High cost of housing in Toronto
By Miriam Bosiljevac
New building projects are announced almost daily in Toronto and yet many renters are still living in unaffordable housing.
A new mixed-use building with 1,500 units will be built next to the TTC’s Wilson Station, including 520 affordable rental units. And on Danforth, a new eight-storey development will provide affordable housing for seniors.
“I’m proud to have worked with WoodGreen Community Services and support this initiative to build much-needed affordable seniors’ housing,” said Toronto-Danforth Councillor Paula Fletcher in a November 15th newsletter.
But even with all these new units, many renters still struggle. A recent report by Statistics Canada said that renters were twice as likely to spend 30% of their income on rent compared to homeowners. Renters were also more likely to live in substandard housing or in homes in need of major repairs.
Only $1 a day left after rent and bills
In Toronto, a city with a high cost of living, this can mean turning to food banks, where 80% of users of Toronto food banks are renters.
Housing affordability had slightly improved in 2021 as a result of the temporary income boost provided by pandemic-related government benefits, but the numbers since have shown a return to pre-pandemic levels.
And while 3% of Canadians are currently experiencing homelessness, many more are on long-waitlists for subsidized housing, with almost half of those waiting are living in unaffordable housing. Finding it difficult to make ends meet, they worry about losing their home.
93,000 on waiting list
The wait times in Toronto for subsidized housing is on average 8 years for a studio and 15 years for 3+ bedrooms. This means that families who apply for their young families may not receive adequate housing until their children are grown up.
There are programs that help those at higher risk of homelessness to gain housing more quickly, for example those experiencing domestic abuse and trafficking, people who are currently experiencing homelessness or those who are terminally ill. But with the decade-long wait, one has to wonder how many people simply accept poor living conditions and aren’t counted among those waiting for subsidized housing.
Where is best to live in Canada?
By Estefania Trujillo
Toronto often tops the list of desirable Canadian cities but is one of the most expensive cities to live in. It is almost impossible to afford a house under a 100k but there are many other places across the country with more affordable options. We set a price of $50,000 on Realtor.ca and this is what we found.
This house located in Edson, Alberta is just 2 hours away from Edmonton cost $37, 500. That is a payment of $598 monthly for a mobile home with 3 bedrooms and 1 bathroom.
If you move to the east side of the country in Newfoundland Labrador, you can find this house with 3 bedrooms and 1 bathroom for the price of $35,000 which is a monthly payment of $626.
But if you move to Saskatchewan, a pretty affordable house with 2 bedrooms and 1 bathroom cost $29,900. Including all expenses is a monthly payment of $564.
Those are some of the many options of houses you could find in another provinces outside Ontario.
Are there houses under 400k in Toronto?
By Temitope Alade
Toronto has all types of housing options, but of course buying a house without being financially stable can lead to all sorts of trouble. Many people living in Toronto have claimed there are no houses under $400,000 nowadays which means it's next to impossible to purchase one, but that is false. It is true that houses in Toronto are pricey but it's not impossible to purchase one. We set a price of 400k, here's what we found on realtors.ca.
This 600 to 699 square foot apartment costs $380,000. It has a one plus one bedroom and one bathroom. It is located in 68 Corperative drive Woburn Toronto. The monthly payment costs $2,685 . The amenities include Heat, Electricity, Water, Common Area Maintenance, Insurance, and Parking. Compared to the last apartment, the fees for electricity is included.
This 600 sqaure feet condomonium costs $385,000. Its one bedroom and one bathroom. It's located in 3050 Ellesmere road Morningside, Toronto. The monthly payment will be $2,563. This apartment has similar amenities as the last such as Heat, Electricity, Water, Common Area Maintenance, Parking, and Insurance.
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