Many Toronto renters pay more than half of their income on rent

Rising house prices have made many Toronto residents lose their dream of buying a home, but the rental situation in the city is not much better. A new report shows that nearly one in five Toronto renters spend more than half of their monthly income. spends on rent.

Royal LePage's 2024 report shows that 19 per cent of Toronto renters (one in five) now spend more than half of their income on rent, with little left over to pay bills and buy groceries. .

The number of Toronto renters who pay more than half of their income on rent is 16% higher than the national average. The report also found that 35% of Ontario renters spend up to 30% of their net income on monthly rent. , while 36 percent spend between 31 and 50 percent of their income.

Devoting less than 30% of salary to housing is generally considered a standard for a comfortable life in Canada.

The report found that nearly half of Ontario respondents (49 percent) have no plans to buy a home in the next two years, and 61 percent cited their income as the reason.

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