When $90,000 can’t get you a 3-bedroom apartment, we have a problem.
As housing costs have continued to skyrocket across the Greater Toronto and Hamilton Area, we are rapidly approaching a point where upward of 70% of households can no longer afford market rents, let alone save for a downpayment to own and carry the mortgage.
Average rent for a 3-bedroom apartment is $2,268 per month, although finding one at this price is next to impossible, with most current listings exceeding $3,500.
At CMHC’s recommended maximum of 30% of income spent on housing, $2,268 translates to an annual salary of more than $90,000 or wages exceeding $45 per hour.
As for ownership? Forget about it.
The average home price was $1,040,994 in January, 2025 across all housing types. Assuming you could save the minimum 7.6% downpayment (of over $79,000), mortgage payments alone at 3.87% would cost $5,203 per month. Even an average condo selling for just $670,675 at 6.3% down would cost $3,230 monthly.
The reality? Almost none of the people in the jobs that are essential to powering our region can afford these rents or imagine owning someday, especially early in their careers.
Not the nurses, personal care workers, and health professionals that care for us when we’re ill. Not the teachers and early childhood educators that nurture our children. Not the retail, restaurant, and hospitality staff that enrich our communities and drive our local economies. Not the transit operators and municipal employees that get us around, and keep our cities running. Not the emergency responders that keep us safe. And not the very people – tradespeople, construction workers, planners, and more – that are the key to solving our housing shortage.
It’s why many are struggling to pay bills, accumulating debt, and starting to rely on support services like food banks and donation centres that are essential to helping our most vulnerable.
Or worse still, are beginning to leave in droves.
For a region already struggling with access to healthcare, overcrowded classrooms, insufficient transit, empty street fronts, and talent shortages, how much worse will it be when they go?
It’s time for all of us to come together and solve the housing crisis.
