Here’s how much it really costs a person to live in Toronto and it’s way more than you think

Toronto’s cost of living has grown to absolutely outrageous proportions in recent years, and people of all demographics are feeling the pressure — but for single people, it’s especially bad, and is getting significantly worse.

As more young people and newcomers flee Ontario to greener (cheaper) pastures, others are turning to things like room-sharing and “convenient” relationships to cover costs that are otherwise double for singles.

And, a new study has put a number on these costs to live comfortably in the GTA as a lone, working-age adult — and it’s certainly more than a lot of people are earning right now.

Per a release from local thinktank Wellesley Institute, released this month, it now costs an untethered individual between $61,654 to $83,680 per year to live a “healthy” life depending on where they live in and around Toronto, along with factors like whether they drive or take transit, and rent or own their residence.

These amounts are also notably after tax, meaning one’s salary has to be significantly higher than this range. And, as researchers note, this figure is “far above the earnings of a minimum-wage, full-time worker who earns $25,994 after taxes,” adding that the highest costs they included “are associated with fundamental aspects of life, such as shelter, transportation and savings.”

Also taken into account is the price of goods, resources and services not only necessary for survival, but important for well-being; but the institute says that simply cutting back on these — such as expenses associated with social participation — is unlikely to have much of an impact on overall costs due to the high price of everything right now.

There is also the fact that things like newspaper subscriptions, streaming services, and outings for special occasions are crucial for people to thrive.

“The Thriving in the City framework is shaped by the Minimum Income for Healthy Living model and identifies what is required to reach a state of physical, social and psychological well-being,” the release reads.

“The reports are intended to provide information about the gap between what people have and what they need to thrive, and to inform public policies aimed at closing these gaps.”

When the Wellesley Institute conducted the same study back in 2017, it found this range to be $46,186 and $55,432 — a shocking 33 to 50 per cent jump, depending on where in the GTA someone is living, over seven years.

With this in mind, experts believe there is much to be done to make the region more affordable and liveable for the average person, beyond just hiking minimum wage, which doesn’t guarantee improvement for those earning even just slightly higher wages.

“While increasing the minimum wage is an important step forward, it is unlikely to ever be sufficient to support a thriving state of physical, social and psychological well-being,” the report reads. 

“In order to thrive, single, working-age adults in the GTA will require a collective commitment to making essential services and goods more affordable and accessible.”

Here’s how much it really costs a person to live in Toronto and it’s way more than you think

#Heres #costs #person #live #Toronto

Becky Robertson

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