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When searching for properties, first home buyers usually look for these factors in the location - safety and security, nearby educational institutions, community and lifestyle, and future growth and development. Toronto, the biggest city in Canada, checks almost all of these boxes. So it's no surprise why Toronto consistently earns a spot among the best cities to live in the world.
But in reality, there’s more to this than meets the eye. What we mean to say is that living in Toronto has its own advantages and disadvantages. This is why before searching for homes for sale in Toronto , you must be fully aware of the less appealing aspects of this vibrant city.
Here are 5 reasons why Toronto may not be the “it” location for your first dream home -
Toronto’s housing market is famous for its out-of-reach property prices. Toronto real estate market is the third most expensive in Ontario, Canada next to Oakville and Vancouver. According to Toronto Real Estate Board Market Watch Data, the average selling price of a detached home has climbed up to $1,635,145 in August 2023.
Yes, there are more affordable options like condo townhouses ($889,482) or apartments ($724,549). However, these property types are usually not the first preference of first-time home buyers, especially if they have kids or are planning for it in the future.
The high cost of homes in Toronto can be attributed to the “low supply, high demand” crisis. The population of Toronto, one of the fastest-growing cities in Canada is going through the roof. The city is luring immigrants from all over the world every year. Toronto welcomed over 159,679 immigrants during 2021-2022. Immigrants compete with local residents for housing, escalating bidding wars and leading to high prices of houses for sale.
The lack of availability of land for development and the presence of strict zoning regulations also have a key role to play in escalating the supply-demand housing crisis in Toronto. The city’s zoning regulations are both complex and stringent which deters builders from pursuing new construction projects.
Toronto consistently ranks high in the Quality of Life index because of its promising factors such as healthcare, education, safety, and multicultural atmosphere. But this high quality of life advantage comes with a price tag.
The price of every basic necessity is expensive in Toronto - groceries, gas, public transportation, and almost everything needed to get by in daily life. Also, homeowners in Toronto are bracing up for a property tax increase of 5.5% this year, a significant jump from the 2.9% increase in 2022. The overall tax bill will rise by 7% due to the previously agreed-upon 1.5% increase in the City Building Levy.
So, in case you have really set your heart on putting down your roots in Toronto, figure out if you will be able to bear the hefty expenses of living in the city.
Most outsiders are taken aback by the wide 8 to 12 expressways once they step foot in Toronto. They wonder with such a high level of infrastructure, Torontonians must cruise around the city seamlessly without a hitch in traffic.
But guess what? According to a recent study, Torontonians have an average commute time of 65 minutes, the longest in the Ontario province. TTC streetcars and subways can help you avoid the rush hour traffic but they are mostly overcrowded.
If you are planning to buy a house for sale outside of downtown, you may consider getting a car to travel to work in downtown Toronto. But parking downtown will cost you an arm and leg. It is even more expensive than car insurance!
Toronto offers a wide range of job opportunities across a range of industries such as finance, technology, healthcare, and education. But the city’s robust economy along with its multicultural environment and excellent quality of life attracts talent from all over the world. This intensifies the competition in the job market.
If you buy a home for sale in Toronto and relocate before finding a job, it may become difficult for you to manage the monthly mortgage payments as landing a job in the city may take time. Conversely, if you wait to find a job before relocating to the city, your homeownership dream may get delayed.
Here’s another bummer - Toronto isn’t a great location to look for a house for sale if you are a nature lover. As per a study conducted by Statistics Canada, Toronto is getting greyer and browner as the amount of green space in the city - parks, trees, backyards, and lawns is getting less.
Public land has been sold off to property developers who dotted the whole city with condo towers. Severe drought and insect infestations have also contributed significantly to the loss of green spaces in Canada.
Toronto also grapples with high pollution issues. The air quality in the city is less than perfect and there is a lot of smog. If you are living downtown, you may struggle to spot the CN Tower on a hazy summer day.
Read More: Top 7 Canadian Cities To Buy Your Dream Home
Every location has its upsides and downsides, and Toronto is no exception. So, before picking Toronto as the location of your first home, view the city from all angles. While the city offers numerous attractions and opportunities, it is vital to acknowledge the cons that come with it.
Toronto may not be the perfect fit for every first homebuyer but for some, it could be the ideal place to call home.