A new community research report from the Oakville Community Foundation poses the question, can you afford to live here?
The dramatic spike in the cost of housing throughout the country has many wondering how the next generation will ever be able to afford a place of their own. In line with The Foundation’s Vital Signs reports that span two decades, this mini-report presents and examines data around an issue that impacts everyone in our community.
Oakville is a place where over one-quarter of residents are spending more than 30% of their income on shelter and, at the same time, was home to Ontario’s most expensive house this past July.
As we find with many topics, Oakville is a community of contrasts.
Other data points include:
- Oakville’s rental market vacancy rate is 1.4%, less than the 3% needed for adequate competition and options
- Rental prices have increased by 40%, and mortgage costs have increased by 22% since 2016
- In a minimum wage job making $15.50, you would need to work 144 hours per week to afford the average two-bedroom apartment in Oakville
As we seek to build a community where no one is left behind, delve into this report to identify where the gaps are and how you might be able to help. A number of local charitable organizations in the Oakville and Halton areas are instrumental in assisting community members when it comes to their housing and shelter needs.