Affordable Living Options for Adults in Toronto
As a resident of Toronto for 6 years, I can offer some insights on affordable living options for adults in this vibrant city. Although Toronto is often perceived as costly, several options can fit within a budget.
New Condo Developments
One of the most affordable choices is to consider new condo developments, especially those located on the outskirts of the core city limits. Many new condo projects offer units priced below $500,000 that are either move-in ready or will be ready within the next year or two. By researching sites like Condos HQ, you can find places tailored to your budget. North York or Scarborough, for example, provide compact yet functional units starting from the low $300,000 range. These high-rise developments offer nearby transit access and may be a bit farther from the downtown core. However, the tradeoff is much more affordable pricing.
Condo Rentals
Renting is also a worthwhile option to explore, as purpose-built rental apartments are increasing. Condo rentals remain abundant, offering flexible living arrangements. Many senior citizens I work with, like one who needed to cash out of their homes, banked their money well and are now renting. While renting isn’t always cheap in Toronto, there are options that fit various budgets.
Diverse Neighborhoods for Diverse Needs
I’ve seen two diverse stories among my clients. One client moved into an older rental building in a working-class area. Despite the lack of amenities and older infrastructure, the rent was at least $1,000 less per month than in a higher-quality building. After some renovations, the client is quite happy and feels financially secure.
Another client, a widow, moved into an upscale building in the city center. She sold her car, downsized, and went from a 1,500 square foot condo to a small one-bedroom rental of about 900 square feet. She even sold some furniture to live a minimalist lifestyle.
These stories highlight the importance of considering different areas and new, affordable options to find the right living situation.
Considerations for Affordability
If affordability is a concern, consider moving to the older sections of the city’s outskirts, such as Mimico, Long Branch, or Scarborough. These areas often have more affordable options without sacrificing too much comfort.
For those in need of senior-friendly housing, ensure the community offers amenities that meet your needs. A walkable neighborhood with accessible public transportation is also crucial.
By exploring these options, you can find an affordable and suitable living arrangement in Toronto.