Tag: affordable housing
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Toronto Now One of the Least Affordable Housing Markets in the World, Report Finds
Toronto has been ranked among the least affordable cities globally in the latest Global Cities Index by Oxford Economics. Experts say that without bold, immediate policy reform, the housing crisis will continue to push families and first-time buyers out of the market. Toronto Residents Spend More on Housing Than Almost Anywhere According to the 2025…
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Toronto Moves Forward on Citywide Upzoning for Sixplexes
Toronto is one step closer to legalizing sixplexes in residential neighbourhoods, after the city’s Planning and Housing Committee voted in favour of expanding multiplex permissions to allow five- and six-unit dwellings across low-rise areas. If adopted by full council later this month, this change would allow detached houses across the city to be redeveloped or…
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How Much You Need to Earn to Afford Rent in Toronto vs. GTA Suburbs Right Now
If you’re planning to move to Toronto or the surrounding suburbs, understanding rental costs is crucial. The November 2024 rent report by liv.rent shows interesting trends, including a drop in Downtown Toronto rent prices for the fifth consecutive month. Surprisingly, Markham has overtaken Toronto as the most expensive spot for rent in the GTA. Highlights…
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88% of Canadian Renters Say Owning a Home is an “Unreachable Luxury”
Canada’s housing crisis is impacting lives across the nation, whether you rent or own a home. What was once a standard aspiration—owning a home—now feels like an unattainable luxury for most Canadians. From skyrocketing rents to increasing reliance on food banks, the effects of the cost-of-living crisis are felt deeply. Households are grappling with record…
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Average Rent for a 2-Bedroom Apartment in Toronto Could Soar to $5,600 by 2032
Toronto’s rental market is set for a significant price surge, with predictions pointing to a staggering 72% increase in rent by 2032. A recent study from Concordia University forecasts that average two-bedroom rents in Toronto could reach $5,600 per month by 2032, a sharp rise from the current rates. In the nearer future, rents are…
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Canadian government announces boldest mortgage reforms in decades and here is everything you need to know
The Department of Finance Canada has rolled out some big changes to mortgage rules, aiming to make it easier for Canadians, especially Millennials and Gen Z, to buy their first home. Starting August 1, 2024, new mortgage regulations now allow 30-year insured mortgage amortizations for first-time buyers purchasing new builds. Key Mortgage Reforms You Should…
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Major Developers Join Toronto’s ‘Housing Now’ Initiative to Tackle Housing Crisis
The City of Toronto’s dedicated housing agency, CreateTO, recently provided an update on the ‘Housing Now’ initiative, revealing significant involvement from some of the city’s biggest developers. This collaboration aims to address the city’s housing shortage and affordability crisis. Notable developers like KingSett Capital, Greenwin, Tridel, Kilmer-Tricon, Ellis Don, and Windmill are key players in…
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1 in 5 Toronto Renters Spend Over Half Their Income on Rent, According to a New Report
Toronto’s housing market crisis is not limited to soaring home values that price residents out of ownership; renting is also becoming increasingly unaffordable. A recent report by Royal LePage reveals that nearly one in five Toronto renters now spend more than half of their monthly income on rent, highlighting the severity of the city’s affordability…
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5 Million Empty Bedrooms in Ontario Amid Skyrocketing Rent Prices and Housing Crisis
As housing affordability and soaring rent prices remain major concerns for renters in Ontario, a new map reveals a startling fact: there are millions of empty bedrooms across the province. According to the Canadian Census Mapper, the number of empty bedrooms in Ontario has reached approximately five million, a figure that some argue could significantly…
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Toronto Council Urged to Invest $351 Million in Affordable Rentals
City staff in Toronto are calling on the council to invest $351 million into affordable housing projects to facilitate the construction of 6,000 new rental units for low-income tenants and young, middle-class families. This ambitious plan aims to address the city’s affordable housing crisis and ensure these units remain affordable for at least 40 years.…
Canada Housing Market 