Toronto, Ontario – a city of endless possibilities, bustling streets, and vibrant communities. Yet, despite its undeniable charm, many young families and early-career professionals are saying goodbye to the city lights and hello to more affordable living in the suburbs and other cities. Let’s dive into why this trend is gaining momentum and what it means for you as a home buyer or seller in the Greater Toronto Area (GTA).

The Great Migration: What’s Happening?

It’s no secret that the cost of living in Toronto has been on the rise. Skyrocketing housing prices are pushing many young people to reconsider their options. According to the latest data from Statistics Canada, Ontario, home to some of Canada’s priciest real estate, saw a significant net loss in population due to interprovincial migration for the second consecutive year.

Toronto, the heart of Ontario, lost around 93,000 residents to nearby satellite cities and other regions within the province in the year leading up to July 1, 2023. This exodus was predominantly driven by individuals under 40, including many young families with preschool-aged children. Additionally, more than 16,000 people left for other provinces, with the majority being in the 20 to 39 age range.

Why Are People Moving?

One word: Affordability. The pandemic saw a surge in Toronto’s housing prices, with the benchmark price for a home now sitting at a hefty C$1.128 million ($825,300). For many, this steep cost makes homeownership in the city unattainable.

In contrast, Alberta, known for its oil-rich economy and significantly cheaper homes, has become a beacon for those looking to stretch their dollars further. The province saw a net gain of nearly 46,000 people, with cities like Calgary and Edmonton leading the charge. The promise of more affordable housing and a robust economic outlook is hard to resist.

What Does This Mean for Home Buyers and Sellers in the GTA?

If you’re looking to sell your home in Toronto, this trend might initially seem concerning. However, it’s essential to recognize that the demand for housing within the city remains robust. Many people still value the lifestyle and opportunities that Toronto offers.

For home buyers, especially those open to relocating, exploring options outside of Toronto could lead to finding your dream home at a more affordable price. Suburbs and smaller cities offer a quieter, often more family-friendly environment without sacrificing the amenities and opportunities you value.

Finding Your Perfect Home

Whether you’re buying or selling, navigating the real estate market can be overwhelming. As a trusted real estate team in the GTA, we’re here to help you make informed decisions that align with your goals. If you’re considering selling your Toronto home, we can guide you through the process to ensure you get the best value. If you’re looking to buy, we can help you explore options both within and outside the city to find the perfect fit for your needs and budget.

Let’s Chat

Your home is more than just a place; it’s where your life happens. If you’re curious about what the current trends mean for you or you’re ready to make a move, reach out to us. Let’s find the home that’s right for you – whether it’s in the heart of Toronto or in a charming suburb. We’re here to make your real estate journey smooth and successful.