The cost of living in Toronto has become so expensive that it's a cliché to even point it out. If you find yourself stretching every dollar to deal with your comically inflated rent and grocery prices that feel like highway robbery: remember, it's not just you.

A November survey from Habitat for Humanity Canada showed 55 per cent of GTA residents are spending more than half their income on housing costs.

An even more concerning 60 per cent were worried about losing out on the essentials like food, clothing, or education just to afford their rent or mortgage. 

Meanwhile, the newly updated Canada Housing Statistics Program shows 37,580 condo apartments — or 56.7 per cent of all units built since 2016 — are owned by investors.

Many experts argue that the rise in investor-owned properties can lead to less protections for tenants and is part of the reason for the ever-increasing rent prices.

Sometimes, that means only one option is left for you: moving back in with your folks.

In this market, there's no shame in it — and of course, it presents opportunities to save. Last year, Statistics Canada showed 47 per cent of young adults — anyone between the ages of 20 and 34 — are living in a household with at least one parent.

Moving back to Toronto

Herman Justino, who works as a software developer, moved back into  his family's Etobicoke apartment this year after about two years spent living in Ottawa.

He had completed his undergrad at Carleton, and later was able to find cheaper rent for an apartment there thanks to the pandemic. But eventually, he wasn't able to live in the city by himself.

"Although [Etobicoke is] not centrally located [and] it's not exactly where maybe a young professional sees themselves living in Toronto, it's still accessible enough to amenities and services where it does make it worth living here and saving," says Justino.

Herman working from home. Photo by Herman Justino

While he does contribute to rent at home, his family has been in the same rent-controlled apartment for over a decade, so he estimates they're paying about 60 to 70 per cent of what the typical three-bedroom apartment goes for in the area.

Outside of the obvious rent savings, he mentioned being able to use the TTC again as a cost-saver. It helps that, since he was a student in the last year, he's still got the student metro pass.

For now, he plans to stay with his family unless a special opportunity presented itself with roommates or a "ridiculous" jump in salary.

"While we're lucky enough to have this place at the price that we have it, I think I want to take advantage," he says.

The cost of living in the city

Adam Carter stayed at home for undergrad, so when the opportunity presented itself to move out in the same neighbourhood in 2019, he took it.

But by mid-2021, the pandemic was making everyone stir-crazy. His decision to move back in with his folks was mostly motivated by the fact that he wasn't seeing anyone for weeks at a time.

Adam (right) with his dad at a Leafs game. Photo by Adam Carter.

For the almost two years he was on his own, he had no roommates — so he says it was a bit of an adjustment coming back in. Of course, he saves money. Although he still contributes to groceries, utilities, and other costs, it's definitely less than his solo living situation.

For now, the plan is to build the nest egg as much as he can. In the current housing situation, barring a market crash, he doesn't think he'll be renting again in the foreseeable future because of the sky-high costs.

"Even just having rent prices go down — that's a good enough incentive to get out and try to start your life a little bit," he says. "It's rough. But that's Toronto for you these days."