Moving to Canada’s largest city means you’ll have no shortage of cultural experiences, restaurants, shopping and more within easy reach to enjoy. But just like any big move, settling into Toronto is sure to cause some growing pains. Keep reading to learn what you should know about moving to Toronto.
Be Ready to Open Your Wallet
If you dream to become a homeowner in Toronto, be prepared to open your wallet. While housing costs have declined in 2019, the average price of a detached home is $1.2 million. In comparison, the average price of a home in Canada is nearly $500,000.
So, if spending more than $1 million on a home isn’t in your budget, expand your search to immediate areas outside the city. You can also consider condos, apartments or multi-family dwellings instead. After finding a desirable home, you can also save money by shopping around for the best mortgage rates.
While a mortgage rate that’s 1 percent or less than another might not seem like a big deal, over the term of your loan or your amortization period, that can add up to thousands of dollars.
Become a Citizen
If you’re moving to Toronto from the U.S. and plan to stay for an extended period, you’ll need to become a Canadian citizen. To do so, you’ll first need to find the right path to becoming a permanent resident. For some, that path might include applying for a visa. Others will need to prove they meet eligibility requirements and work under a permit, but you won’t need a visa.
Determining which path to citizenship is right for you depends on several factors. For instance, if you plan to start a business in Canada, you can apply for a start-up visa. Or, perhaps you have an elderly relative already living in Canada who you plan to care for once you arrive. In that case, a caregiver visa might be your best option.
Know the Laws
Any time you move to a new place, even if you’re just moving one town over, it’s important to make sure you understand the local laws. The same goes for anyone moving to Toronto. While these laws may not always be enforced, especially ones that are outdated, others are still in effect — and breaking them will have consequences.
For instance, there is a law on Toronto’s books that makes it illegal to drag a dead horse down Yonge Street on Sundays. While doing so will likely get you into a good amount of trouble, this law is enforced far less than one that prohibits swearing in public parks or swimming in certain parts of Lake Ontario.
Making Your Move to Toronto
Just like moving to any new city, buying a home or renting in Toronto can be both exciting and intimidating. From finding a new place to live and learning the local laws to applying for citizenship, it’s important to do your research so you feel prepared with your big move.