If you live in the city, you know that Toronto is unaffordable for many of its residents. However, a new report suggests that almost 100,000 essential workers are having trouble finding affordable Toronto housing.
The Toronto Region Board Of Trade (TRBOT), a local business advocacy group, released a report on Monday that says that the city could lose more and more essential workers as housing prices rise and wages stay the same.
In a stark portrayal of Toronto's affordability problem, the TRBOT report says that a worker making $50,000 a year could only afford a one-bedroom apartment in three Toronto neighbourhoods.
Number of essential workers who can't afford Toronto housing
Toronto's home prices went up four times faster than income in 2018 alone, the report says, and rent increases went up twice as much as wage increases.
The TRBOT says that people who make $40,000 to $60,000 a year make too much money to apply for social housing but not enough to afford housing.
And they say that there are 330,000 workers in Toronto who fit in that category, and about 90,000 of those people are essential workers.
The TRBOT report outlines different types of housing — like co-op buildings and not-for-profit developments — and assesses their feasibility for housing more of Toronto's workforce.
"COVID-19, an ever-ageing population and an increasingly in-demand social service sector mean that time is no longer on our side," the report concludes.
"Our region’s long-term economic success will undeniably depend on housing action – but will we take that action in time?"