Real Estate in Toronto
Last updated on Nov 14, 2024
Summary: The average cost of a nice 2 bedroom home in Toronto, Canada is around $700,000 CAD. A nice 3 bedroom home in Toronto is around $1,000,000 CAD. These properties typically include modern amenities such as stainless steel appliances, hardwood floors, and updated bathrooms. Some may also include a balcony or outdoor space. Foreign ownership of properties in Toronto is allowed, however, there are restrictions in place. For example, foreign buyers must pay a 15% Non-Resident Speculation Tax (NRST) on the purchase of residential property in the Greater Golden Horseshoe region. An expat looking to buy a home in Toronto should start by researching the different neighborhoods and researching the local real estate market. They should also consider their budget and lifestyle needs when searching for a home. The most desirable neighborhoods in Toronto include Downtown Toronto, The Annex, Yorkville, and The Beaches. These neighborhoods offer a variety of amenities, including restaurants, shops, and entertainment. They are also close to public transportation and have easy access to the city's attractions.
How do I find a place to live in Toronto?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"When looking for a place to live in Toronto, it is important to consider your budget, desired location, and the type of housing you are looking for. Start by researching different neighbourhoods in Toronto to find one that fits your needs. You can also use online resources such as Craigslist, Kijiji, and PadMapper to search for rental listings. Additionally, you can contact a real estate agent to help you find a place to live. Once you have narrowed down your search, you can visit the properties in person to get a better feel for the area and decide if it is the right fit for you," said one expat who made the move to Toronto.
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What is a typical expat home or apartment like in Toronto?
"Expat homes and apartments in Toronto are typically modern and spacious, with plenty of natural light and open floor plans. Many of the apartments are located in the downtown core, close to amenities such as restaurants, shops, and entertainment. Expats can also find homes and apartments in the suburbs, which offer more space and a quieter atmosphere. Most homes and apartments come with modern appliances and amenities, such as air conditioning, in-suite laundry, and high-speed internet," said one person in Toronto.
What is the average cost of housing in Toronto?
If you are thinking about moving to Toronto, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The average cost of housing in Toronto is quite high. Prices for homes in the city have been steadily increasing over the past few years, with the average cost of a detached home in the city now exceeding $1 million. Renting is also expensive, with the average cost of a one-bedroom apartment in the city centre costing around $2,000 per month," said one person in Toronto.
Should I buy or rent a home in Toronto?
If you have not spent a lot of time in Toronto, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Toronto can be a great investment, as the city is known for its strong real estate market. However, it is important to consider your financial situation and lifestyle before making a decision. Renting can be a great option if you are looking for flexibility and don't want to commit to a long-term mortgage. It can also be a great way to get to know the city and its neighbourhoods before deciding where to buy. Ultimately, the decision to buy or rent should be based on your individual needs and preferences," remarked one member in Toronto.
What do I need to know when buying property in Toronto?
When we asked expats what advice they would give a foreigner before buying a property in Toronto, they said:
"When buying property in Toronto, it is important to research the area and the neighbourhood you are interested in. Consider the local amenities, transportation options, and the safety of the neighbourhood. It is also important to understand the local real estate market and the current trends in the area. It is also important to understand the taxes and fees associated with buying property in Toronto, such as the land transfer tax and the municipal taxes. It is also important to understand the process of buying property in Toronto, including the steps involved and the timeline for closing the deal. Finally, it is important to work with a qualified real estate professional who can help you navigate the process and ensure that you are making the best decision for your needs," explained one expat in Toronto.
Are foreigners allowed to own property in Toronto?
When we asked expats what advice they would give a foreigner before buying a property in Toronto, they said...
"Yes, foreigners are allowed to own property in Toronto. Non-residents of Canada are able to purchase property in Toronto, however, they must pay a Non-Resident Speculation Tax (NRST) of 15% of the purchase price. Additionally, non-residents must also pay the same taxes as Canadian residents when they purchase property in Toronto," wrote one expat who made the move to Toronto.
What appliances are typically included in a rental?
We asked foreigners in Toronto what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"Rental properties in Toronto typically include a refrigerator, stove, oven, dishwasher, and washer and dryer. Depending on the property, other appliances such as a microwave, garbage disposal, and air conditioning may also be included," explained one person living in Toronto, Canada.
Additional Information about Searching for a Home in Toronto:
We asked foreigners in Toronto what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats searching for homes in Toronto can begin by researching the different neighborhoods and areas of the city to find the best fit for their lifestyle. They can also search online for real estate listings, or contact a local real estate agent to help them find the perfect home. Additionally, expats can attend open houses and viewings to get a better feel for the properties they are interested in," explained one person living in Toronto, Canada.
About the Author
Betsy Burlingame is one of the founders of Digital Nomad Exchange and the Founder and President of Expat Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange and Digital Nomad Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
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