March 21, 2023
Within the last couple of years, it seems more and more Torontonians are leaving the city for greener pastures, and a more affordable cost of living. London, Ontario has certainly seen its share of Toronto transplants, particularly in late 2021, early 2022 during the pandemic and at the peak of remote working. However, based on what we are seeing in the field, there has been a renewed uptick in Toronto buyers within the last couple of months. But how appealing is London for Torontonians looking to make a move based on stats?
Cost of Living Comparison
According to Numbeo, Consumer Prices in Toronto are 10.3% higher compared to London excluding the cost of rent. Rent prices in Toronto are also over 30% higher than in London. As of the end of February, the average home price in Toronto was roughly 55% higher than London. It’s safe to say that living in Toronto is just plain more expensive.
Salary Comparison
One would think that the salaries of Toronto inhabitants would reflect the much higher cost of living. However, data from Career Beacon suggests that the average salary in Toronto is just above $62,000, a mere 21% higher than the average salary in London which sits at just above $50,000. A 20% difference in average income between the two cities does not seem like enough considering the much higher cost of living and home prices.
Quality of Life Index
Perhaps a higher cost of living could also be justified if Toronto had a higher quality of life index, but that too falls short of London’s by 15 points. So not only is London cheaper with employers paying more competitive wages proportionate to the cost of living, but Londoners have a higher quality of life overall compared to Torontonians. Is it any surprise that so many Torontonians are now considering London for relocation?
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