– Insights from Toronto Realtor Richard
The Toronto rental market is evolving, with a major housing deal aiming to ease affordability challenges. The federal government has pledged $2.55 billion in low-cost financing to build nearly 5,000 rental units, with over 1,000 designated as affordable housing. The City of Toronto is also offering financial incentives to accelerate long-delayed projects.
However, many single renters still face rising costs. A 2024 report estimated that a single working adult in Toronto needs $61,654 annually after taxes to maintain a decent standard of living. For those trying to transition from renting to homeownership, affordability remains a significant challenge.
Should You Buy or Keep Renting?
Some experts suggest that renters with low living costs should consider buying an investment property and renting it out to start building equity. However, for many singles, stagnant wages and high prices make this difficult, keeping renting as their only viable option—for now.
What’s Next for Renters in Toronto?
With housing supply slowly increasing, market conditions could shift in the coming years. Whether you’re looking to rent, buy, or invest, staying informed on market trends is crucial.
Richard Wang 