Even as the cost of owning and renting a place in the GTA and Vancouver slips beyond the reach of more and more middle-class Canadians and new immigrants, these remain major magnets for refugees and newcomers.
For example, renting a one-bedroom apartment in Toronto is about $1,970 on average while it can run up to $2,500 monthly for a two-bedroom apartment. Buying an apartment can set a family back by $751,700 which happens to be the average price that will require a family to come up with monthly mortgage payments of $3,725.78.
On the other hand, in Halifax, Nova Scotia where a fewer immigrants and refugees gravitate, it costs $1,180 monthly for a two-bedroom apartment while buying a house costs $374,361 on average, with monthly mortgage payments of $1,857.24.
New immigrants cite fewer jobs as a reason not to go to places where the cost of living and owning a home is affordable, but the truth is that even good jobs in the GTA aren’t good enough when one factors in the cost of owning or renting a place.
In Calgary the cost of renting a one-bedroom apartment is $1,080 monthly while it costs $1,320 monthly for a two-bedroom apartment. Buying a home is $428,500 on average, with monthly mortgage payments of $2,125.83.
Many newcomers now living in the GTA would be advised to consider other Canadian cities once they get their driving licences and their first start in Canada. Rather than becoming house poor to own an average home in the GTA, one would be better off in the long run considering a life in a smaller town. – CINEWS