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I hear this question thrown around a lot and I was wondering what do you guys think. Do you think Toronto is worth the high cost of living expenses? I hear people say living in the city is worth the cost and others say that Toronto does not provide enough for them to substantiate the cost. This is of course opinion-based so I just want hear different views and perspectives on this. Let's take everything into account like quality and affordability of transit, property prices, rent prices, level of entertainment and amenities compared to other large cities in the same price range as Toronto, jobs, salaries, etc.
I hear this question thrown around a lot and I was wondering what do you guys think. Do you think Toronto is worth the high cost of living expenses? I hear people say living in the city is worth the cost and others say that Toronto does not provide enough for them to substantiate the cost. This is of course opinion-based so I just want hear different views and perspectives on this. Let's take everything into account like quality and affordability of transit, property prices, rent prices, level of entertainment and amenities compared to other large cities in the same price range as Toronto, jobs, salaries, etc.
I think in terms of things to do and amenities at least in Canada - Toronto is tough to beat. . I'm not just talking about tourist attractions I mean across the board urban amenities throughout a large city, I think Toronto probably just has more by virtue of size. I don't think any city in the country gives you that big city vibe like Toronto does and that is only going to increase more and more so is it worth it - absolutely I think only Montreal could remotely compete with Toronto on urbanity but in terms of scale and size - Toronto just has more.
Now to buy R.E in Toronto is mad expensive. You could buy a house in Montreal for the cost of a condo in Toronto. If you are young and want to buy a house, it is very expensive and unless you are wealthy or have a very high paying job, you'll be completely priced out of the market and relegated to condo or apartment rental life. On the flip side, Toronto is not actually overly expensive for rent in a Canamerican city of its size. Rents in Boston, S.F, NYC and even Chicago are generally more expensive. Toronto has a huge number of highrise buildings and opportunities to rent out a basement apartment all over the city. Is it expensive for Canadian standards - sure but of course generally speaking for a white collar profesh you'll typically get paid more in T.O than most other CAD cities. Even construction workers in T.O Get paid well - general labour guys can make more than enough to rent out a small bachelor on their own. The city has the largest GDP of any city in the country by far and the widest spectrum of job opportunities so once you're in and networking things grow. I lived in Barrie before moving to Toronto after graduating College and once I got my entry job at the airport it was just one promotion after the other.
Now I live with my partner in a rental just west of Old Toronto within a 5 min walk to the subway and we pay 1300 per month for rent for a 2bdm all utilities included. We can easily afford this with our income - I could easily alone. This is not that uncommon outside of Old Toronto. Even in Old Toronto you could probably get something not that much more. If you have a roommate even better - you could probably find shelter with shared expenses in a decent 2 bdrm apartment for 600-700 bucks a month each.
I think it really depends on where you can get the best job opportunity for your skills. If you can find a well paying job in Montreal along the lines of what you'd make in Toronto and want to own a place - Montreal would probably be more affordable and also offers a lot of 'city' - on the other hand, if you're going to make more in Toronto and it offers the best opportunity for career growth and you're willing to rent Toronto also offers a lot and there is no doubt that English is king here in the business world - no language drama. If you land a really high paying job and your lifestyle affords you to buy R.E in Toronto - if the market continues as it has you can make LOADS of cash once you sell. People can make tens or even hundreds of thousands of dollars after a few years with their R.E in the city - but its always a risk if that elusive bubble does pop. I would look at things more in terms of job opportunities and career growth if you are young and those are important to you but yes, if you get a solid job and can afford it - T.O is a pretty nice place to live with plenty of things to do all the time.
If you are serious about it - I recommend coming to the city this summer and renting an airbnb for a week. You can get reasonably priced airbnb rooms even in DT Toronto by the Skydome. A week will give you a chance to get a good feel for the city and in the summer its when festivals/concerts/sporting events you name it are in full swing. The city is more alive then streets are busier, pubs and patio's are loaded to the gils etc. I also recommend checking out nabe's all over old Toronto to get a feel for the vibe of the city. Don't forget to grab a drink at the Gladstone On Queen West!
I simply do not understand why so many people think it is an expensive city.
Are movies cheaper to watch in other cities? Are groceries less expensive? Do you get a discount for buy TVs or cars if you live in the small town?
The only expensive part is housing, and that's for a good reason because you live closes to the things people value. Go live in Antarctica, it is free.
You can't compare across countries because people don't have the freedom to move anywhere they want. For example, in the highly polluted and congested city in Beijing, apartments in central city is priced at $2,000/sf or above in general, or twice the price of a luxury condo in the most desirable neighbourhood in Toronto (King West or Yorkville). The four seasons or Shangria would be cheap in comparison. The price people pay for an average apartment is probably enough to get a nice homes with a garden in Moore Park, but those people do not have the choice to do so because they are restricted by the resources and options they have access to.
Last edited by botticelli; 04-10-2017 at 03:35 AM..
I hear this question thrown around a lot and I was wondering what do you guys think. Do you think Toronto is worth the high cost of living expenses? I hear people say living in the city is worth the cost and others say that Toronto does not provide enough for them to substantiate the cost. This is of course opinion-based so I just want hear different views and perspectives on this. Let's take everything into account like quality and affordability of transit, property prices, rent prices, level of entertainment and amenities compared to other large cities in the same price range as Toronto, jobs, salaries, etc.
High in housing yes, specifically in the single family, detached home category. If you want live in a single house with a garden, drive way, and the whole nine yards within the boundaries of the largest city in the country, be prepared to pay up.
If you look beyond that, living expenses in Toronto are nothing out of the norm. In fact, even rent is still relatively affordable compared to the likes of Boston, NYC, and SF. Try getting a brand new one bedroom condo in downtown Boston or Cambridge around the major T stations, and you'd think downtown Toronto rent is a bargain.
The only expensive part is housing, and that's for a good reason because you live closes to the things people value. Go live in Antarctica, it is free.
That was exactly my question. Talk about these things people value that make the high price of housing worth the cost.
An apartment for $50,000 USD in a country where the GDP per capita income is $3,900.47 USD per year. Very affordable indeed.
It is affordable for me. What is not affordable is making 80k a year and living in a basement apartment. That is just sad.
It makes me very mad because there it is all artificial. The greenbelt was a cop out not to build highways and infrastructure out north. Another thing is that there is NO shortage of housing. Its a myth. We live in a largest country in the world and Toronto can be built outwards. It can be like chicago, a huge metropolis - just build better highways and incentivize office parks to move outside of the downtown core. But no. Let's just make banks and a few developers wealthy.
I like the idea of Square One and North York center but they are way too dense and prices are astronomical.
It is affordable for me. What is not affordable is making 80k a year and living in a basement apartment. That is just sad.
It makes me very mad because there it is all artificial. The greenbelt was a cop out not to build highways and infrastructure out north. Another thing is that there is NO shortage of housing. Its a myth. We live in a largest country in the world and Toronto can be built outwards. It can be like chicago, a huge metropolis - just build better highways and incentivize office parks to move outside of the downtown core. But no. Let's just make banks and a few developers wealthy.
I like the idea of Square One and North York center but they are way too dense and prices are astronomical.
You can afford to live in a Bachelor or 1 bdrm apartment easily on 80K in Toronto. You could also carry a condo on that income as well. Only very exclusive nabe's would you be living in a basement apartment making 80k per year. Toronto is still quite a bit less expensive to rent than S.F, Boston and NYC and probably other U.S cities as well..
The reasons for Toronto becoming more expensive to live in from a housing p.o.v is far more than just lack of ability to sprawl. We can address concerns about affordable housing more than simply sprawling and building outward - including getting rid of dated rent control policies the Harris government enacted and also incentivizing developers to build rental apartment buildings mid to highrise density. A more dense core city is better for transit as well. The last thing this city needs is Dallas or Houston type sprawl with highways to nowhere imo.
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