Ranked #4 Best City To Live In The World

With the largest population in Canada, Toronto is a bustling, urban landscape chock full of choices when it comes to food, entertainment and shopping. But the excitement of the big city comes with a price – literally.

Fun facts:

• The Toronto Maple Leafs haven't won a Stanley Cup since 1967
• Half of Toronto's population was born outside of Canada
• There are over 100 languages and dialects spoken in Toronto
• Toronto has over 8,000 restaurants to choose from

5 Things You Need To Know About Buying In Toronto

1. It ain't cheap – Toronto ranks as the second most expensive city in Canada when it comes to buying a home
2. The average home price in Toronto is $578,000 (the provincial average is $446,000)
3. More than half of the homes that sold last year in Toronto's 10 hottest neighbourhoods sold for more than asking 
4. Do you have a vehicle? Parking might hike up your cost of living, as a rising demand for affordable parking has also meant a rise in price. Look for homes or condos with parking, if you can.
5. Ample supply of condominiums has kept demand and prices of these units stable. If you're willing to sacrifice space, you'll certainly be rewarded in cash savings.

Frequently Asked Question: How Does Land Transfer Tax Work?

Potential home buyers know to be prepared to shell out a little – or a lot of – extra dough if they want to live in Toronto. But it's not just the premium of living in one of North America's great cities that drives up the total price; it's the Toronto Land Transfer Tax (LTT), a levy unique to the city.

The tax was introduced in February 2008. It applies to the purchase of all properties within the city limits of Toronto. When a buyer purchases a Toronto-area home, they'll pay the provincial LTT, as well as the Toronto LTT – both of which are calculated as between 0.5 and 2 per cent of the cost of the home. The percentages seem small, but they add up. A Toronto-area house with a price tag of $450,000, for example, will cost a buyer $5,475 in provincial LTT and $4,725 in municipal LTT. That's an extra $10,200 for a buyer to pay at closing time.

Toronto Housing Statistics

Despite the high cost of living in Toronto, the city has much to offer in terms of culture and opportunity. While there is no denying the fact that Torontonians face their fair share of frustrations, there is good reason for Toronto to consistently rank as one of the most liveable cities in the world.

Buying Property in Toronto – Important Links

Knowledge is power when it comes to making the most of your money, and this old adage is especially true when talking about mortgages. RateSupermarket.ca recommends the following resources to get you started on your mortgage journey in Toronto:

Get Toronto regional housing statistics from the Canada Mortgage and Housing Corporation

The Economist lists Toronto as the #4 best place to live in the world. Learn more about this data-driven ranking.

Ever wonder what everyday items will cost you in Canada's biggest city? You can compare the cost of living around the world here.

Get all the information you need about Toronto public transit on the Toronto Transit Commission (TTC) website.

For many families, nearby schools are a big factor in home buying decisions. Learn more about the Toronto District School Board and school locations here.

Are you new to Canada? The City of Toronto has a number of resources available to immigrants, aimed at providing a solid foundation for new Canadians.