes in the rich countries list. What is going on? This country is not liveable anymore. It's a shame

[TH-dgmm]

I rented a 1 bedroom on January 1, 2021 for $1, 350.00/month. I've moved out and the exact same unit in the same building is now $2, 599.00/month on January 1 2023. The problem with Toronto and Canada is completely unchecked corporate greed. Phone bills - most expensive in the world. Groceries - up 30% in a year. Rent - up 100% in 2 years.

Gov't? Nowhere to be found.

[MrLuchenkov]

Can we take a moment to consider that we have basically went full circle back to feudalism, except we don't get to enjoy the outdoors and nature in general.

We're working long hours only to see all of that money be spent on:
-Rent to landlords, who more often than not do not work or produce anything of value and have inherited property/wealth;
-Food to mega companies who see any crisis - real or manufactured - and think "greed is good";
-Taxes to corrupt/incompetent officials who spent fifty years mismanaging now-broken services;
-Fixing up our cars or paying ever more just to be able to transport ourselves so we can work longer hours so we can resume this cycle.

We've never had such high levels of mental illnesses. People are more and more detached, living in "work bubbles" with less and less social interactions. We see more and more children - ever younger - being put to work or told they "can" work and we're being told by mass media - owned by the same clique - that this dystopia is progress.

To people who say it's Trudeau this or that; wake up. This isn't the byproduct of a politician or its party, this is the system working as intended. Be it Cons, Libs or the NDP, none of them are addressing the systemic issues. None of them want to break the mold. They're asking us to pick a different colour for the meat grinder as they all push us into it. That's all.

[edward.abraham]

📍To my own research In Canada, individuals living in cars and vans due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.

[KarlyNoorda]

The fact that there is already an excessive amount of demand awaiting its absorption, despite how everyone is frightened and calling the crash, is another reason why it is less likely to occur that way. 2008 saw no one, at least not the broad public, making this forecast, as I'll explain below. The ownership rate was noted to have peaked in 2004 in the other comment. Having previously peaked in the second quarter of 2020, we are currently at the median level. Between 2008 and 2012, it dropped by 3%, and by the second quarter of 2020, it had dropped from 68 to 65.

[livingmybestlife]

Honestly I am 30 years old and I am looking outside of Canada. There is no work life balance anymore and medical system is collapsing so if I am going be homeless it’s going be on sandy beach somewhere warm.😂 not negative -35 with snow.

[okala]

The 4th issue you don’t touch on is the airb&b debacle. There are thousands of these units that are contributing to the low long term rental supply

[bradzimmer]

As a Canadian born in Canada in 1969, its getting to a point that not only is Toronto no longer affordable, but the entire country. Time to leave.

[HasanGhaziMusic]

So about 490, 000 new immigrants in the last year alone... Vast Majority of them coming to Toronto and Toronto's plan is to build 280, 000 new homes over the next 10 years... Brilliant simply brilliant... My head hurts thinking about how much this city's politicians and urban planning has failed us

[julielevesque]

I don't even earn $2481 a month so I guess I would be homeless living in Toronto while working full-time.

[birsay]

A person grossing 100k a year could NOT afford 2500 rent. A middle class Canadian cannot afford a one bedroom apartment.

[WTF_]

Let's convert those useless empty offices to housing. No one wants to work in the office anyway.

[sunnysun]

It’s not just Toronto, its same situation in other cities in southern Ontario like Kitchener, Guelph, London … everywhere!

[EricZachary-omhf]

Great content, I’m closing in on my retirement and I’d like to move from Minnesota to a warmer climate, but the prices on homes are stupidly ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%) do I just invest my spare cash into stock and wait for a housing crash or should I go ahead to buy a home anyways

[mikeheaton]

I feel for young people, living at home when your 40 years old .

[jsnagraable]

The Canadian dream is fading. I feel sorry for the younger generation.

[farid]

Here in Vancouver the three main reasons that feed in the rent insanity are: 3) low or stagnant wages, 2) a city that has been running behind affordable housing for decades, 1) money laundering that is tied to real estate speculation.

[craigiefconcert]

I talked to one company in Mississauga about a job. When I considered the price of rent in Canada’s third most expensive city the wage I demanded was too much for them.

Their recruiter contacted me a year later. I told them house prices are up 30%. That wage 😮you didn’t want to pay last year would be 30% higher.

It would be better for them to move their office to another city. If they don’t then eventually somebody else will undercut them with a better business model.

[brandony.]

Pov you make more than your parents combined but can’t afford to leave their house cuz rents are too high. Love that for us gen Zs and Millennials :)