Toronto is a large Canadian city. It is bustling, eclectic and employment-filled.
The families and newcomers have always dreamed of living here over the years.
But now, the dream is fading. The housing market in Toronto has become
such that most families are unable to sustain it. The price of purchasing or
renting a house is so expensive that it cannot be covered due to good incomes
alone. Families are having a tough decision to make. A number of them are
abandoning Toronto to seek cheaper living conditions in other cities in Canada.
This blog examines reasons why the housing market is making families move, and
the role played by companies such as transatlas in assisting these movements.
The Rising Cost of Housing
The prices of houses in Toronto have been increasing at a higher rate than wages.
Purchasing a house seems beyond the reach of many. Even tiny condos are in
the hundreds of thousands of dollars. Only very rich buyers can afford detached
homes. The families who had come to Toronto with hopes of owning a house
now think they are locked out of the market. Renting is no easier. Apartment
rental has increased drastically. Housing is a major expense of the household
income. Families are left with minimal funds in terms of food, transport or
savings.
Renting Is Not Affordable Either
To the individuals who are unable to purchase it, renting is possible. However,
Toronto has one of the highest rents in Canada. One-bedroom apartments, too,
are extremely costly. Even more is paid by families that require space. Most
of them find themselves in small apartments. They forfeit comfort to remain in
the city. Others are crowded with extended family or friends, which is a source
of stress. Gradually, the increasing rents make it difficult to remain in families.
There is no option but to relocate to smaller cities that have cheaper rents.
Cost of Living Beyond Housing
The problem of housing is not the only one. Toronto is also very expensive in
terms of the general cost of living. Family expenses include groceries, gas, daycare
and transportation. The expenses remaining leave families in debt, given that
housing already occupies a huge portion of income. Other parents work overtime
or even do two jobs, yet even then, it is hard to save towards the future. Families
begin to wonder whether it is worth the hassle to stay in Toronto. Suddenly,
cheaper cities in Canada become very enticing.
Families Seeking Affordable Cities
Such cities as Ottawa, Hamilton, Halifax and Winnipeg are taking families
out of Toronto. Since the housing expenses are lower in these cities, daily living
is cheap. Families have the capacity to purchase that big house that has a
backyard. They also have reduced commuting, less traffic and secure
neighbourhoods. To most people, the change provides an improved work-life
balance. It is not too late to make the dream of having a home in these places come
true. There is no longer a need to use most of the family income in rent
or mortgage payments.
Impact on Community and Belonging
Toronto, also, is changing in terms of communities as more families have left.
The neighbourhoods that had been populated with young families are no longer
that stable. Parents are concerned about overcrowded or over-expensive schools.
The people who leave usually miss the culture and diversity of the city, but they
get a new sense of belonging in the small cities. In smaller communities, there is
familiarity among neighbours, and support systems are better. Families are
more relaxed and can settle.
Final Thoughts
Toronto will never cease to be a significant city of culture, employment and
potential. Living there is, however, too difficult in the housing market for many
families. The prices of purchasing, renting, and overall living compel families to
go out to find cheaper alternatives. The hope of smaller cities in Canada is lower
prices, improved living standards and actual opportunities to own their own
homes. Through proper planning and the assistance of transatlas, families can
relocate without difficulties and begin a new life without the intense burden
of the Toronto housing market.
FAQs
What is making families leave Toronto?
Due to the excessive housing prices and rents, and the fact that incomes do
not correspond to the expenditure.
What are the cheaper cities near Toronto?
Popular inexpensive choices are Ottawa, Halifax, Hamilton, and Winnipeg.
Are Toronto families facile with renting?
No. The rent is very high, and families will not be able to get space with their funds.
What can the relocation companies contribute?
Businesses such as transatlas pack, transport and store belongings in order
to simplify the moving process.
Will Toronto be popular despite the high cost of housing?
Yes, though, principally to those who can meet the expenses. There will continue
to be many people who will leave.