It's not difficult to see that everyone needs money if they are going to survive in today's society. But, when you look at all of the diverse cities and towns throughout the world you will see that the amount of money that you need will depend on where you choose to settle down. Those that are working at top level positions and making fifty dollars an hour will get much less for their money than someone who is making the same and living in rural Saskatchewan, for instance. Here is some information about the cost of living in Canada.
The Toronto Immigration office estimates that each person living in the city of Toronto would need a minimum of $10,000 to survive a year in the city. But because the majority of this money will be spent on living arrangements, that number does go down somewhat for larger families coming in. Food is around $600 per month for the average family of four people. This is based on them buying the majority of their food from the grocery store rather than going out to eat.
The average price of a single-family home in Toronto for example, is currently around $450,000 and it is reasonable to get a basic two-bedroom condo for about $250,000. If you were to visit a popular Toronto real estate website right here, you would see that there are some areas of the city where the home prices then go up well into the millions. The average price of renting an apartment downtown is about $800 for a studio, $1100 for a one bedroom, and $1600 for a two bedroom. These numbers are for those that want to live close to public transit in the heart of downtown.
When you're looking at the cost of living in a city like Toronto you need to remember that there are many different areas to choose from and many boroughs outside of the downtown core with convenient transportation options. For instance, home and rental prices in a community like Ajax are about twenty percent lower than they are in Toronto. This might keep you from needing a second mortgage from a mortgage broker to be able to afford to live in this area. If you do need to look at mortgage loan options and discuss rates, we suggest you speak with the well known Marcus Tzaferis of MorCan Direct Mortgages.
If you want to take advantage of the city life than there are many other costs that will likely be added to these basic figures. Just around the corner from many condo developments you will find theatres, restaurants, shopping, and many entertainment options. There are also thousands of places where you could find work while you're living here. You can find Toronto job listings at Workopolis.