As the second most expensive housing market in Canada — a market welcoming more new residents each year than any other city in Canada — housing is no longer just unaffordable, it’s unattainable.
There are many reasons affordability has reached crisis levels here in Toronto, but at its core, it’s a question of supply and demand. We are collapsing under the weight of our own growth.
Despite decades of knowledge that this growth was headed our way, Toronto’s housing supply has stagnated. The city has seen a continuous influx of new residents — new Canadians, international students, and people arriving from elsewhere in Canada — and we aren’t building enough homes to keep pace. Reasons range from planning processes that prevent intensification in stable neighbourhoods to complicated red tape and long approval timelines that delay construction.
People are drawn to Toronto due to our strong economy, job opportunities, and cultural appeal — the City was just named the friendliest in the world — but the growth pressures that come with this threaten to undo the very things that make our region attractive.
As newcomers arrive, high prices are simultaneously pushing others out to seek residence elsewhere in Ontario or even internationally. Alarmingly, this is particularly impacting families. Residents aged 0-4 and 30-34 represent the demographics exiting the city at the highest rates. Losing young parents — often people in the prime of their working career — is a massive threat to our economy.