Ontario’s Incomes Are Rising Everywhere Except In Toronto
Time to consider that move out of the city?
Some good news for Ontario: the province, on the whole, is booming in terms of income right now. But don't think Toronto incomes are in the same boat. A survey released on February 24 by Statistics Canada shows that the 6ix's median after-tax income has declined, bucking the provincial trend.
StatsCan's report, published on Monday, looks at changes and trends in income across the country between 2017 and 2018, which is when the data was collected.
According to the report, via Better Dwelling, Toronto’s income fell to $68,600 back in 2018, down 2.97% from 2017.
That might not seem too large a drop, but it's in stark contrast to the provincial rate. On the whole, Ontario actually saw a rise to $66,200, up by 3.28% in 2017.
So Toronto's median income is still larger than the provincial rate, but the gap has been closed dramatically.
The 6ix's fall also comes after it had made its biggest increase in over 30 years back in 2017.
According to HuffPost Canada, income inequality has actually started going down in Canada thanks to policies that are made to help low-income earners, like raising the minimum wage.
There has reportedly been some debate as to whether or not these hikes actually cause more harm than good to the economy.
A chart by Stats Can via Better Dwelling shows the percent change in the median after-tax income of families and unattached individuals for Toronto and Ontario.
The 6ix's fall comes in the face of. Over the last year, house prices in the city jumped by more than most people earn in an entire year.
It was also found that theis far more than what an average Canadian makes.
Is that really that surprising? We'll let you make up your mind.
Meanwhile, if we were to compare province to province,more on average than other Canadians across the country.
The full Statistics Canada report can be found here.