#TorontoIncomeDisparity #MedianSalaryStruggle
Wow, did you know that nearly 27% of Torontonians make six figures? 🤯 That’s according to recent stats from StatsCan. It’s crazy to think about how that kind of income distribution affects the city as a whole.
I always thought the economy was tough right now, but if so many people are making bank, it explains a lot about the cost of living and immigration rates. How does someone with an average salary even navigate in a city where a quarter of the population is making big bucks? 🤔
Here are some possible solutions that I think could help in this scenario:
– Investing in education and skills training to increase earning potential
– Exploring affordable housing options and rent control policies
– Supporting small businesses and entrepreneurship to create more job opportunities
What do you think? How would you suggest addressing this income divide in Toronto? Let’s spark a conversation and share some ideas! 💬 #TorontoEconomy #IncomeEquality
Six figures ain’t what it used to be.
its actually pretty low considering the real estate prices in Toronto …i was expecting more like 50%
It’s 25% for Ontario as a whole and 22.6% for Canada as a whole, using your search criteria, so it’s not _that_ shocking.
The median for Toronto is just under $70k so it would make sense that a sizeable proportion of the 50% that are above $70k would also be above $100k.
>I was under the impression that it was a bad economy right now but if every 4th person i see outside is making 6 figures, no wonder everything is so expensive and there’s tons of immigration.
Keep in mind these figures are from 2022, and they only reflect actual working people. A _bad economy_ typically manifests itself as high unemployment, but it would not typically drive down wages for those still working.
honestly it’s not that hard to make 6 figures once you get enough experience / seniority
say you graduate at 22 with a BCom in Accounting:
– get your CPA by 25
– by 30 you should have a $100K job with normal progression
anyone with a in-demand license can earn a 6 figure salary with enough hours
– nurses, plumbers, therapists
your goal should be to aim for that kind of career as well
BTW: many people work more than 40 hours as well so maybe someone has the same hourly wage as you but they work 60 hours a week
You intentionally customized the table to only show full-time workers who work year round. If you change it to “all persons with employment income” it drops to 16.6%, and I imagine if there was a way to include the entire population, it might be below 10%.
How is it insane?
Plus there isa big difference between $105k and $250k. and depending where you live, it’s normal that a quarter of people make $100k or it’s not.
>there’s tons of immigration.
And majority of those are in low income jobs.
That’s of the full time employees. Only something like 60% of people are even in the labor force. Of those, some are part-time. 1/4 people are not making 100k.
Edit: In Ontario, 65.5% of people are in the labor force (of people aged 15 and over): [https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410032702](https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1410032702)
This means that 7/20 people you see aren’t even in the labor force. Of those in the labor force, some are unemployed. Only 61.8% of people in Ontario aged 15 and over are employed.
Of those who are employed, not all are full time. So it’s far from 1/4 people making that income.
In the GTA? Poorly or not at all.
I was surprised to see Calgary, Ottawa, and other major cities also had similar numbers, and that it wasn’t a Toronto outlier.
If you live in Toronto, you kinda need 6 figures. If you don’t live in Toronto, then don’t worry about that or compare yourself to that. Employer’s basically have to pay that much for people to accept the jobs here. When you factor in the crazy rents, people that would have accepted $70K elsewhere just won’t be willing to accept less than 6 figures here.
You’re only looking at people who are employed and working full time for the full year… include people working part time, seasonally, or not working at all and the number plummets
That’s a literal normal (from a stats perspective) distribution (as in you would expect this exact thing everywhere). 100K is an arbitrary number and is meaningless as a metric.
An almost IDENTICAL percentage make less than 50K.
How does anyone survive in Toronto who isn’t making six figures?
100k isn’t anything special anymore sadly it’s not even a great wage anymore
Look at household or family income for a better picture of how people afford to live in Toronto.
six figures won’t let you afford crap now. Everything is expensive as hell.
You don’t.
6 figures can barely pay a mortgage of a 2 bedroom condo
I make 6 figures in the most LCOL city in Canada, and even I feel intense pressure to be as frugal as possible. 1bd apartment, no car, only eating out once per week, etc.
There is no value in counting anything less than 150K/year as six figures. We need to stop assuming 100K is a good wage that can be used to build wealth.
I make 120 and it may as well be the poverty line. There is very limited room for discretionary spending after the responsibilities are addressed.
I would imagine that number is going to be going up because those who don’t will be pushed out of the city due to affordability…. Or rather, lack there of.
It’s not that everyone in Toronto happens to be killing it. It’s that if you’re not, you can’t afford to live in Toronto.
Yes the economy us bad for most of canada, not major cities.
> I was under the impression that it was a bad economy right now but if every 4th person i see outside is making 6 figures, no wonder everything is so expensive and there’s tons of immigration.
Define “bad economy.” The Canadian economy is not rapidly expanding and booming, but it is also not catastrophic. Compared with most developed, western countries, Canada is doing above average.
I am also not sure what immigration has to do with how much torontonians make.
I know all my friends including myself making more than 100k it’s not that hard as long as you have the right direction or a biz. Keep in mind most of these stats also include realtors
This is a total glass half full / half empty situation.
25% is small. 75% of full time employees don’t make that.
If you’re on a double date, you’re the only one making six figures.
And if you expand it to just all adults, it’s more like 12-15%. So six figures is indeed still special and hard to obtain for nearly 90% of the population.
Get some perspective.
Welp, here goes: In Toronto, 20.3% of the workforce is employed by the public sector. Most public sector employees have excellent unions and are doing fine. My partner makes over $100k working for the feds and although I agree with the basic concept of her job, I find her paycheck eye-wateringly large for the amount of effort she puts in.
But the real rich in Toronto – the larger earners who skew the averages up 30% over the median earner – you probably won’t see them at all. There’s a whole class of people living in Toronto who hardly ever spend any time at street level: they go from up in their office tower to their car to up in their condo tower. They aren’t the ones sitting in the park on sunny afternoons or picking up a quick falafel at Ghazale
Sadly $100k isn’t buying you much of a lifestyle these days. The only people I know comfortably getting by on $100k are those who managed to buy cheap housing 10+ years ago and have a small mortgage.
100k is the new 60k mate
100k and 570k are both six figures. The latter is the (outdated) threshold to the top 1% earners in Canada.
why did you make the comment about immigration? How is it related to income?
every 4th fulltime employmed person you see**
Where are they? Restaurants seem not as busy so far
What would give you “the impression that it was a bad economy right now”? Median workers earn about 70k each, as your link shows. And half of people earn more than that, including one quarter earning over 100k.
All seems reasonable. Low income earners live at a lower standard of living than the higher earners.
1. 6 figures doesn’t mean much
2. Selection bias. *Torontonians* is a very small slice of people. People who don’t make 6 figures don’t move to Toronto, or leave Toronto. People who make 6 figures and work in Toronto are likely to want to move into Toronto to shorten their commute.
100k has the purchasing power as 60k now – in the global market vs USD we make peanuts. + add cost of living and rent and taxes 100k will leave you with nothing at the end of the month.
If your parents made 80k in the 80s you need to make like $240k to have the same buying power.
If you make 100k today you’re basically like someone who made 30k then.
If you make less than that they see you as a resource to bleed to nothing and you’re basically fucked.
Just nit-picking here, but you are looking at full-time full-year workers, so can’t really say “X% of Torontonians”, but more like “X% of full-time salaried Torontonians”. So not necessarily every 4th person, but it’s still 16.6% at $100K+ if you select “every persons with employment income”…
Even a janitor makes 6 figures in Ontario, see [https://www.ontariosunshinelist.com/positions/janitor](https://www.ontariosunshinelist.com/positions/janitor)
I tell people all the time , no offense meant with the following statement ; 100k is the new 60k
The 6 figures gap is HUGE. 100k vs 500k is not the same as 50k vs 100k.
both spouse and i make mid six in toronto… we are in our mid 30.. this is pretty normal afaik… i think you need half mil HHI to be considered same as “six figure” in the 80s
I’ll tell you what’s insane.
How badly we are underpaid in this country. This includes people in the 100-500k range.
Look at how much more you’d make for your professional job in the USA. You can cry a little after that.
6 figures is the baseline for an okay life right now. You can do it for less if you already own your home.
I would have thought this to be lower!