A document released yesterday by the Advocacy Centre for Tenants Ontario revealed the bleak reality of Toronto's affordability crisis. It found that almost half of Ontario renters are paying rent that's unaffordable.
This may not seem like news to you, but here's what's truly shocking. To live comfortably and afford rent in downtown Toronto, you should be making about $24 an hour. Which is equivalent to a yearly salary of $48,000.
Like most recent grads and young professionals, you're probably still waiting for that raise at your entry level job. By today's standards, a $24 hourly wage is considered impressive, not the bare minimum to survive.
According to the document, 48% of renters in Ontario are earning $40,000 per year. So, it comes as no surprise that 46.9% are barely scraping by to afford living in the city, and are struggling to set any amount aside for savings.
Last year, the average cost of a one bedroom condo in Toronto was $1,800. If you're only making $40,000, that means well over half of your yearly salary is being flushed away to afford rent.
The director of advocacy at the centre says that these numbers are likely even higher, because they're based on units that are occupied, not vacant. Because of the severe lack of vacancy in Toronto, landlords can charge even more for a coveted downtown apartment.
One thing's for sure - this crisis has to end somewhere, and something must be done.