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MoneySmart Migration Series: How Much Does It Cost To Move To Canada?

how much does it cost to move to toronto

Mark Cheng

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In Singapore, we’re reached a state where we’re pretty much used to the fact that it’s become a melting pot of a whole bunch of different cultures. With Singapore being a central business hub, as well a focal travel point in the region, Singaporeans should be no strangers to interacting with a variety of people from all over the world.

It thus comes as no surprise then that Toronto, Canada, is a hugely popular place when it comes to places of choice for migration. Apart from the vast difference in weather, Toronto is very much a diverse melting pot of ethnicities and cultures as well. A city that is highly passionate about their sports as well, Toronto is not just a great place for people to retire in, but also a popular spot for students going on an exchange program, or even just for holiday.

We take a look at some of the key factors for someone thinking of moving to Toronto:

 

Migrating to Toronto, Canada

Toronto

Even while trying to escape from the concrete jungle that is Singapore, Singaporeans still tend to flock to big cities, and Toronto is no different. The largest city in Canada, Toronto also happens to be ranked the 4th most livable city in the world (incidentally, fellow Canadian city Vancouver, another popular migration destination, is ranked 3rd).

One of the key reasons why it’s such a popular place is also due to its cultural diversity, with over 30% of Toronto residents speaking a language other English and French, and is considered to be one of the most multicultural places in the world. They also have a terrible ice hockey team, if you’re into that sort of thing.

Population: 2.6 million (with 5.6 million in the wider Toronto metropolitan area)

Crime rate: 3,131 crimes per 100,000 people (Singapore’s is 549 per 100,000 people)

Weather: If you love the four seasons, then Toronto takes it to the extreme. Winter temperatures average a high of 2 degrees and a low of -7 degrees but can be known to go sub-30 so be prepared for some chills. J

Unemployment rate: 10.1%. Unemployment seems to be on an upward trend but it remains to be seen if this will be a long-term thing.

Income Tax: A 5-tiered income bracket rate from 5.05% to 13.16% (This is actually lower than Singapore’s)

 

Yonge-Dundas Square
Yonge-Dundas Square

Cost of Rental properties: Prices can range from SGD 4,000 to SGD 9,000 for 3-bedroom apartment rentals in Central Toronto (just slightly lower than Singapore). Of course you don’t have to stay in the city.

Purchase Price of properties: Approx $627 SGD psf for a condominium in the city centre. (lower than Singapore)

Cost of Public Transport: Approx $3.50 SGD for a single fare train ride.

Cost of a brand new Toyota Altis (Corolla): Approx $18,300 SGD

Cost of Louis Vuitton “Neverfull PM” Handbag : Approx $1,211 SGD

 

Toronto Rail Network
Toronto Rail Network

PR Requirements:

Permanent residents in Canada benefit from most social benefits that Canadian citizens enjoy, such as health care coverage. The Citizenship and Immigration Canada (CIC) department has a simple survey that helps people determine if they are eligible for migration.

Migration programs are based on a mixture of demographic information, together with other factors such as income and purpose of migration.

Popular Toronto Landmarks:

  • The CN Tower: The world’s tallest free standing structure for 34 years since it was built in 1976, this monolith was named one of the modern seven wonders of the world in 1995 by the American Society of Civil Engineers
  • The Rogers Centre: The father of all stadiums with a retractable roof (just like a certain stadium with a questionable pitch), this sports stadium houses the Toronto Blue Jays (baseball) and the Toronto Argonauts (Canadian football)
  • The Toronto Islands: I highlighted this simply because this is one place Singaporeans should definitely check out – it’s the largest car-free urban community in North America. Try explaining COE to them over there and they’ll probably have a good laugh. At you. For about an hour or two.

Have you been to Toronto before? Share your best memories here!

Image Credits:
Doug, Pedro Szekely, Nick Harris

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Mark Cheng

I rant and rave a lot, but when I'm not busy doing that, I'm managing the content for MoneySmart. I love Singapore, but I also believe in helping it to improve bit by bit, and that's where MoneySmart comes in. Have some thoughts? Drop me an email at [email protected]