Shelter is a basic human right and accommodation for all needs to be available and affordable.
Why it matters:
The Region still ranks as “severely” unaffordable among 360 markets worldwide:
- Toronto’s rating in 2014 is 6.2 (3.0 or less is considered affordable), its worst ever.
- While incomes overall have risen in the past few decades (by 18% in 2012 dollars) they have been far outstripped by the
housing price growth of 80% in the GTA during the same period.
Toronto remains the second most unaffordable housing market in Canada:
- It takes 65.3% of pre-tax household income to cover the average costs of home ownership at current market prices in Toronto,
in the first quarter of 2014 (up 2.7 percentage points over 2013). The only place where it’s worse is Vancouver (at 86.5%).
- Toronto's Vital Signs® Report 2014