Relocating to Toronto

Moving to Toronto

Moving to Toronto

Moving to Toronto means choosing a neighbourhood you have probably never lived in, in a city with its own rules on renting, buying, taxes and transit. The Storey Team helps people relocating from across Canada and around the world find the right part of the city, decide whether to rent or buy first, and get settled without expensive mistakes.

We have been part of more than 1,000 transactions and we rank in the top 0.1% of Toronto real estate. Many of our clients arrive for a new job, a transfer, school or family, and many start working with us before they land, using video tours and digital signatures. We live and work here, and we will give you an honest picture of each neighbourhood, not a brochure.

On this page

The ARRIVE Method

The ARRIVE Method is the six step process The Storey Team uses to help people relocate to Toronto: Assess your status, Rent or buy, Research neighbourhoods, Income and mortgage readiness, Visit or video tour, Execute and settle.

A. Assess your status

Citizen, permanent resident, work permit holder or student. Your status determines whether you can buy, what taxes apply and which mortgage options you have, so we start there.

R. Rent or buy

We help you decide whether to rent first and learn the city, or buy from the start, based on your timeline, finances and how sure you are about the job and the neighbourhood.

R. Research neighbourhoods

We match neighbourhoods to how you want to live: commute, schools, transit, walkability, green space, nightlife or quiet, and budget.

I. Income and mortgage readiness

Canadian lenders and landlords want to see Canadian income, credit history and documents. We connect you with mortgage specialists who work with newcomers and help you prepare a strong rental application.

V. Visit or video tour

If you can visit, we plan an efficient tour of the shortlist. If you cannot, we walk properties live on video, inside and out, including the street and the building.

E. Execute and settle

We handle the offer or lease, coordinate with your lawyer and lender, and point you to the practical things that make the first month easier, from utilities to moving bookings in condo buildings.

Why relocating needs local help

The biggest relocation mistakes are choosing a neighbourhood from a map, committing to a long commute without trying it, and not understanding the local rules: the two land transfer taxes, rent control exemptions, condo fees, short-term rental limits and the rules for non-Canadian buyers. A local team that does this every day can save you months of trial and error.

Choosing a neighbourhood

What are the best neighbourhoods to live in Toronto?

The best neighbourhood depends on your stage of life and your commute. Young professionals often choose King West, Liberty Village, Queen West, Leslieville or Yonge and Eglinton. Families look at Leaside, Riverdale, the Beaches, High Park, Roncesvalles, the Kingsway, Lawrence Park and Bayview Village. People who want the most space for their budget look further out in North York, Etobicoke and Scarborough. We will narrow it down based on your priorities.

What is the best area of Toronto for families?

Families most often prioritize schools, parks, safety and a manageable commute. Neighbourhoods like Leaside, Riverdale, the Beaches, East York, High Park, Bloor West Village, the Kingsway, Davisville, Lawrence Park and Willowdale are consistently popular. School catchment boundaries are set by the school boards, so always check a specific address directly with the Toronto District School Board or the Toronto Catholic District School Board.

Where should I live in Toronto if I work downtown?

If you want to walk or take a short ride, look at King West, Queen West, the St. Lawrence Market area, the Waterfront, CityPlace and Church and Wellesley. If you want more space with an easy subway commute, look along Line 1 and Line 2: the Annex, Yonge and St. Clair, Davisville, Yonge and Eglinton, Riverdale, the Danforth and High Park. A 25 minute subway ride often buys a lot more home than a downtown address.

Is Toronto safe?

Toronto is generally considered a safe large city by North American standards, and most residential neighbourhoods are quiet and walkable. Like any big city, conditions vary block by block, especially in parts of the downtown core. We encourage clients to visit at different times of day and we will tell you honestly what we know about a specific street or building.

How does transit work in Toronto?

The TTC runs the subway, streetcars and buses within the city, and GO Transit connects Toronto with the surrounding region by train and bus. Line 5 Eglinton began service on February 8, 2026, adding a crosstown link across midtown, and the Ontario Line is under construction through downtown. Living within a short walk of a subway station makes daily life without a car much easier.

Do I need a car in Toronto?

Not if you live and work near the core or along a subway line. Many downtown residents walk, cycle, take transit and use car sharing. In the outer parts of the city, and for families with activities across town, a car becomes more useful. Factor parking into your budget: downtown condo parking spots and street permits both cost money.

The cost of living in Toronto

How much does it cost to live in Toronto?

Housing is by far the largest cost. Rents and prices have softened since their peak, but Toronto remains one of Canada’s most expensive cities. Beyond housing, budget for condo fees or utilities, property tax if you own, transit or car costs, insurance, childcare and groceries. We can give you a realistic housing budget for the neighbourhoods you are considering.

What is the average home price in Toronto?

Prices vary enormously by property type and neighbourhood. According to TRREB, the average City of Toronto condo apartment sold for $649,330 in the first quarter of 2026, while detached homes in central neighbourhoods often sell for well over $1.5 million. Our Toronto Housing Prices page tracks the latest numbers.

How much is property tax in Toronto?

Property tax is based on your home’s assessed value from the Municipal Property Assessment Corporation multiplied by the city’s tax rate. Toronto’s residential rate is lower than most surrounding municipalities, at under 1% of assessed value, though higher home values mean the dollar amount is still significant. Toronto homeowners must also file an annual Vacant Home Tax declaration by April 30.

What are closing costs when buying in Toronto?

Budget around 3% to 4% of the purchase price for a typical Toronto purchase. The biggest item is land transfer tax, because Toronto buyers pay both the Ontario and the Toronto municipal tax. Add legal fees, title insurance, a home inspection, and adjustments for prepaid property taxes or condo fees.

Rent first or buy first?

Should I rent or buy when I move to Toronto?

If you are new to the city, unsure about your job or neighbourhood, or still building Canadian credit history, renting for six to twelve months is often the smart first step. You learn the city and make a better purchase later. If you already know where you want to live, plan to stay at least five years and have your financing in place, buying from the start can make sense, especially while buyers have negotiating power.

Is it cheaper to rent or buy in Toronto?

Month to month, renting is often cheaper than owning a comparable home once you include mortgage interest, condo fees and property tax. Ownership builds equity over time, though, and rent can rise between leases. The right answer depends on your down payment, time horizon and the specific property. Our Cost of Ownership calculator helps compare the two.

Can I buy a home in Toronto before I move?

Yes, if you are eligible to buy and have financing approved. Many clients buy remotely using video tours, digital signatures and a local real estate lawyer. We recommend seeing the shortlist in person if you can, but it is not required. You will need a Canadian lawyer to close and, usually, a Canadian bank account.

Renting in Toronto

What do I need to rent an apartment in Toronto?

Landlords typically ask for a rental application, photo ID, an employment letter or offer letter showing salary, recent pay stubs, a credit report and references. Newcomers without Canadian credit history can strengthen an application with an offer letter, bank statements, a reference from a previous landlord, or a guarantor.

How much deposit can a landlord ask for in Ontario?

In Ontario, a landlord can ask for first month’s rent and a rent deposit for the last month. They cannot require a damage deposit, and a key deposit must be refundable. Some tenants voluntarily offer additional months of rent to win a unit, but a landlord cannot demand it.

Is rent controlled in Toronto?

Partly. Units first occupied for residential purposes on or before November 15, 2018 are subject to Ontario’s annual rent increase guideline, which is 2.1% for 2026 and 1.9% for 2027. Newer units are exempt from the guideline, which means the rent can rise by more at each annual increase. Ask about the building’s age before you sign.

How do I find a rental in Toronto?

Through a realtor, rental websites, or directly with landlords and rental buildings. Working with a realtor on the MLS gives you access to condo rentals that are often listed there first, and it usually costs tenants nothing because the landlord typically pays the leasing commission. We help clients rent as well as buy.

What is the standard lease in Ontario?

Most residential tenancies in Ontario must use the province’s Standard Form of Lease. A typical first lease is for 12 months, after which it continues month to month on the same terms unless both sides sign a new lease. A tenant can generally end a tenancy with 60 days written notice, timed to the end of a rental period.

Buying in Toronto as a newcomer

Can newcomers get a mortgage in Canada?

Yes. Many Canadian lenders have newcomer mortgage programs for permanent residents and some work permit holders with limited Canadian credit history. Requirements vary, but often include proof of employment in Canada, a minimum down payment, and documents showing where the down payment came from. A mortgage broker who specializes in newcomers is worth talking to before you start looking.

How much down payment do I need to buy in Toronto?

For homes under $1.5 million, the minimum is 5% on the first $500,000 and 10% on the portion above that, with mortgage default insurance. Homes at $1.5 million or more need at least 20% down. Some newcomer programs require more than the minimum, depending on your status and credit history.

Do I qualify for the first-time home buyer land transfer tax refund?

If you have never owned a home anywhere in the world, you may qualify for refunds of up to $4,000 on the Ontario land transfer tax and up to $4,475 on the Toronto municipal tax. Both programs have eligibility rules, including requirements related to citizenship or permanent residence, so confirm your eligibility with your lawyer before you rely on it.

What is land transfer tax in Toronto?

A tax paid on closing when you buy property. Toronto buyers pay it twice: once to Ontario and once to the City of Toronto, at matching rates up to $2 million. On an $800,000 home, that is about $12,475 each, or roughly $24,950 in total before any first-time buyer refunds.

Should I buy a condo or a house in Toronto?

For many newcomers, a condo is the most practical first purchase: lower price, less maintenance, amenities and a location close to work and transit. Families who need more space and want a yard usually look at townhouses, semis and detached homes, often slightly further from the core. Our condo specialists page covers what to know about buying a condo here.

Do I need a lawyer to buy a home in Ontario?

Yes. In Ontario, a real estate lawyer handles the title search, the mortgage documents, the transfer of funds and registration of the purchase. We are happy to introduce you to lawyers we trust who work with buyers from outside Toronto.

Rules for newcomers and non-Canadians

Can foreigners buy property in Toronto?

The federal Prohibition on the Purchase of Residential Property by Non-Canadians Act restricts most people who are not Canadian citizens or permanent residents from buying residential property in urban areas like Toronto. There are exceptions, including for certain work permit holders, and the ban is scheduled to expire on January 1, 2027. Check its current status with a lawyer before planning a purchase.

Can I buy a home in Toronto on a work permit?

Possibly. Under the federal rules, some work permit holders are exempt from the foreign buyer ban, subject to conditions such as the time remaining on the permit and buying only one property. You may still be subject to Ontario’s Non-Resident Speculation Tax unless you qualify for an exemption or rebate. Get legal advice on your specific situation before making an offer.

What is the Non-Resident Speculation Tax in Ontario?

The Non-Resident Speculation Tax is a 25% provincial tax on the purchase price of residential property in Ontario bought by foreign nationals, foreign corporations and taxable trustees. It is paid in addition to land transfer tax. Certain buyers, such as some nominees under the Ontario Immigrant Nominee Program, may qualify for an exemption or rebate. Canadian citizens and permanent residents do not pay it.

Do permanent residents pay any extra taxes to buy in Toronto?

No. Permanent residents buy on the same terms as Canadian citizens. They pay the normal Ontario and Toronto land transfer taxes and are not subject to the foreign buyer ban or the Non-Resident Speculation Tax.

Can I buy a property in Toronto and rent it on Airbnb while I am away?

Only in limited ways. Toronto only allows short-term rentals of under 28 days in your principal residence, and an entire home can be rented for no more than 180 nights a year. Investment properties cannot be used as short-term rentals, and many condo buildings ban them outright.

Working with us from afar

Can you help me find a home before I arrive in Toronto?

Yes. We regularly help clients who are still in another city or country. We start with a video call to understand your needs, send neighbourhood and property options, tour homes live on video, and coordinate offers, leases and documents electronically. When you land, we can tour the shortlist in person.

Do you help people rent as well as buy?

Yes. Our team handles leasing for tenants and landlords as well as purchases and sales. For many newcomers, we help them rent first and then buy once they have settled in and built Canadian credit history.

How do we get started?

Start with a relocation call. Tell us about your job location, family, lifestyle and budget, and we will put together a neighbourhood shortlist and a plan for renting or buying. There is no cost and no obligation.

Call or text The Storey Team at 416-670-2432, or email tom@storeyteam.ca.

Neighbourhoods across Toronto

We help people settle across the city. Downtown in King West, Queen West, Liberty Village, CityPlace, the Waterfront, the Financial District, St. Lawrence Market, Yorkville and the Annex. Midtown at Yonge and St. Clair, Davisville and Yonge and Eglinton. East in Leslieville, Riverdale, the Danforth, the Beaches, East York and Leaside. West in Roncesvalles, High Park, the Junction, Bloor West Village and the Kingsway. And further out in North York, Willowdale, Bayview Village, Etobicoke, Mimico and Scarborough.

Talk to us before you move

The most useful conversation happens before you sign a lease or book a flight to view homes. We will help you understand the city, the rules and your options. There is no cost and no obligation.

Call or text 416-670-2432 or email tom@storeyteam.ca