Cost of living in Toronto has risen over the past few years in some neighbourhoods, while in other Toronto neighbourhoods the cost of living is at its all time low. Although there has been employment issues since the recession, the standard of living in Toronto has wonderfully stayed the same.
Living costs vary between families, students, citizens, and immigrants. Toronto is also uniquely designed, so you never know where you might find the perfect place to call home.
Cost of Living by Location
The Toronto neighbourhoods might be separated by culture but — depending on the area – it is also divided by class. The area can also give you an idea as the amount of living space available.
Forest Hill, Rosedale, and a certain number of West End Toronto neighbourhood’s like Yorkville, are typically more expensive for renting and more specifically for Toronto real estate.
And while you pay more for apartments, condos, and homes, you can expect a little more breathing room — at least in the older buildings and houses. But you can also be stuck with a small one bedroom with a hefty price tag such as $2800.
If you look into Toronto neighbourhoods such as the Beaches, Danforth, and Guildwood, you will find a nice balance between higher and lower end homes and apartments. They only thing to keep in mind is that space can be limited in these Toronto areas.
It is a good idea to look at a variety of neighbourhoods before making your final decision — especially for Toronto real estate.
Toronto also has great neighbourhoods in more suburban regions in the Greater Toronto Area that don’t have the high cost of rent and real estate within downtown Toronto. It all depends on who you are and what your needs are.
Cost of Living for Different Lifestyles
Toronto is a family friendly city with a large number of schools, programs, and child services for all ages. But you should research the Toronto neighbourhoods and find the ones that best suit you and your family.
The cost of living in Toronto for families now a days has gone up slightly since the recession but there have been a lot of improvements.
The average cost of living in Toronto for citizens can range from as low as 25,000 a year to as high as 90,000 a year. Generally speaking, Toronto is an expensive city to live in and usually requires good budgeting and dependent incomes.
It is the same for immigrants moving to Toronto. You have to prove to the government that you can support you and whoever you are bringing (if applicable) for the first year at least.
It can be a shock moving from your home country to Toronto. Depending on where your family sat economically, you could potentially begin in a lower bracket.
The cost of living in Toronto for students is greatly enhanced because of tuition fees. The average month for a student paying rent looks like this:
* Bus Pass: $110
* Rent: $700-$1000
* Food: $100-$200
* Utilities: $150
Don’t forget books as well! It can get very expensive very quickly, but Toronto has student services and loan programs set up to assist you. You can learn more about it at www.osap.gov.on.ca.
Cost of Living by Housing Type
The cost of living in Toronto varies from the kind of housing you are living in. We will start with renting for a one or two bedroom apartment.
Toronto neighbourhoods affect the final cost of your monthly rent; you can pay as low as $600 (for a basement apartment) to as high as $2800.
Obviously, the more rooms within the apartment will increase the final price as well. Also keep in mind that condominiums are available for rent all over Toronto (for a heavy price in some cases).
For renting homes and townhouses the cost is a little more but offer more space then apartments. Toronto cost of living for renting homes ranges from $850 to $3500 (again depending on number of rooms and location). You can have everything from a yard, a patio, to a garage within downtown Toronto for a little extra money — and it might be worth it!
Real estate in Toronto has gone up in price, especially the closer you get to the heart of the city. It is safe to say that for now, it is a buyers market out there.
Toronto might be an expensive city in some ways, but the properties and apartments within its boundaries are highly sought after. The cost of living in Toronto fluctuates depending on neighbourhoods, homes, apartments and life style of the resident.
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