A recent survey reveals that a significant 85% of Torontonians and Greater Toronto Area (GTA) residents find the cost of living and working in their city to be excessively high. The study, commissioned by CityNews and conducted by Canada Pulse Insights, delved into the financial pressures faced by individuals in Toronto and the GTA.
The findings show that nearly two-thirds of respondents in Toronto (59%) and the GTA (65%) are encountering challenges in making ends meet. The top financial burdens reported by residents are groceries, with 48%, and mortgage or rent, at approximately 30%.
Respondents across the GTA, totaling 72%, have resorted to reducing their personal spending due to the escalating cost of living. In Toronto, those who have cut back on expenses have scaled down spending on entertainment (45%), groceries/food (40%), travel (37%), and gifts (33%).
Similar trends were observed in the GTA, where residents have curtailed spending on entertainment (45%), groceries/food (42%), travel (38%), and gifts (28%).
This survey comes at a crucial time, just before the upcoming federal budget announcement scheduled for Tuesday. The poll was conducted from September 30 to October 6, encompassing a random sample of Canadian adults in Toronto and the GTA, with an accuracy rate of +/- 4.9% 19 times out of 20.