The annual Vital Signs report by the Toronto Foundation also found the city is the North American leader in high-rise development.
But it's also the second most unaffordable housing market in Canada, surpassed only by Vancouver.
"As of July 2014, there were more than 170,000 people waiting for subsidized housing in the City of Toronto,” said Sara Goldvine with Toronto Community Housing.
“Families can wait over eight years just for access to a subsidized apartment in the City of Toronto.”
The average Toronto home costs $691,000, requiring a household income of at least $140,000. The average rental cost is over $1,100 a month.
The report also indicates Torontonians are living greener, using less water per person and recycling more.
Violent crime numbers overall are on the decline, but human trafficking remains an issue in Toronto and at Pearson International Airport.
"Toronto acts as a hub for a number of human trafficking routes and the most common age of a trafficked person was 17 years old,” said Carly Sapoznik, president of the Toronto-based Alliance Against Modern Slavery.
More than half of the victims are Canadian citizens, Sapoznik said.
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