Young Torontonians can’t afford to live here any more. We spoke to three to find out where their money goes — and why they’ll likely have to leave

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Stephanie Bertolo knows she is one of the lucky ones.

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At 25, she’s got a master’s degree under her belt, debt-free thanks in no small part to help from her parents.

Yet with an annual income of $62,000, “it’s a bit shocking,” she said, how much of her monthly income goes toward her essential costs of living in the city she loves.


Bertolo, who works in housing policy, is well aware that she is spending more than the recommended 30 percent of her monthly income to rent out her Toronto apartment, which is $1,550 a month at a pandemic discount. .

Then there’s food, which took a portion of her income, before a recent surge due to supply chain issues and climate change.

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Bertolo has been able to save about $500 a month, but she’s not sure what she’s saving for. He’s done the math on buying a condo, and it doesn’t seem attainable.

“I think I’m saving to be able to eventually, but I don’t see that happening anywhere in the near future,” she said. “And I guess if I did, I’d have to have a partner.”

This is a disappointing feeling for Bartolo. This is shocking too.

“I’m the only person who recently graduated, and my income is like the average income of Canadians,” Bertolo said. “But it’s really hard to imagine that I’d be able to feed a family of four on my own income, and save up and rent a big apartment.”

According to the Canada Mortgage and Housing Corporation, over the past two decades, between 2000 and 2020, the average monthly rent for a two-bedroom apartment in Toronto has increased from $979 to $1,637.

Food intake is also increasing continuously. Average prices for some common foods have doubled or tripled in the past two decades. Experts say that food prices will increase sharply in 2022.


In that time too, the price of gas in Toronto has more than doubled; Although it has seen highs and lows over the years, it is rising again, to 145.30 in October 2021, from 100.70 in October 2020 according to Statistics Canada.

The grim reality is that Canadians – and Torontonians in particular – are spending more on essentials; Even though prices have gone up, income has not.


In 2019, the median personal income of Canadians aged 25 to 54 increased by nearly 20 percent In For the past two decades - $58,400 - according to Statistics Canada. Median income also increased by almost 20 percent to $48,200.

In Toronto, however, both median and median personal incomes have remained stable, increasing by only one percent and 2.6 percent over that time, to $60,300 and $46,400, respectively.

For young professionals like Bartolo, rising costs and stagnant incomes mean a difficult decision lies ahead: leave the city they love or face the prospect of not being able to save enough to own a home. We do.

"The outlook for new homebuyers is not particularly bright," said a November report from the National Bank of Canada, which found that housing capacity in Canada deteriorated over the past 12 months at the fastest pace of the decade. , as measured by the mortgage payment. A percentage of income.

Royal Bank of Canada's Housing Affordability Measure tracks the percentage of average pre-tax household income required to purchase a home at average market value, including mortgages, property taxes and utilities. The higher the percentage, the less affordable the housing.

For single-detached homes in the Greater Toronto Area, this percentage has been around 70 percent since mid-2016. This compares to about 50 percent currently in Canada and less than 50 percent in GTA between 1995 and 2005.

According to the Toronto Regional Real Estate Board, between October 2020 and October 2021 alone, the average sale price for a home in the GTA -- including townhomes and condos -- rose 19.3 percent to $1,155,345.

According to the National Bank report, in Toronto, a person would need to earn over $200,000 per year to buy the average home, and would need to save for 330 months to make that purchase.


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