More than 1,700 Toronto households last year turned to a Toronto rent bank to pay off arrears or pull together a rental deposit — nearly double the number offered aid in 2019 and climbing.
In excess of $5 million in assistance was offered to 1,717 households in 2021, up from $2.1 million offered to 861 households in 2019. From January to July 2022, the program approved $3.5 million in grants to 1,267 households, putting it on pace to exceed even last year’s totals.
In July, the average one-bedroom listed on rentals.ca in Toronto cost $2,257, rising to $2,782 for a two-bedroom. On Tuesday, market research firm Urbanation found the cost of renting a condo hit a record high in August, with an average cost of $2,806, up 19.5 per cent in one year. A single person making up to $46,500 per year now qualifies for help, while a couple can make up to $52,000, rising to a maximum of $91,366.66 for a family of seven. The household must pay market rent and cannot receive social assistance such as Ontario Works or the Ontario Disability Support Program; if approved, Nichols said payments are made directly to landlords.
The grants were especially important, the report argued, for households with existing debts who don’t have an income high enough — or consistent enough — to add new debt to the pile.
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