Families are running out of Toronto in search for cheaper housing

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Families are running out of Toronto in search for cheaper housing

November 14, 2018 - 08:59
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Escape from Toronto to suburbs in search for less expensive housing does not make sense for those who work in the city at first glance. However, recent surge of home prices in Toronto makes many families to move to distant suburbs.

Toronto, Canada | © Therise, CC0 1.0

Escape from Toronto to suburbs in search for less expensive housing does not make sense for those who work in the city at first glance. Gasoline expenses or cost of public transportation along with waste of time for travelling might offset benefits of leaving outside of the largest city in Canada, Bloomberg reports with the reference to Canada Mortgage and Housing Corp.

However, recent surge of home prices in Toronto makes many families to move to distant suburbs. The situation has got worse recently, and the number of people who need at least an hour for one way to work grew by 16% in five years from 2012 to 2016. Average price of houses in the city is more than $756000, and realtors point to growing demand for houses located far outside of Toronto.

About 2,6 million people were travelling to work from Toronto suburbs in 2016. About 1,3 million of them were working in the center of the city. Half of them used cars, while 40% travelled by public transportation.