Toronto Housing Crisis: Creative Solutions or Unsettling Revelations?

Canadian realtor Anya Ettinger told Business Insider that people are having to turn to “unconventional” setups as a result of Toronto’s housing crisis.

Unconventional Housing Situations Highlight Affordability Crisis

Real estate agent Anya Ettinger stumbled upon an unusual listing on Facebook Marketplace that illustrates the grim reality of the housing affordability crisis in major cities like Toronto. The listing, which has since been removed, advertised a lake-facing apartment for rent at 900 Canadian dollars, or about $657, per month. However, the catch was that the tenant would not only share the apartment but also a queen-sized bed with another person.

Ettinger shared the listing in a TikTok video, garnering over 613,000 views. In the video, she questions why the person posting the ad did not consider other alternatives like two twin-sized beds or even a king-sized bed with a “pillow barrier.”

The Impact of Toronto’s Affordable Housing Crisis

According to Ettinger, unconventional listings like this are a direct result of the affordable housing crisis in Toronto. Newcomers to the city, including immigrants and young professionals, often have less than $2,000 in disposable income to spend on rent. This forces them into subpar living conditions, such as sharing a room or renting an unfinished basement.

Ettinger says that some landlords and property owners are capitalizing on these vulnerable populations by creating inhumane living setups. This exacerbates the housing crisis, making it even more challenging for people with limited means to find decent accommodations.

Addressing the Housing Affordability Issue

A report published by UBS in October 2022 revealed that home prices in Toronto have more than tripled over the past 25 years, reaching unsustainable levels. To combat this issue, the city aims to build 40,000 new affordable rental units by 2030, with Mayor Olivia Chow hoping to increase that number by over 20,000, as reported by CBC.

However, until more affordable housing options become available, unconventional listings like the one Ettinger found will continue to paint a grim picture of the housing crisis in major cities. As a real estate professional, Ettinger encourages potential renters to explore all their options and be cautious when considering unconventional living arrangements.

How to Navigate the Housing Market

If you are looking for a new place to live, consider the following tips to ensure you find a suitable and affordable home:

• Do thorough research on the area you want to live in, including the cost of living, amenities, and average rental prices.
• Set a realistic budget for rent and stick to it, considering all your other expenses.
• Work with a reputable real estate agent or agency that can help guide you through the process.
• Be cautious of unconventional listings and living arrangements that may be too good to be true or put you in uncomfortable situations.
• Consider alternative housing options, such as co-living spaces or house shares with separate bedrooms, if traditional rentals are out of your budget.

By taking these steps, you can better navigate the housing market and find a home that suits your needs and budget. And remember, it’s essential to prioritize your safety and well-being when considering any living arrangement.

Orginal article: Link To Article – provided by Kansas City Realtors