What are the impacts of the Toronto housing crisis?

Did you know that Toronto is ranked the sixth most expensive city in the world? Since 2007, the waitlist for social housing has increased by 68%. Compared to growth in one's income, housing prices grow four times faster. Even worse, rental costs grow twice as fast, which is unacceptable since having affordable housing is meant to be a basic human right.

Let’s talk a little about the housing crisis. A housing crisis occurs when there is an increasing scarcity of affordable housing, leading to the housing supply falling short of demand, disrupting the supply-demand chain which every industry is reliant on. Multiple major cities are experiencing this problem as economic growth has led to massive population growth and skyrocketing real-estate prices. In Toronto, we are, unfortunately, also experiencing a housing crisis.

The key factor contributing to homelessness in Toronto is our flourishing economy and the housing market. The growth in our economy has led to an exponential increase in rental costs and real estate value. Despite the fact that a good economy is much needed for progress in one's country, it often leads to inflation, which means even higher costs for basic necessities like housing. The lack of affordable housing has increased in record-high numbers and must be paid attention to.

Not only does affordable housing fulfill the basic needs of shelter, but it also contributes to the health and wellbeing of both parents and children. Many studies have shown that children in a stable housing situation do much better in school and are less likely to see disruptions in their education due to unwanted moves. Even better, just having a roof to live under is known to reduce stress, toxins, and even infectious diseases. These factors lead to improvement in one's physical, mental, social, and emotional wellbeing. A system with affordable housing provides families with access to funds to spend on healthcare, education, food, etc.

Especially in times like these and with the conditions we have been living under with the pandemic, residents of Toronto, or anywhere else around the world, should not have to worry about high housing costs, which can often lead to eviction or foreclosure. Having access to affordable housing would lead to much less strain on everyone. By simply having access to affordable housing, so many people would be able to get off the streets and into safe homes where they belong.

Works Cited

1. “Canada Housing Crisis.” Canada Housing Crisis, www.canadahousingcrisis.com.

2. Drudi, Cassandra. “Canada’s Housing Market Is Breaking Records at an Alarming Rate.” Chartered Professional Accountants Canada, 16 Feb. 2022, www.cpacanada.ca/en/news/pivot-magazine/2022-02-16-housing-market.

Researcher: Sumaya Osman (Research from Power to the Youth Toronto)

Editor: Amrit Kaur (Editor from Power to the Youth Toronto)

Date published: March 7th 2022