House prices in toronto have been rapidly rising and it has formed many inferior issues in Toronto. These high housing prices have caused problems around Toronto that we need to acknowledge.
Not only housing prices are on the rise but problems like Relative poverty, homelessness and food banks have had significant boosts in there numbers. About 25% of Toronto lives in Relative poverty. Relative poverty is when people cannot meet the minimum income requirements to keep up with the standards of living in the society they live in (www.
thestar.com). Toronto properties have had an average increase of 17.3% since the beging of the year to December of 2017 (www.
toronto homes-for-sale.com). About 70% of GTA residents live where they do now because they can’t afford to live in the heart of the city (http://homeless hub.ca). Having this increase in housing prices has made it hard to make an impact on changing relative poverty, have made residents move to outer areas of the city and that leaves less money left over for food all in the GTA (Greater Toronto Area). House prices in Toronto are rising rapidlyThe average increase of all property in the GTA was 17.3%.
In the Greater Toronto Area the average housing prices before it soar an average of 17.3%. For a detached house it is a average of $974,698; semi-detached homes sold for an average of $673,738; townhouses (row houses) for average of 621,601; condo townhouses for $476,824; and condo apartments for an average of $416,252 (www.toronto homes-for-sale.com). After the property prices risen about 17.3% in the GTA the average price for a detached home in Desember was $1,286,605, for a semi-detached house an average price of $808,920, the average townhouse (row houses) price was $662,959 and for a condo apartment the average price was $466,592. Not only that, about 47.
5% of all sales of that year were detached houses (www.toronto homes-for-sale.com).
these rising houses prices have made a big impact to relative poverty and homelessness around the GTA. Residents living or not living in the GTA would not be able to afford living in these houses causing them to move out of the GTA. The Future youth population would not be able to afford these housing costs in the GTA because of the cost of education and receiving low income jobs and the limit of work hours. Toronto residents make less average income than other citiesPeople living at the poverty line in Toronto is at $18,759. Nearly Quarter of Toronto’s population is in poverty, which means out of the 2,615,060 people living toronto, 604,050 people are living in poverty (www.thestar.com).
Out of the many cities around Toronto like Kingston, Oshawa, Hamilton, Kitchener London and Windsor, Toronto has one of the lowest average income intakes. Toronto’s average income as of 2015 is the lowest. In 2015, the average Torontonian make about $78,280 a year compare to other cities around Toronto (www.
statcan.gc.ca). Toronto’s income being the lowest of all the cities of ontario, the other cities have a similar range in the 80 thousands. Kingston having an average income of $86,870; Hamilton having an average income of $87,590; Oshawa having an income of $92,080; Kitchener having an income of $86,930; London having an income of $80,570 and Windsor having the second lowest right behind Toronto of $78,700 (www.statcan.gc.ca).
Toronto being of the popular destinations and Ontario’s Capital to find jobs and having more job opportunities than other cities but, also making it hard for Toronto workers and families to make a decent income to afford the housing rates in Toronto. Making it hard for people to work and live in Toronto with a decent income. Also making it hard for future youth who might be thinking of going to universities and colleges in Toronto but, won’t be able to afford the housing and rental cost near their schools. As the housing prices are rising, the residents of Toronto are going to continuing making less income. High housing prices forcing residents to moveToronto is the capital of canada’s child poverty with a 28.6 percent of children living in low-income households (www.
thestar.com). Toronto’s low income households and high housing prices are forcing residents to move from were they live now. 70% of GTA residents live where they do now because they can’t afford it, not because it’s where they truly want to live (homeless hub.ca).
Residents in Toronto can’t afford to live in toronto not only because of the high house pricing but, high gas prices as well. Toronto’s average gas prices is the highest compared to the other major cities in Ontario. Toronto’s average gas price is 122.496 cents per liter, compared to the other major cities of Ontario there gas prices are in the same range under the 120 cent to low 120s (http://then.gasbuddy.com). Toronto high housing has a direct correlation with the number of people moving from Toronto.
With house prices rising in GTA, young families are choosing to move further away from the city of toronto which makes sense because much of that growth has been in smaller communities, families are choosing to move further away to have the dreams of owning a home (www.macleans.ca).Rising house prices causing people to be homelessThe rising in house prices are causing people to not afford the house they live in now with the low income intake toronto is making it difficult for people to afford their own houses forcing them to move into rental apartment or moving into the suburbs, away from the high house prices. Not everybody has the choice to just move away to other communities, they have a jobs and other things that they can’t leave behind forcing them to search for a cheaper way to live where they do now. 70% of Toronto residents live where they do now because they can’t afford it and because it will be more sustainable for them (homeless hub.
ca). There were only 260 rental units opened in 2013, a 77% decrease from 2012. Renting is hard for young full time workers between the ages of 15 and 24. The average rent for a one-bedroom apartment in Toronto requires more than 40% of the average wages earned by a Torontonian (homeless hub.ca).Food Banks being affected after rising house prices As Toronto’s house price are on the rise, many who can’t afford the housing prices have had to move to outer areas of the city to find affordable housing.
As houses get more expensive, that leaves less money left over for food and for other resources. According to the globe and mail the food bank usage have increased. The food bank usages is a key indicator of poverty, The growth reflects on a number of economic shifts, newcomers in Toronto landing jobs, to rapidly rising costs for food, energy and rent (www.theglobeandmail.com). 32 percent of food bank users are children, from infants to 17-year-olds.
Out of 1000 food bank users 35 per cent had gone an entire day without food; 16 per cent said their children went hungry at least once a week. Fifty-five per cent reported giving up a meal in the previous three months in order to pay for rent, their phone bill, transportation or utilities (globalnews.ca).
These choices of giving up what they need daily just has gone too far for torontonians the house prices needs to be at a sustainable mark, so Torontonians can afford housing cost, food cost transportation costs and other utility costs with their yearly incomes. Toronto residents would not be forced to move, making them happy about where they truly want to live.