A one-bedroom in Toronto now costs over $2,500 a month — with no relief in sight
To afford the average two-bedroom, a household needs to earn $130,000 per year, according to new report. People are being ‘shut out’ of housing.
“My dear, here we must run as fast as we can, just to stay in place.
And if you wish to go anywhere you must run twice as fast as that.”
― Lewis Carroll, Alice in Wonderland
It's a good thing the provincial government is opening up the Greenbelt for more housing to be built and bought by investor-owners just to rent them out at the same fucked up prices we see now.
When I moved out of my large two bedroom Forest Hill apartment in 2021, I was paying $1575/month. The person that moved in after me paid $2500 for that unit and literally nothing was changed. No renovations or upgrades. It's madness.
I wonder when employers will start to balk and demand action. Higher housing costs will eventually mean salaries will have to increase.
That said, it doesn't seem to have worked in Vancouver. Many employer will just let their top candidate go rather than come up with worthwhile compensation for what it costs to live there.
All of our politicians are landlords so this will never change. Congrats on successfully making everything too expensive! What’s the next part of the plan?
A one-bedroom in Toronto now costs $2,500 a month — with no relief in sight
Over the past year, rents for one-bedroom apartments in the city have increased a whopping 21.5 per cent to an average $2,501 in February. And two-bedroom rental prices have risen 19.4 per cent to $3,314 on average — posing serious challenges for low- and middle-income renters who have to move in today’s market. Analysts are forecasting more price increases throughout the year. Meanwhile, other parts of the GTA don’t look to be providing much relief. Victoria Gibson reports on the numbers and what more is expected in the market.
By the numbers: Using the threshold that affordable housing is anything costing 30 per cent or less of a household income, the average one-bedroom listing is just too expensive for any households earning less than $100,000 per year.
More numbers: According to the same guidelines, a household would have to be earning at least $130,000 per year to comfortably afford the average two-bedroom listing in Toronto today.
That's what happens when you have no supply but keep increasing demand. This is just the beginning too.
Yeah well the Star just ran this bullshit article on the front page the other day so are they really an ally in this fight?
Its okay Toronto can continue voting for politicans who support housing speculators and drastically increasing housing demand with high population growth and then complain and then become nimbys when development starts :)
I moved into a single bedroom apartment 5+ years ago. I’m moving out in a few months, and I’m never looking back. I’m never going to be able to afford the same place again.
refuses to build more housing because homeowners don't want the price of their homes to decrease
why is housing is sooooo expensive :c
The thing is it wouldn't even be that bad if the places were actually worth the $2500. The places are tiny with less to no space and just shiny appliances if your lucky. 😮💨😮💨
What blows my mind is how many people, on Reddit and outside, think this is just the way it is and how it should be.
Supply and demand, should have gotten in earlier, just buy further out, etc. Lots just don't seem to see or care about what this will do to our society over the next decades. Of course we know why: most of them own and feel like their success is deserved and should be rewarded. How could they ever think beyond their own interests. I'd argue that 20-40 years from now, a disenfranchised majority vs a wealthy majority that's still saying it was the minority's poor choices or work ethic that created this situation won't go over so well. Either the majority is going to vote in governments that tax the shit out of assets, or we're going to look a lot more like a 3rd world country in the way a landed elite runs the show and suppresses the masses with all the soft and hard power tricks we seen in places like Latin America. Given that so many Canadians now weren't Canadian 20 years ago, it wouldn't surprise me if the old somewhat egalitarian social contract (for those in the mostly homogenous majority) is just gone. Might makes right is how it goes in most the world, and I don't think it's a stretch to think that many immigrants have brought that mindset with them.
Myself and half of my friends live in rent-controlled spaces where, if we had to move out, could absolutely not afford living in this city. It’s insane.
Glad I just locked up this bachelor for one grand all in. I would never pay those prices for somewhere to sleep.
I had to work hard to get this place so if anyone is looking you can find deals. Not everyone is a greedy jerk, but you must start looking months ahead and reply to ads throughout the day. It's a lot of work but it can pay off.
My landlord has been contacting my ex girlfriend, whose name is on my lease (but she moved out and I'm legally the holding tenant), to convince her to convince me to terminate the lease together under threat of "maybe there will be damages and you'll both be liable".
They obviously just want to increase rent.
They even messaged my ex pointing out the legal clause that lets her terminate the lease without me, if violence and abuse are present. Fortunately my ex told my landlord to fuck off with that bullshit, but dragging her into this was shitty.
This post has 601 upvotes at this point. Would 601 people show up to Queen's Park this Saturday at noon to protest? 🤔
Up to a point, the supply demand curve will balance it out - there will be an increasing number of empty nesters boomers who will open up their basement to rent to make their own retirement needs.
$3000 for one bed room condo just so the investor landlord can keep meeting their interest payment or $2000 for a one basement in a nice suburb neighborhood where you help around the landlord for some food benefits.
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