Wednesday, December 15, 2010

Toronto condo developers alarmed there are still poor people

Toronto is headed toward a scenario where nearly two thirds of residents will be in the low income bracket by 2025, according to a study set to be released Wednesday.

The latest update of the Three Cities within Toronto study from 2007 continues to paint a “devastating picture” of income “segregation” by neighbourhoods, according to one source who has seen the report.

Prior to this latest update, one released last year that was based on the latest census data showed that 15 of the city’s middle income neighbourhoods have disappeared since 2001. The majority of these areas reverted to low income, where individual earnings were 20 to 40 per cent below the city average.

It shows that if current trends continue, a total of 10 per cent of the city will be middle income earners by 2025; 30 per cent will be upper middle income; and a whopping 60 per cent of Toronto’s residents will be in the low to very low income bracket, sources say.

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