Housing Market Demographics: Toronto, Canada
- The average income of the Ontorio's renter homes is $47,72, and the median income is $36,916. The Average Income of the province homeowners is $101,254, and the median income is 81,723.
Toronto income breakdown by renters and homeowners.
- Toronto is the second-fastest-growing census metropolitan area (CMA) in Canada between the years of 2011-2016 with regard to home ownership. By 2016, 66.5% of the population in Toronto were homeowners. This chart depicts the percentage of home ownership across other major metropolitan areas in Canada in 2016.
- According to the most recent data, about two-thirds of assisted homeowners in Toronto earned between $30,000 and $70,000.
- According to data from Toronto home ownership survey, less than 10% of home-owners and renter in Toronto earned between 10,000 to $19,999, about 15% made between $20,000 to $29,999, less than 30% made $30,000 to $49,999, less than 35% earned $50,000 to $69,999 , less than 40% made $70,000 to $89,999 and above 40% earned $90,000 and more.
- In 2015, about one in three households in Toronto spend above 30% of their income on housing, and more than "20% of renters spend 50% or more of their income on shelter."
Ontario income breakdown by renters and homeowners.
- Nearly 50% of all renter homes in Ontario live in the Toronto metropolitan area.
- About 85% of renters in Ontario live in the "private rental market without any government subsidies."
- The average income of the province renter homes is $47,72, and the median income is $36,916.
- The Average Income of the province homeowners is $101,254, and the median income is 81,723.
- About 71% of homes with income below $20,000 are renters, "compared to only 10% of households with income over $100,000."
To provide the percentage of each income section in Toronto, Canada for homeowners and renters. The research team scoured numerous Canadian government websites, a few of which included Statistics Canada, the Canadian Rental Housing Index, and even the Canada Mortgage and Housing Corporation. While each of these sources provided an accurate depiction of what percent of Toronto's population are renters and homeowners and a breakdown of the type of units these groups live in, there was no specific dissection that defined how many homeowners fell within each income bracket. We decided to expand our scope to consider older sources. Through this approach, we found a source that combined the income breakdown of renters and homeowners.
Lastly, due to the lack of data and the metric to triangulate the required information, the team extended the research criteria to cover the province of Ontario. We have provided the income breakdown for the province of Ontario as provided.