Let’s take a tour of the Greater Toronto Area, like we did with the Greater Vancouver Area. We will analyze the housing market and look into what makes each part of the region unique from the others. Our first stop is the City of Toronto. We will do an overview of the demographics, then a description of the current housing market, and finally we will describe what Toronto is known for.&nbsp;Toronto is the financial center of Canada and a multicultural hub requires no introduction. Not only Toronto is home to 3 million people, but it is Canada’s most iconic city. When an artist tours, it is guaranteed that they will make Toronto their one, if not only, Canadian stop. The city is known for its many sports teams like the Raptors and the Leafs. The CN Tower as part of the city’s skyline is recognized as a Toronto landmark worldwide.&nbsp;&nbsp;The City of Toronto provided their “City of Toronto Housing Data Book” from March 2023 that provides a basic overview of the city. This looking into the area’s demographics and a picture of the city’s housing situation.&nbsp;&nbsp;Toronto’s slogan on their population page is “diversity is our strength.” If you have been to Toronto, you can certainly confirm that you can find your community anywhere in the city, no matter how small. According to a diversity measure from 2021, there are more racialized people in the city than there are white people. The largest ethnic subgroup is South Asian and other populated ethnic groups include Chinese, Black, and Filipino. Non-racialized, or white, takes up slightly less than half of the population.&nbsp;&nbsp;The Book states that as of 2021, the immigrant population of Toronto was 46.6% of Toronto’s total population. They also state that three countries are the main origin country for immigrants in Toronto: 10.3% from the Philippines, 10.1% from China, and 7.9% from India. Interestingly, first generation Torontonians make up 52.9% of the city;s population. They define first generation as someone who was born abroad.&nbsp;&nbsp;Toronto has been known for its sky high housing prices too. Interestingly, the City’s Housing Data Book states that the largest sector of the population moving out of the city are those under the age of 19 and ages 25-44. The Book says that these people are leaving the city in search of more affordable housing options.&nbsp;&nbsp;They state that just under half of Toronto households are rented, adding up to 557,970 rented households in 2021. They also state that the number of rented households in the city is increasing each year. The most common family type of rented households are those with two parents and children, making up 17% of renters. 16% of renters are couples who do not have children. The most common rented property type is a high-rise apartment with 5 of more storeys.&nbsp;&nbsp;The Book introduces the idea of the measurement of Core Housing Need as a way to measure homes needing housing assistance. They say “CMHC defines a household to be in CHN when their dwelling is considered unsuitable, inadequate, or unaffordable, and when that household is unable to afford alternative housing in their own community.” As of 2021, the Book says 1.5 million homes Canada-wide fall under CHN. In Toronto, 1 in 5 homes are considered CHN. They also state that 40% of renters are living in unaffordable housing. This goes to show the housing problems the City of Toronto faces.&nbsp;&nbsp;Finally, we can look at some numbers. As of May 15, 2024, according to Nesto, the “the average selling price of a home in Toronto” is $1,128,1000, a 1% decrease from the year before. For a single-family home in the city, the average price increased 0,2% and is now at $1,363,700. Townhouse prices decreased 0.8% to $824,600. Condos also experienced a decrease, with the price 1.4% less than the previous year, now at $695,500. Thankfully, for the majority of the population who rents, the average rent charged has decreased by 2%, now at $2,757, but still ludicrous.&nbsp;Hopefully this gave everyone some more insight into the current housing climate in Toronto.&nbsp;&nbsp;Next week, stay tuned for our discussion on Mississauga.&nbsp;&nbsp;

GTA Tour: The City of Toronto

Focus on Greater Toronto Area's housing market and unique features, starting with Toronto. Discover demographics, market trends, and iconic landmarks in this multicultural hub with RIFO.

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