Ah yes, Toronto is at it again…sucking up our money however it can.
According to real estate group Urbanation, Toronto condo rents have just broke new record highs! After increasing 7.6 per cent, the new average rent is $2,385 per month.
Can someone please explain how the average earner making around $40,000 per year can afford to live in the city? Oh right…you move. Lets commute 2.5 hours a day.
To make matters worse, there isn’t enough condos being built to accommodate the growing demand.
To top it all off…the little bit of new supply coming in is extremely expensive.
Your options are simple: 1. live in the city and hustle or 2. leave the city.
When do you guys think these rent increases will stop?
What can be done to stabilize Toronto rent?
Downtown Money is a millennial online magazine aimed at helping our generation move forward. Follow us for the latest news worth your time.