Drake put Toronto on the map, but there are so many other reasons people want to move to the city. The strong economy, employment opportunities, and millennial population are a big draw for many. (And the fact that the city is home to the Raptors and Leafs doesn’t hurt either.)
But the cost of moving to the big city from outside of Canada can be costly. Relocation experts Movinga crunched the numbers and found that it would cost roughly $8,000 USD (or $10,000 CDN) to move by yourself, and $16,000 USD (or $21,000 CDN) to move with your family to Toronto.
Movinga conducted their study in order to help prospective expats gage the initial financial costs of moving abroad. They included 85 “in-demand” cities worldwide that are known for their appealing work opportunities, education, start-up culture, and lifestyle.
Naturally, Toronto, Vancouver, and Montreal all made the list, ranking at No. 21, 22, and 51, respectively, for most expensive relocation costs.
Vancouver is pretty on par with Toronto, costing individuals $7,874 USD and families $16,565 USD. Montreal, on the other hand, is moderately cheaper at $5,371 USD for an individual and $10,069 USD for a family.
So where did these numbers come from? Movinga considered three cost categories: essentials (transportation, food, drink, and phone bills), temporary accommodation (rent and storage unit), and permanent residence (first month’s deposit, rent, and internet).
The day-to-day living expenses were estimated for three months. It was then assumed that temporary accommodation would be used for one month while the newcomer looked for a permanent home. Movinga then factored in two months of permanent living costs.
Here’s what Toronto’s detailed breakdown looks like in USD per month:
So which city is the most expensive to relocate to? That would be San Francisco. To move there, an individual would spend roughly $13,531 USD (or $17,700 CDN), while a family would spend a whopping $24,004 (or $31,500 CDN).
New York, Geneva, Hong Kong, and Zurich round out the top five most costly cities for relocation.