And Toronto isn\u0027t just expensive for homeowners. Cost of living for renters has soared 22%. Find out more
And costs aren’t just high for homeowners. Renters are also facing a 22 per cent increase in the costs of living in Toronto, the study finds.
Record immigration, strong job market and a still unaffordable housing market for many is stoking demand and keeping rents high. LowestRates.ca, which based its study on external sources and the personal experience of its writers, says it’s certainly possible for people to live in Toronto for less, but it is also possible people will need more.
“While falling house prices have led to affordability steadily improving over the past year, buying a home is well out of reach for typical households, in part due to higher mortgage rates,” said Oxford economists.
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