Costs to Consider When Relocating to Toronto

Embracing the charm of Toronto, Canada’s vibrant and multicultural hub, is an exciting adventure. The appeal is clear with its rich history, diverse culinary scene, and robust economy. However, a successful move entails more than just packing your belongings and hiring a reputable moving company like Professional Movers Canada. Understanding the cost of living and other relocation-related expenses is crucial to make an informed decision. This comprehensive guide’ll take you through the key costs to consider when relocating to Toronto. Keep reading and find out all the information.

What are the key costs to consider when relocating to Toronto?

When planning a move, people usually only count the costs of the relocation. They plan a budget for hiring movers, different moving services, and transportation costs. However, relocating to another city means adapting to that certain lifestyle and planning all the costs of living there. So, before you prepare the budget only for moving supplies Toronto and other moving-related costs, you need to consider the general costs of living in Toronto. Those include:

• Housing costs,
• Utility costs,
• Transportation costs,
• Groceries and dining out,
• Health care and insurance,
• Costs of hiring movers and opting for moving services.

Housing costs

One of the first costs to consider when relocating to Toronto is housing. Whether you choose to buy or rent, housing is typically the largest expense in any budget. The cost varies greatly depending on the area of the city, the type of housing (apartment, condo, townhouse, or detached house), and the size and condition of the property. Do extensive research on housing markets in different neighborhoods to find a place that suits your budget and lifestyle.

For those interested in buying, the average price of a home in Toronto is around CAD 1 million. For instance, a single-family detached home in central Toronto could easily cost over CAD 2 million. Condominiums, being more affordable, have an average price of approximately CAD 600,000. Renting is also a common choice for many newcomers. As of 2023, the average monthly rent for a one-bedroom apartment in the city center is around CAD 2,200. If you’re looking at more affordable options outside the city center, the average rent decreases to about CAD 1,800 per month. A larger three-bedroom apartment in downtown Toronto could cost around CAD 3,500 per month, while the same in an area outside the city center is closer to CAD 2,800. So, before contacting furniture movers Toronto, think about the type of housing you need and whether it fits your budget.

Cost of utilities

Toronto’s utility costs are another important factor in your relocation budget. These usually include electricity, heating, cooling, water, and garbage services. The price for these services may not be included in your rent or mortgage payment, so it’s essential to account for them separately. Also, remember to factor in the cost of internet, cable TV, and mobile services, considered necessities in today’s digital age. Here’s a breakdown of the average monthly costs you can expect:

• Electricity: The cost of electricity in Toronto can range anywhere from CAD 75 to CAD 150 per month for an average-sized apartment.
• Heating: Toronto can get pretty cold in the winter, so heating is a significant utility cost. On average, you can expect to pay around CAD 50 to CAD 100 per month, depending on the season and the efficiency of your heating system.
• Water and garbage services: In many cases, water and garbage services are included in your rent. If they aren’t, you usually pay around CAD 50 per month.
• Internet: The cost of internet service in Toronto typically ranges from CAD 50 to CAD 75 per month.
• Cell phone: The cost of cell phone plans in Canada is relatively high compared to other countries. On average, you will need to pay anywhere from CAD 50 to CAD 100 per month, depending on the plan and provider.
• Cable TV: While many people opt for streaming services over traditional cable TV, it can cost around CAD 30 to CAD 100 per month if you choose to have cable.

Transportation costs

The cost of getting around in Toronto should also be considered. Toronto has a robust public transit system that includes buses, trams, and subways, providing a cost-effective and efficient way to navigate the city. A single adult fare is CAD 3.25, but there are several ways to lower your per-ride cost. A monthly TTC pass, which offers unlimited travel, costs CAD 156. If you plan to use public transit as your primary mode of transport, this monthly pass is often the most cost-effective option.

If you’re planning to own a car in Toronto, remember to consider not only the cost of the car itself but also the ongoing costs like fuel, insurance, maintenance, and parking. On average, gasoline costs around CAD 1.30 per liter. Car insurance in Toronto is higher than in many other parts of Canada due to the dense population and high traffic. The average cost of car insurance in Toronto can be from CAD 1,500 to CAD 2,500 per year. Parking, if not included with your housing, can also be expensive, with costs ranging from CAD 100 to CAD 200 per month in the downtown area.

Groceries and dining Out

Food is another significant cost to consider when moving to Toronto. The price of groceries can vary depending on your dietary preferences and shopping habits. Dining out is also a part of the city’s rich cultural experience, but it can add up quickly. Hence, it’s important to balance enjoying Toronto’s diverse food scene with maintaining a reasonable budget.

Health care and insurance

Healthcare in Canada is publicly funded, meaning basic healthcare services are typically covered by the Ontario Health Insurance Plan (OHIP) for residents. However, it’s important to note that not all health-related costs are covered, and there’s a three-month waiting period for new residents before OHIP coverage starts. Here are some specifics:

• OHIP: Most basic and emergency healthcare services are covered once your OHIP coverage starts. This includes visits to doctors and specialists, hospital stays, surgeries, and emergency services.
• Private health insurance: If you’re moving from outside of Canada, you’ll need private health insurance to cover any health expenses during your initial three-month waiting period for OHIP. It typically ranges from CAD 50 to CAD 200 per month.
• Extended health insurance: While OHIP covers many health care services, it doesn’t cover everything. Prescription medications, dental care, eye care, physiotherapy, and other similar services are not covered. Many people in Ontario choose to have extended health insurance to cover these costs. The price for this insurance varies from CAD 50 to CAD 150 per month per person.
• Dental and eye care: Regular dental check-ups and eye exams are also important considerations. The average dental cleaning and check-up cost in Toronto can be around CAD 120, while an eye exam can cost around CAD 75. These costs can often be reduced if you have extended health insurance.

The cost of hiring movers

The cost of hiring movers depends on many factors. Normally, for a local move in Toronto, you can expect to pay between CAD 80 and CAD 150 per hour for a reputable moving company, which typically includes a moving truck and a crew of two or three movers. For a long-distance move, costs are usually based on the weight of your belongings and the distance of the move. For example, moving the contents of a three-bedroom house from Vancouver to Toronto could cost between CAD 6,000 and CAD 10,000.

Remember that these prices are estimates, and the actual cost can vary. Also, if you include additional services, such as packing services Toronto, it can cost you even more. While the cost is important, choosing a reliable and reputable moving company is crucial to ensure your belongings are handled with care and arrive safely at your new home in Toronto.

Plan carefully

Even though there are many costs to consider when relocating to Toronto, remember that moving is more than just numbers and costs; it’s about starting a new chapter in life. As you navigate this exciting journey, every expense is essentially an investment in building your new home and life in the city of Toronto. Embrace the adventure, plan carefully, and welcome the vibrant experiences that Toronto has to offer.