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What living space should you move to in Toronto?

Canada is a vast country with plenty of unique places to live. You can find a place to live on both ends of the population spectrum, from the deep wilderness to thriving cities with millions of residents. One of these cities is Toronto, the largest urban center in the country by population with over three million people.

Moving to Toronto means you will have many opportunities, both professionally and personally, to thrive. This sprawling city is home to so many who have sought out better lives for themselves.

However, finding the right place to live often has a huge impact on your experience of the city. When you are comfortable where you live, it makes it easier to maximize your time in Toronto. Let’s talk about the types of living spaces that you should consider so you can decide on the perfect fit for your lifestyle.

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Apartments

One of the most common types of residential buildings in the city is apartment complexes. These buildings typically feature studio, one-bedroom, two-bedroom, or even three-bedroom units that share walls, ceilings, and/or floors with neighbors. An apartment can be a great start for young people who have not had enough time to save up money for a house or another type of living situation. Depending on where in the city you plan to live, you can find apartments with all sorts of amenities, including private balconies, off-street parking, shared yards, proximity to public transportation, free Wi-fi, and more.

Townhomes

If you want the feel of a traditional house without the burden of a mortgage, then a townhome could be the way to go. Townhomes usually include multiple floors per unit in the same way that many houses do. On the main floor is a family room, kitchen, dining room, and bathroom. The upper floors will often have the bedrooms and another bathroom. Some townhomes share walls with other townhomes while others are free-standing. However, you occupy a townhome by paying rent rather than a mortgage. In some cases, you can choose to own a townhome in Toronto as well.

Condos

Condos are like a cross between a home and an apartment. They are usually found in complexes that feature multiple condos, and you might move into a unit that shares a wall, floor, or ceiling with a neighbor. However, unlike apartments, condos are usually owned by the resident rather than the landlord. That means you pay a mortgage when you get a condo in the same way you would for a single-family home. Eventually, if you have owned the condo for long enough, you can sell it and make a profit. You also have the freedom to upgrade the space, though you have to follow more regulations based on your condo agreement than you would for a regular home.

Single-family homes

Speaking of single-family homes, if you have a family and enough money saved up for a down payment, then this could be the ideal choice for your move to Toronto. This type of home is a single structure, potentially with some extra land on the property, that you can own. Since you likely cannot afford the upfront price with cash, you will need to take out a mortgage loan to acquire the home. Homes tend to be more expensive than apartments and condos, though some areas have more expensive houses than others in Toronto, so it depends on your desired location. However, building equity in the home over time is an investment that can benefit you in the long run. You can refinance for better terms in the future, borrow cash against the equity for home renovations, or make a profit when you sell the home.

New constructions

Having a hard time finding the perfect home that meets all the needs of your family? Maybe you should build one from scratch. New construction homes are a great solution if you have more financial assets and would like to customize your next home as much as possible. You will work together with a custom home builder and designer to come up with the concept for the home, then they will build it for you. This process takes much longer than searching for a home that is already built. Also, it is going to cost you more since you have to pay for land, labor, and materials.

Which living space will kickstart your life in Toronto?

As you can see, there are plenty of options in the city of Toronto for your next living space. Taking advantage of all the opportunities in the city means finding a space where you feel comfortable. Whether that is a studio apartment, a condo, or a new construction home, this residential space will affect your lifestyle in the city.

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