Toronto's affordable housing shortage is making people miserable
Now, a new report is reinforcing just how tough affording to live in the city can be.
The Toronto Housing Market Analysis report, authored by the Canadian Centre of Economic Analysis, the Canadian Urban Institute and the City of Toronto, confirms that there is very, very low rental housing supply in the city.
The wait for social housing was found to be around five to seven years, which can seem like an eternity when temporary housing (shelters, hospitals, your friend's couch, etc.) is so problematic and unlivable.
For those who want to escape renting, whether they've found a place or not, the time it can take to save enough for a downpayment on a modest home can be a staggering 10 to 27 years.
As it stands now, it looks like the problem could get worse too.
Over 90 per cent of rental units in Toronto were built before 1980, and few are being built now. With a population projected to grow to 3.9 million by 2041, it's not looking bright.
As activists, organization, concerned citizens, and miserable renters push the city for more affordable housing plans, council is gearing up to look at its 10-year housing plan.
It's clear these findings will have to influence that plan as it moves forward if the city hopes to survive.
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