💰One in five tenant households in the Toronto area fell behind on rent in 2023, signaling financial strain.
📊Consumer debt in Canada reached $2.4 trillion, emphasizing the growing burden on households.
🛒The average Canadian credit card debt doubled to $4,260 in 2023, highlighting reliance on debt.
📉Average rent for a condo in the GTA fell 5.7% in Q4 2023, the largest decline since 2010.
🌍Drops in international student applications contribute to declining rents in Toronto and other cities.
Why are one in five tenant households falling behind on rent in the Toronto area?
—The rising cost of living, correlated to income, has put significant pressure on households' ability to pay rent.
What is the current consumer debt in Canada?
—Consumer debt in Canada has reached $2.4 trillion, indicating a growing financial burden on individuals and families.
What is the average credit card debt in Canada?
—The average credit card debt for Canadians in 2023 was $4,260, a significant increase from previous years.
Why are average rent prices declining in the GTA?
—The decline in rent prices can be attributed to a combination of factors, including inflationary pressures and the drop in international student applications.
How is the rental market affected by changes in student visa applications?
—The decline in international student applications has contributed to declining rents in Toronto and other cities, as fewer students seek housing accommodations.
00:00One in five tenant households in the Toronto area are falling behind on rent in 2023.
03:58The average Canadian credit card debt doubled to $4,260 in 2023, indicating an increasing reliance on debt.
08:21Average rent for a condo in the GTA fell 5.7% in Q4 2023, the largest decline since 2010.
10:33Drops in international student applications contribute to declining rents in Toronto and other cities.
