While the real estate picture in Toronto has been stellar for several months now, the high rate of sales isn't being offset by an increase in supply, a new report details.
According to the Ontario Non-Profit Housing Association and the Cooperative Housing Federation of Canada Ontario Region, 93,000 people are on affordable housing waiting lists in the Greater Toronto Area alone. What's more, vacancy rates are in record-low territory at 2.7 percent in Durham, 2.2 percent in Toronto and 1.8 percent in both Peel and York.
Harvey Cooper, manager of government relations for CHF Canada, said the problem is particularly acute for families with low annual income levels.
"This year's findings clearly demonstrate that the gap between homeowners and tenants' incomes is growing ever wider and many Ontarians of low and modest means are struggling to find a home that they can afford," said Harvey Cooper. "I worry about families being forced to choose between paying for the necessities of life, putting food on the table and paying the rent."