Although the phrase “affordable housing” is well known, what it means and represents can be vastly different from person to person. And being the capital of Ontario, Toronto is probably not the first place you think of when looking for inexpensive place to live. So, you may wonder is it possible to find affordable housing in Toronto at all, and how does one do it? Luckily, Number 1 Movers Van Lines can help you discover some ways to locate more affordable apartments in .
The general price of housing and the cost of living in Toronto
It’s no secret that buying or renting a home or apartment in Toronto has become quite the financial investment. With a population of 2,794,356 which is on the rise, the demand for housing keeps getting higher. Toronto also earned its spot as the most populous city in Canada, which makes the search for affordable housing additionally difficult. The average house prices in Toronto have been on the rise in the past few years. However, home prices in November 2022 are 4,2% lower than those of November 2021 as reported by the Toronto Regional Real Estate Board. It might not make a significant difference, but if the home prices keep dropping, finding housing in the future may not be so hard.
As of this moment, luckily, Toronto offers housing support, as well as financial and employment support. In terms of affordable housing, there are several options available:
- Rent-Geared-To-Income, also known as subsidized housing,
- Financial support for possible renters,
- Financial support for potential homeowners,
- Other subsidized housing options, as well as benefits.
Another useful service in terms of housing and property owning is the property tax relief. To apply for this service, one must have their tax returns filed, and follow online instructions. All in all, if you plan to move with residential movers Toronto trusts, be ready to look into all available options.
Which groups of people will find affordable housing in Toronto and which will struggle
In general, housing affordability and high rents are some of the issues residents of Canada face. Bidding wars are also a very frequent occurrence in Toronto, resulting in properties selling for hundreds of thousands of dollars over asking. However, even if you do, by some miraculous chance, find housing within your budget, there are things you should keep in mind. Don’t rush in, buy a property, and look for movers right away. Keep in mind that:
- The average yearly Salary in Toronto is $52,268, while the average household income is $102,721. If your salary is lower than this, then living in Toronto may prove to be too expensive for you.
- Before you hire some of the best Toronto moving companies to move you to your new home, remember that you might be surrounded by construction sites at all times. A higher housing demand and a low supply of properties mean new properties have to be built. As such, the sight of cranes and the sound of drilling will be more than frequent around your new Toronto home.
- Toronto has also been dubbed the “city of opportunities” in terms of employment. However, with the recent influx of immigrants, the job market has turned out tougher than expected.
- If you’re a young person looking to live in a metropolitan area and making less than five figures, it’s best to look for a home somewhere else. If you really want or need to be near Toronto, housing in some of the surrounding cities may be a better option for you.
Final things to consider before settling for housing in Toronto
Since you’re looking for affordable housing in Toronto, you must have a limited budget. Of course, by hiring local movers Toronto relies on, you can spend a little and save a lot. But what other unexpected costs and gimmicks come with finding housing and moving to Toronto? Of course, Canadian winters are a force to be reckoned with. A lot of your money will go on electricity bills and heating. You’ll have to go outside from time to time, but if you’re not good with cold weather, it can cost you. You might catch colds more often, and you will have to invest money in healthcare and skincare products. Toronto’s winters are actually more mild according to Canadian standards!
Because of its cold climate, Toronto and the surrounding area aren’t the best for growing crops. As such, most of the food is prepared with “artificial help,” and Toronto often imports food from the US. This directly affects the cost of groceries and other products you can buy in stores and markets. Another thing that will affect your spending budget besides housing is transportation in Toronto. At this point, depending on your budget, even if you do find cheaper housing in Toronto, you might have to say goodbye to plenty of things considered luxuries. With all of this in mind, plan your budget, consider your options, and make your choice.
Affordable housing in Toronto: truth or myth?
With all the previous facts in play, is it possible to find affordable housing in Toronto? The answer is yes: affordable housing in Toronto does exist, but it requires sacrifices and lots of budgeting. In fact, budgeting, patience, and a good salary or savings will aid you in your relocation to Toronto. If you decide that Toronto is indeed the place for you, Number 1 Movers and Van Lines is at your disposal for all of your relocation needs. Get a free moving quote on our website today and start planning your move!