When finding a great place to live in Canada, Toronto is consistently ranked a top choice—but why? With its rich cultural diversity, economic opportunities, and an impressive array of neighbourhoods, Toronto offers a quality of life that is hard to beat. In this guide, we’ll give you the low-down on this exciting and bustling metropolis and why you might want to make it your next home.
Is Toronto Expensive to Live In?
We’re glad you asked because it’s one of the biggest questions we get from prospective Toronto buyers! Here’s the honest info on Toronto’s hot housing market and what it takes financially to call it home.
Housing Costs
Toronto’s real estate market is competitive and constantly evolving. In 2023, the city’s real estate market has remained strong but is expected to see some return to 2021 pricing and stability. The demand for housing continues to outpace supply, which has led to an increase in housing prices in recent years, especially in some central Toronto areas, including the downtown core.
The most sought-after areas in the city in 2023 include The Kingsway, Sunnylea, and Mimico, known for their elegant homes and beautiful tree-lined streets. The Kingsway is a charming and popular area in the west end and is known for its upscale housing. Kingsway houses for sale often come with hefty price tags, making it a prime choice for real estate investment. While Sunnylea comes with a slightly lower entry cost, it remains one of the most beautiful, family-friendly neighbourhoods in the Etobicoke region, offering a tranquil suburban escape within the bustling city. Its spacious homes and proximity to the Humber River keep Sunnylea on the map for prime Toronto real estate this year.
Mimico is another one of our favourite Toronto areas, with its waterfront park and modern estates that sit just a hop, skip, and jump away from the city center. This lakeside luxury neighbourhood is a hot spot for its perfect blend of nature and city living, being the ideal place to enjoy Ontario’s natural beauty while still within commuting distance to work in the downtown center.
Real Estate Affordability Factors
While central areas of Toronto can be a tad on the pricey side of life, it remains more affordable than Vancouver. The Toronto suburbs and the west end offer more affordable housing options with definite opportunities for higher-end homes in select pockets of town. Both Sunnylea and Mimico provide a balance between city life and suburban tranquility, while historical Lorne Park is another alternative for those seeking spacious homes while staying close to the city. You can expect to see some Lorne Park houses reach those seven-figure numbers, of course—but in a neighbourhood with so much beauty, you’ll understand why!
Is Toronto a Safe Place to Live?
Most homebuyers put a city’s safety somewhere in their top three priorities before settling on a place to call home, especially when a city is as big as Toronto. The good news for those on the house hunt in the Toronto area is that it has a stellar reputation for being a relatively safe city, and here’s what you should know about general safety in Toronto:
Low Crime Rates
Toronto consistently ranks as one of the safest major cities in North America, boasting low crime rates compared to other large urban areas. The city’s strong police presence and community-focused programs help make Toronto what it is today in the safety department.
Diverse and Inclusive
Toronto’s commitment to diversity and inclusion is another reason for its safety, celebrating a mix of cultures and backgrounds to create a vibrant and harmonious atmosphere.
Efficient Public Services
Toronto’s emergency services, healthcare, and education systems are highly efficient and accessible; in emergencies, the city’s response time is highly commendable.
What is the Quality of Life in Toronto?
Okay, so we might be slightly biased when it comes to living in the Toronto area, but we will give you a super-realistic vantage point of what life is like here! You already know it’s a big city, but with so many beautiful communities encased in natural surroundings, you’ll forget Toronto has an estimated population of 6,370,000 this year (trust us—you will!)
The city also enjoys fame and prestige for being one of the most livable cities in the world, and its high quality of life and cultural inclusion are attributed to many factors that make this Ontario locale so lovable.
Toronto Healthcare
The healthcare system in Toronto is considered world-class, with access to quality medical care, well-equipped hospitals, and a range of medical specialists. The city’s commitment to public health, coupled with its diverse and inclusive population, ensures that healthcare is accessible and comprehensive.
Toronto Education
We also love Toronto for its excellent educational opportunities, from primary and secondary schools to world-renowned universities. The University of Toronto, for instance, ranks among the top academic institutions globally year after year, and the city’s commitment to education and research creates an environment that fosters learning and personal growth.
Lifestyle
Toronto’s lifestyle is a blend of cosmopolitan living and natural beauty. With an abundance of parks, waterfronts, cultural attractions, and diverse neighbourhoods, there’s something for everyone. The city’s commitment to diversity ensures that residents from various backgrounds can find their place and enjoy a vibrant cultural scene. Toronto is also known for its culinary diversity, offering a wide range of international cuisines.
Overall, the quality of life in Toronto is exceptional, offering a well-rounded experience that encompasses healthcare, education, and a rich and fulfilling lifestyle, making it an attractive destination for residents seeking a high standard of living.
Disadvantages of Living in Toronto
Despite our best efforts to make Toronto sound like the best place to live in the entire world….you could say it has a few disadvantages that may thwart your house-hunting excitement:
Traffic and Congestion
Toronto is notorious for its traffic and congestion, and we won’t pretend otherwise. Rush hours are the worst, and parking in the city center is expensive and hard to find. However, public transportation options like the TTC subway system and streetcars help alleviate this problem if being stuck in traffic isn’t your favourite way to spend a Friday afternoon.
Toronto’s Expensive Real Estate Market
We mentioned this earlier, but it’s worth mentioning again if you’re serious about a move. The Toronto real estate market can be fiercely competitive and expensive, like the famous Bridle Path and Forest Hill areas, making it challenging for first-time homebuyers to enter the market. If you’re interested in exploring some of the communities where you might find more affordable housing options, take a look at our Toronto Communities Page for insights into various neighborhoods and their unique features.
Harsh Toronto Winters
If you’re already living in Canada, you know the weather isn’t always going to be your friend. In Toronto, we have our fair share of cold weather, and although we love those icy days for playing hockey, the intensity of snow and cold winters can be challenging for those unaccustomed to the Canadian way of life.
Is Toronto Worth Moving To?
Now that we’ve discussed the very minor disadvantages of this great city let’s explore why Toronto is still worth considering as your next home:
Job Opportunities
Toronto is often called Canada’s economic powerhouse, offering many job opportunities. It’s a hub for various industries, including finance, technology, healthcare, and entertainment, so Toronto is an excellent choice if you’re seeking a career boost.
Cultural Diversity
Toronto is among the most diverse cities globally, offering a rich tapestry of cultures and traditions. This diversity is reflected in its many neighbourhoods, each with a unique character, restaurants, and events. West End Toronto, for instance, is home to a vibrant dining scene with numerous restaurants including Enoteca Sociale, Antler Kitchen & Barand La Palette.
Attractions
Toronto also offers an impressive selection of cultural attractions, including the Royal Ontario Museum, the Art Museum at the University of Toronto, galleries, theatres, and music venues. Whether you’re a fan of live music, theatre, or art, Toronto has something to offer everyone.
Baseball!
Toronto is famously the home to the Toronto Blue Jays, who play their home games at the iconic Rogers Centre. The Blue Jays have a dedicated fan base, adding a vibrant and recognizable sports culture to the city’s identity.
West End Toronto
We thought we’d give a nod to Toronto’s West End because of its massive appeal to those moving to Toronto. West End Toronto is a tapestry of diverse neighbourhoods that offer a unique blend of urban living and suburban tranquility. The West End has something to offer everyone, from trendy urban enclaves to serene residential areas. Check out these trendy real estate hot spots:
High Park
High Park, located in the heart of the west end, is one of Toronto’s most beloved green spaces. This expansive park boasts lush greenery, picturesque walking trails, a serene lake, and even a zoo! The surrounding neighbourhood, also called High Park, offers a mix of real estate, including charming character homes and modern condos, making it a sought-after spot for families and young professionals.
The Junction
The Junction is a hip and artsy neighbourhood with a unique character. This former industrial area has transformed into a vibrant and eclectic community. Its main strip, Dundas Street West, is lined with art galleries, indie boutiques, and seriously yummy dining options like the Annette Food Market or the Pizzeria Libretto. The residential areas surrounding The Junction offer a mix of historic homes and newly developed lofts, catering to a range of real estate tastes and budgets.
Bloor West Village
Bloor West Village is a rockin’ family-friendly neighbourhood with quaint shops and a small-town vibe right in the heart of the city. The area is known for its European bakeries (like Janchenko’s), specialty food stores, and charming cafes. With excellent schools and parks, it’s a sought-after location for families looking for a peaceful urban environment.
Roncesvalles Village
Roncesvalles Village, often nicknamed Roncy, is a unique neighbourhood with a European flair, famous for its Polish heritage. The streets are lined with small businesses, patisseries, and cafes, while the real estate is made up of a perfect mix of historic homes and modern condos, offering a warm and welcoming atmosphere for residents.
Liberty Village
Liberty Village is a modern and trendy neighbourhood in the west end, known for its urban chic vibe. Formerly an industrial area, it has transformed into a bustling community filled with stylish condos, boutiques, bars, and restaurants. It’s a magnet for young professionals seeking a dynamic and lively urban lifestyle.
Queensway Village
Nestled within the western expanse of Toronto is Queensway Village, a popular and all-encompassing neighbourhood that often remains a hidden gem for those exploring the city. This charming area offers a harmonious blend of residential tranquillity and convenience, making it an excellent spot to consider in your west-end Toronto journey.
Queensway Village boasts a range of housing options, from cozy bungalows to modern condominiums. It is also known for its accessibility, with major arterial roads like The Queensway offering quick connections to the city center and surrounding areas.
The neighbourhood features numerous local businesses, parks, and dining options, creating a tight-knit community with an inviting atmosphere with some highly rated schools like the Karen Kain School for the Arts. Its quieter, family-friendly ambiance makes Queensway Village an ideal spot for those seeking a peaceful escape while still within reach of Toronto’s bustling attractions.
Why Are People Moving to Toronto
Toronto, with its rich cultural diversity, economic opportunities, and an array of appealing neighborhoods, consistently ranks as a top choice for those looking to live in Canada. Despite some challenges like traffic and a competitive real estate market, Toronto’s low crime rates, inclusive atmosphere, efficient public services, and high quality of life make it a compelling destination. Job opportunities, cultural diversity, a wide range of attractions, and vibrant neighborhoods like West End Toronto add to the city’s allure.
We’re convinced there’s a place in Toronto you could call home, and with so many options and great neighbourhoods to choose from, you might decide you need more help. Call us today for up-to-date real estate listings in the Toronto area, and we’ll ensure you find whatever piece of paradise you’re looking for!
