There’s no doubt about it, 2020 has been a crazy year. While some were initially optimistic that the global pandemic wouldn’t be as bad as some experts feared, most have realized that those rosy projections were pure fantasy.
The reality is that COVID 19 has changed the way we think, the way we interact, the way we work, and how we live. For many, it has even changed where we live, and that trend is accelerating.
Many people are considering moving out of Toronto because of those changes. After all, why pay Toronto prices when you can’t enjoy all the amenities of the big city? This is true whether you have a condo in downtown Toronto, are a Toronto homeowner, or if you split your rent living with roommates somewhere in the city.
Read on to discover what people are saying about the pros and cons of looking for a new (and cheaper) place to live.
Toronto, the largest and most diverse city in Canada, was already a very expensive place to live before 2020. In fact, when measuring the ratio of household income to house prices, Toronto ranks as one of the 10 most expensive cities in the world to own property.
Now, this beautiful city formerly full of life and excitement is beginning to look a lot less like a vibrant community you need to experience, and more like an unnecessary economic drain on the bank account.
With COVID restrictions keeping people indoors, some think it simply doesn’t make economic sense anymore to live in a 400-square foot downtown condo that costs $2,000 per month.
The Call of the Suburbs (and Beyond)
Real estate is always more expensive in a big city than it is in a small town. For those interested in living in Toronto housing (or other major metropolitan areas), that was always really bad news.
However, because the situation has been flipped on its head during the pandemic, the nature of real estate prices is now a potential life saver! Instead of living in a very small condo, the exact same amount of money used on Toronto rent can get you much larger housing – if you’re willing to live somewhere a little more low-key.
Moving to the suburbs is one option, and others are choosing leaving the province entirely! According to the CBC, many are moving as far as Atlantic Canada to take advantage of what is called the “Atlantic Bubble,” an area that includes Nova Scotia, P.E.I., Newfoundland and Labrador and New Brunswick.
This area isn’t just cheaper and less densely populated, it also has the added bonus of having the lowest number of COVID cases on the continent. For those that want more peace of mind, this is a really big draw.
Work From Anywhere
Another gigantic change this year that is most definitely COVID-related is the change in how we work.
As governments were forced to have business owners shut their doors or close down their offices, those that didn’t go bankrupt were forced to transition to a work-from-home environment. It was a challenge, but people have started to figure things out.
A recent study by McKinsey suggests that the pandemic has sped up the adoption of technology that makes working from home easier by several years. The same study posits that the change in work behavior may have permanent consequences.
A Changed Commute
Many have realized that some of the urban lifestyle’s staples, including traffic during your everyday commute and working in an office full of your colleagues, is not necessarily needed.
Those lucky enough to be able to work from home will not miss navigating the challenges of a crowded public transit system, and it may be hard to convince them that they should go back to spending that time – an average of 68 minutes per day, or 24 hours per month – traveling back and forth.
By working from home, people suddenly find themselves with a completely different lifestyle, and would not have it any other way. The cost of returning to “normal” might simply be too much. Owning homes and paying a mortgage in a Canadian town like Toronto just doesn’t make as much sense anymore when you do the math and realize that you spend twelve full 24-hour days traveling from your house to work every year.
More Time for Family
Property market prices, travel concerns and work-from-home convenience aside, another silver lining people have discovered during COVID-19 is that they have more time for family.
And while there are of course a great many challenges faced by parents during these times – particularly when in-school education is cancelled – many have found that the extra flexibility they have gained working from home allows them to spend more of their most precious resource, their time, on the ones they love most.
Moving to a property outside the city may not be right for everyone, but if spending more time with your family is a goal, then you can gain a lot by making a move from your Toronto home to something more affordable.
After all, if you don’t need to spend as much on rent, you don’t need to work as much! Because rental prices are so high for the average tenant in Toronto, buying outside of the city could be a financial (and a serious lifestyle) makeover.
Moving Out of Toronto? Call Us for a Free Estimate
King’s Transfer is a Toronto and Montreal-based moving company that has helped thousands of people move their life from one place to another, and in tough economic circumstances, helped them exchange their housing for something even better somewhere else.
For almost 100 years, we’ve helped people move their things, whether it is across town, across the country, or even across the planet! No matter the size of your space, King’s Transfer will be happy to pack and ship your belongings with the utmost care – and for a great price too!
No matter your reasons, if you’re a tenant that just can’t afford to pay Toronto rent anymore, come see what it’s like to move with real professionals. We’re fully insured, have packing and storage services, low prices, fixed hourly rates and no surprise costs. Our specialized fleet of vehicles can handle any sized job.
Contact us today and we’ll get you a free estimate.