Move over Vancouver. There’s going to be a new most-expensive city in the country and it doesn’t start with a V. The latest reports show Toronto’s housing bubble is consuming the rental market with no sign of slowing, pushing the average cost of rent up by 30% in the last 6 months. If this trend continues, Toronto will be on its way to usurping the title from Vancity.
This is unsurprising to anyone who lives in Toronto. Here, talk of the housing bubble is as pervasive as the song Despacito, the most played YouTube video yet. The rising cost of living as background chatter is akin to sightings of Jay Baruchel, newly appointed chief creative officer at Chapterhouse Comics, in Queen West for all that it’s familiar to you.
The subject’s perfect fodder for small talk conversations, and the news does love to focus on these topics in frequent reports. Expensive living is just the price you have to pay for living in the biggest, most exciting cities in the country. For the most part, it’s worth it, but sometimes it hurts — especially when it comes to your budget.
It doesn’t help when the CBC publishes an exposé on the rising cost of living in the Big Smoke, comparing its average rental price to other major cities in the country and giving you a peek at the grass on the other side. While a single bedroom apartment is roughly $1,800 in Toronto, other cities are paying less for more. In both Fredericton and Regina, one only needs $1,400 for a 2-bedroom townhouse. In Edmonton, a 3-bedroom upper suite is only $1,595. Meanwhile in Montreal, one needs to pay $1,750 for a spacious 2-bedroom apartment.
It’s hard knowing just how much further your hard earned loonies could go if you could just let go of the 6ix. Too bad that’s not going to happen anytime soon.
According to financial experts, you shouldn’t pay more than 30% of your income on rent and utilities, but this rule goes out of the window when you opt to live in Toronto. Being rent-burdened — or spending more than the suggested 30% each month on rent and utilities — is a new normal for Torontonians. It’s not unusual for people to spend as much as 40, 50, or even 60% of their income on rent.
When so much of your paycheque is tied up with the necessities, it’s easy to find yourself out of essential cash when faced with emergencies outside of your typical expenses. Unfortunately, they often rank just as necessary as a rent payment or a utility bill. Say when the car you drive to work outside of the city breaks down and needs an urgent repair if you expect to get to work. Or you need to buy prescription medicine that isn’t covered by your insurance.
While banks and friends are often two sources of money in these desperate times, they’re not always appropriate. Your friends are just as rent-burdened as you, and the bank is better suited for expected life events that involve big purchases like a mortgage. It simply operates too slowly to provide help for time-sensitive bills.
In this scenario, a payday lender such as GoDay can be your only alternative. They understand the unique challenges of living in the big city, so they prioritize fast-acting financial assistance in the face of bills. With their help, you can even get payday loans online within the same day as your application. Ranging between $100 and $500 for first-time borrowers, these cash advances are ideal for non-recurring emergencies like an auto repair or medical expense.
City living is expensive, especially when you call Toronto home — just like the t-shirts. In most cases, the expense is worth it. Where else can you get the same access to international cuisine, cultural events, and green space? If you answered with the likes of New York then you can expect even higher costs than Toronto’s! The fact of the matter is, on the global context Toronto isn’t as bad as it could be. There’s even relief on the horizon with reports of the bubble bursting in 2019. Until then, sometimes it pays off to live in one of the most expensive cities in the country.