Toronto’s income is doing just a notch better than stalling. This is according to the newest Census release from Statistics Canada, which gives us insights into the earning patterns of households across the country in 2015. The median income in the Toronto Census Metropolitan Area (CMA) largely stagnated, but the number of families earning six figures saw huge growth.
Median Household Income
The median income of Toronto households experienced mild growth. Households took home $94,132 in 2015, an 11.79% increase from 2010. Inflation adjusting 2010’s median income to 2015 dollars, that growth drops to 2.57%. In real terms the city didn’t get substantially wealthier, but it didn’t decline either, so there’s that.
After Tax Median Income
Slightly higher taxes in 2015 shave a little more off of the gain of income. After taxes the median household took in $82,232, a little over 11.2% more than in 2010. Inflation adjusting 2010’s numbers, the gain drops to 2%.
Number of People Making Over $100,000 Increased
The number of people making over $100,000 showed huge growth in Toronto. 2015 saw 812,085 Census households earn more than $100,000, 24% more than in 2010. Of those people, 415,265 earned more than $150,000, more than 33% growth during the same period. The city’s top level earners are experiencing huge growth.
Households Earning Under $30,000 Declined
More good news, those earning less than $30,000 per year is also on the decline in Toronto. 354,090 households earned less than $30,000 per year, a 7.13% decline from the year before. Considering the population in the Toronto CMA increased 6.2%, that’s really good.
Neighbourhoods With The Highest and Lowest Incomes
Probably not a huge surprise to people from Toronto, but the city’s old money neighbourhoods had the highest median household incomes. The area around Glencairn Ave and Mona drive had a median income of over $340,000. In second was Rosedale, with a median of over $339,000. Most of the city’s highest earning incomes radiated from this region in central Toronto.
The lowest incomes were observed in Scarborough. The area south of Byng Park, around Pharmacy Ave had a median household income of just under $35,000. Just west of Linkwood Lane Park was in second, with a median household income of just under $36,000.
Toronto has been fostering a substantial amount of wealth over the past few years, but that’s not a shocker. We already learned a surprising amount of the city is able to support million dollar home prices. However, the median income ticking just a notch above inflation, with an aging population, indicates that a substantial number of households aren’t experiencing the windfall the upper half of the city is experiencing.
Like this post? Like us on Facebook for the next one in your feed.