Toronto’s rental market may have just received an added boost of hope after the city unveiled a new housing agreement to ramp up a backlog of construction — but what does that mean for singles already struggling with affordability?
On Wednesday, Mayor Olivia Chow announced that the agreement will largely be backed by the federal government as they pledge to provide Toronto with $2.55 billion in low-cost financing to help build nearly 5,000 rental units.
It’s an answer to a cry that’s long been championed by Chow since she first took office in July 2023.
The city, for its part, will also contribute $234.83 million in development charge relief, fee reductions, and property tax deferrals to incentivize new rental construction.
Officials say the deal will accelerate long-stalled projects, bringing 4,831 new units to the market that will include 1,075 affordable units.
“We can only afford (to incentivize) 8,000 units but there are thousands waiting (to be built),” Chow said. “If the provincial government can step up and say ‘here is the rebate, you can make it cheaper to build,’ then absolutely we can then unlock a lot more units and make sure the pipeline is not frozen.”
A 2024 report from Wellesley Institute suggested then that the annual cost of “thriving” for a single working-age adult in Toronto is $61,654 after taxes.
But for many single Torontonians, rising rents and stagnant wages have made it harder to stay in the city. Previously, a different report found that nearly four out of 10 Ontarians have considered leaving the province due to the high cost of housing.
That struggle becomes more challenging for younger Torontonians, many of whom may be first-time homebuyers.
Getting into the market: From renting to owning a property
Real estate agent and managing director of The Agency brokerage, James Milonas, previously told CTV News Toronto that for younger buyers, renting out a property may be the best way to get a foot in the door.
“If you are renting something where your rent is dirt cheap, and you can afford to buy, I say enter the market and rent out that place,” Milonas said.
But for many singles, that option isn’t feasible. With limited income from a single paycheck and ongoing affordability challenges, renting might be the only choice — for now at least.
Single and renting? We want to hear from you
Are you single and renting in Toronto? Have you struggled with affordability or had to make sacrifices to stay in the city? We want to hear from you.
Share your thoughts by emailing us at torontonews@bellmedia.ca with your name, general location, and phone number in case we want to follow up. Your comments may be used in a CTVNews.ca story.
With files from CTV’s and CP24’s Chris Fox
