REPORT: Big cost of living increases hit Toronto homeowners, renters

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Inflation is hitting Toronto homeowners and renters hard.

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Both are facing double-digit costs of living increases this year compared to 2021 with it up 38% for homeowners and 14% for renters, according to LowestRates.ca.

In the just-released Cost of Living report for Toronto in 2022, LowestRates.ca said renters need to spend at least $3,400 per month to make ends meet which is about $400 per month above 2021.

Homeowners have it even worse and need to spend at least $6,700 per month to live in Toronto, about $1,800 more than last year.

Those figures are based on Torontonians who don’t use a car. For those who drive, costs have risen even more.

The report says renters who use transit must earn at least $52,850 annually ($41,142 after tax), a year over year increase of 15.5% to survive while renters who drive must earn at least $59,500 annually ($45,490 after tax), a year over year increase of 16%.

Homeowners who use transit must earn $114,870 annually ($81,331 after tax) to make ends meet, a year over year increase of 46% while homeowners who drive must earn at least $122,550 annually ($85,677 after tax), a year over year increase of 34%.

Article content

Inflation is hitting Toronto homeowners and renters hard.

Article content

Both are facing double-digit costs of living increases this year compared to 2021 with it up 38% for homeowners and 14% for renters, according to LowestRates.ca.

In the just-released Cost of Living report for Toronto in 2022, LowestRates.ca said renters need to spend at least $3,400 per month to make ends meet which is about $400 per month above 2021.

Homeowners have it even worse and need to spend at least $6,700 per month to live in Toronto, about $1,800 more than last year.

Those figures are based on Torontonians who don’t use a car. For those who drive, costs have risen even more.

The report says renters who use transit must earn at least $52,850 annually ($41,142 after tax), a year over year increase of 15.5% to survive while renters who drive must earn at least $59,500 annually ($45,490 after tax), a year over year increase of 16%.

Homeowners who use transit must earn $114,870 annually ($81,331 after tax) to make ends meet, a year over year increase of 46% while homeowners who drive must earn at least $122,550 annually ($85,677 after tax), a year over year increase of 34%.