Yesterday, Vancouver residents gathered in protest of the city’s lack of affordable housing. Between 2001 and 2014 housing costs increased by 63% while salaries only rose by 36%. People are voicing their opinions on Twitter with #donthave1million. Their main argument is that foreign home-buying is driving up housing prices and leaving less affordable housing for local home buyers/sellers.
No formal protests are being held in Toronto on affordable housing but residents are still feeling the pressure. RentSeeker.ca posted the infographic below highlighting that Torontonians need an income over $126,530 to afford a home, as average home prices are $630,858. Average detached home in Toronto is $1,056,114 making it nearly impossible for a single person under 35 or anyone supporting a family to buy something other than a condo in the city.
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