Toronto Has Created A Lottery For Apartments With Cheap Rent And It's As Crazy As It Sounds
It's great! As long as you win...
It seems that finding an affordable place to live in Toronto is virtually impossible these days. It seems as though you can count yourself lucky if you're paying $1,000 a month for rent. Many places in the city are going for well over that and the price just keeps climbing.
It's almost like you have to win the lottery just to find a decent apartment to live in.
Well now the City of Toronto has created a lottery just for people trying to find a place to live.
In order to be be a part of this housing lottery, you have to submit an application on the Toronto Housing website. Each application is considered equally and winners are chosen at random.
So, what do you get if you win this lottery? Unfortunately unlike the actual OLG lottery you don't get an enormous pile of cash. Sadly it's just not that fun.
What you will get however, is a one bedroom apartment that will cost you less than $1,000 a month. Which, while not a private island, but is a pretty sweet deal in this city.
You can also win a 2 bedroom for $1,411 a month or a 3 bedroom option at $1,276 each month.
Of course not everyone can enter. There are rules about how much you can earn in order to be eligible for each option. You can look at the chart below for the full income restrictions.
The city just accepted a mass of applications recently so it may be a bit before more building spaces become available but this is definitely something to keep in mind.
So if you're feeling lucky and can afford just under $1,000 a month for yourself you may want to check out the Toronto Housing website here for more information.