13 NOV: Toronto’s latest economic report, the Vital Signs “Roundup on Growth,” reveals a city that is expanding rapidly but leaving many residents behind. Despite a surge in economic activity, the Toronto Foundation found that a significant number of Torontonians are facing financial hardship, impacting both their mental and physical well-being.
Released on November 13, the report emphasizes a troubling rise in financial vulnerability across the city. The increasing cost of living, including a 25% rise in food prices and a 23% jump in rent since the pandemic began, has added pressure on residents already struggling to make ends meet. A startling 40% of Torontonians reported their income is insufficient for basic needs, an increase of almost 700,000 individuals since last year.
This economic strain is affecting more than just finances. With food insecurity on the rise, over 300,000 people, or roughly 10% of Toronto’s population, are now turning to food banks monthly—an increase of 27% from September 2023. Shelters are overwhelmed, with more calls for assistance than available space, leaving some with no option but to live in tent encampments around the city. By March 2024, there were 200 tents across 72 parks, compared to 82 tents in 24 parks the previous year.
Lead researcher Steven Ayer noted that while more people are seeking help, they are not finding it. The strain on shelters and nonprofit organizations has reached unprecedented levels, with only 15% of community agencies able to meet demand. Nonprofits are grappling with fewer donations, staffing shortages, and volunteer challenges, forcing nearly half to reduce their services.
Mental health is also a growing concern. The report reveals that nearly one in four adults in Toronto experienced moderate depression symptoms in 2024, while one in five reported feelings of anxiety. These issues reflect the ongoing challenges stemming from the pandemic, worsened by limited access to healthcare—over 500,000 Torontonians lack a family doctor, leaving many without essential support.
Although economic indicators such as retail sales show a 75% increase since 2015, not all residents are benefiting. Job vacancies have decreased, but unemployment has climbed to 8.4%, with youth unemployment nearing 20%. Many residents struggle to keep up with rising expenses, and fewer people are able to contribute charitably. The Toronto Foundation highlighted a long-term decline in charitable donations, with fewer than one in five tax filers claiming a donation in 2022.
There are, however, some positive trends. Bike Share Toronto has seen a significant increase in users, with six million trips projected in 2024, double the figure from 2020. Attendance at city cultural events is also rebounding post-pandemic, reaching two million in 2022.
The Toronto Foundation is urging residents who can give back to step up, calling on them to volunteer and support local organizations. CEO Sharon Avery stressed the importance of community engagement, especially as nonprofits face unprecedented demand and dwindling resources.
This report provides a stark reminder of the growing economic divide in Toronto, highlighting the need for immediate action to support the city’s vulnerable populations while fostering stronger community connections and resilience.
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