The rising inequality is widening the gap between the poor and rich households in Toronto twice the national pace. Despite the growing population, rising employment rate, and growth in GDP, life in the city still poses a struggle especially among youth, newcomers and racialized communities. The following are some of the harsh realities pulled from the Toronto Foundation’s 2019/20 Vital Signs Report:
- Since 1980, newcomers, racialized population, and young people have had no inflation adjusted increases in income, while older, Canadian-born, white residents have had as much as 60% in income growth.
- Housing costs are growing four times faster than income and rent costs are increasing two times faster than income over the last decade. There has been insufficient support for people who cannot afford.
- Even as the city has experienced an unprecedented boom in employment, jobs are increasingly precarious. Immigrants, racialized population, and newcomers work in these more precarious jobs, contributing to a lack of income growth among these population over the last 30 years.
- Despite high life expectancy and lower death rates, mental health has been an emerging and rapidly growing issue. Hospitalization due to mental health doubled over the last decade.
- Toronto is among the most educated cities in the world; still, the lowest income groups are three times more likely to drop out than the highest. Tuition is also increasing faster than inflation causing more students to graduate with more debts.
Despite the report’s worrisome trend, Torontonians still maintain high levels of trust in each other. While there is still trust, confidence and optimism, now is the best time to tackle issues of inequality before the community’s social fabric unravels. To learn more about this report, please visit the Toronto Foundation website at torontofoundation.ca.