I’m a little confused with the calculation of Toronto’s population. According to StatCan, the GTA (not including Hamilton or other far Golden Horseshoe municipalities) has about 4.7 million people and the city itself is about 2.5 million. And now some are saying that Toronto’s metro area is only 3 million? Where did you guys get that figure?
Anyways, I lived in Toronto briefly in 1999 and I found it outrageously expensive compared to Alberta, where I grew up. My sister lives there right now and she thinks the same thing. I never looked into buying property in Toronto, but I’m told by relatives residing in the GTA that property values are very high. And it wouldn’t surprise me, considering that more than half the immigrants who come into Canada go directly to the GTA. That’s adding at least 125,000 people each year, not including others who migrate from within Canada.
I also have relatives in Vancouver and they tell me that it’s outrageously expensive to buy a home there. But I hear property values have stabilized now. Not to say that prices have gone down, but they haven’t shot up as much. I think Vancouver still has the highest property values in Vancouver, and among the highest in North America.
From what I gather, Toronto and Vancouver property values have stabilized and are not shooting up the way they were a few years ago. Prices in Alberta, however, are skyrocketing. Calgary and Edmonton are getting pretty expensive now because of all the newcomers moving from Toronto and Vancouver to escape the sky-high costs of living in those cities. My family tell met the property values in Alberta and they seem to noticeably increase every few months.
I can’t comment on Australia because I’ve never been there. I would imagine that Sydney would be a very expensive place to live if anything for its location. How would it compare to Toronto or Vancouver? I’d say Sydney would be more expensive than Toronto for sure by virtue of having a much better climate and being on the ocean. I don’t think it would be as expensive as Vancouver though.