Toronto residents can expect to pay around $2,000 more per year than in cities like Montreal, according to a new report.
A survey of more than 10,000 people found the average monthly rent for a two-bedroom condo in Toronto is $1,500, while a one-bedroom unit costs $1.25, compared to a median of $1 at Montreal and $1 in Ottawa.
The report also found Toronto’s average cost of housing is higher than in many Canadian cities.
Residents in Toronto are spending around $6,000 on housing costs each year, while people in Montreal, Ottawa and Vancouver pay around a third less.
“It’s a very, very expensive place to live,” said Andrew Reiner, executive director of the Centre for Housing Policy and Urban Affairs at the University of Toronto.
“I think Toronto is a very attractive place to raise a family.”
Reiner also said there are many people in Toronto who are buying properties that are out of reach of low-income earners.
In a new study, Reiner and co-author James Burt, a professor at York University, found that people in the city who were not able to find a rental property that meets their criteria are spending more than $6.3 million a year on rent and utilities.
In Hamilton, Ont., the average rent in a two bedroom apartment is $2.1 million.
The Toronto average is $3,500 a month.
“What you see is a really significant increase in the price of living,” Reiner said.
“If you’re a family, you’re spending a lot more than you did in Hamilton.”
The Globe and Mail surveyed people in cities across Canada to find out how they felt about their cities.
The findings show Toronto residents have lower standards than other major Canadian cities, with residents in Toronto spending more on housing and utility bills than residents in Montreal and Vancouver.
Reiner says a number of factors could contribute to this, including the lack of affordable housing, lack of job opportunities, and low wages.
“There’s not a lot of good jobs,” he said.
“[The] only reason that people are moving out of Toronto is because they’re working really hard.”