The cost of living in Toronto went up nearly 20 per cent between 2017 and 2022 – but that’s less than half the increase seen in the city’s housing prices over the last five years, according to a new report.
A sign advertises a new home for sale in Carleton Place, Ont., on March 17, 2015. Last Updated Thursday, February 29, 2024 5:26AM EST
The MBM, which Statistics Canada cites as the official measure of poverty in a given city, was $46,975 in 2017, meaning that the cost of living has jumped 17.6 per cent in those five years. “With home prices rising at a rate much faster than the cost of living, many Canadians are finding it increasingly difficult to find affordable housing options,” Carrie Lysenko, CEO of Zoocasa, said in the report.
In Regina, for example, the 5-year change in home price was 8.7 per cent while the MBM between 2017 and 2022 was 16.1 per cent. Similarly, in Edmonton, the average home price went up by 9.1 per cent while the MBM hit 18 per cent.
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