Why retire in Toronto?
Toronto is the largest city in Canada, and it is located on the northwestern shore of Lake Ontario. Hugging the border between Canada and the United States, it shares many of the same landmarks as the northern-most American states. Toronto has a bustling metropolitan area and many skyscrapers and other marks of a modern-day city. It is a hub for financial and commercial services.
Population and demographics
Undisputed is the fact that the population of Toronto has exploded, seen mostly through the 20th and 21st Century. Standing previously at 1.3 million, 2006’s census noted that the population had increased to over 2.5 million people. In 2016, this number grew to nearly 3 million full-time residents of Toronto. The population of Toronto is projected to grow to 8 million by the year 2030.
The city is a diverse one, often referred to as cosmopolitan. This is because there was an influx of immigrants after WWII that led to a very culturally diverse population. This cultural blend continues today, with many ethnic neighbourhoods within Toronto, and with many of the services of the city, including health services, translated in up to 12 languages.
Home to people of all ages, Toronto is popular for seniors mostly because of the number of amenities available. Led by access to great health services, there is also a bustling public transport system and many senior-oriented facilities that make quality of life easy and safe for those who are transitioning in their life. So much so that the population of seniors, currently at 16%, is predicted to grow to 19% by 2030.
Features of Toronto
There are many landmarks in Toronto. The most famous one is the free-standing CN Tower. Other popular ones include the Eaton Centre, Roy Thomson Hall, Massey Hall, the beautiful Art Gallery of Ontario (AGO), Royal Ontario Museum, and the Toronto-Dominion Centre.
One of the most famous landmarks is Casa Loma. Looming over the city, it throws an archaic and beautiful traditional piece of architecture smack in the middle of firmly modern day Toronto!
Home to many green spaces, considering its focus on being a solid metropolitan space, Toronto’s biggest is High Park, which covers an impressive 400 acres. There is a lot to do in Toronto as it is home to many festivals, events, indoor trade shows and carnivals that make it easy for residents to have an active, full and interesting lifestyle. There are many areas to explore, restaurants to try and events to participate in.
Overall, the city itself covers 632 sq km with both skyscrapers and integrated suburban neighbourhoods, each featuring different personalities to help many find their new home in a neighbourhood that appeals to their personal tastes and wants.
Historical relevance
Toronto has a long, well-documented history, dating back to its settlement in 1750 as Fort Rouille, to its establishment in 1793 as York. It was incorporated in 1834 as Toronto, and then grew from there to be named the City of Toronto in 1998 as surrounding municipalities of Scarborough, East York, Etobicoke, York and North York, were amalgamated and renames as part of the “new” City of Toronto.
One of its most talked-about historical features is that French settlers who came to live in Toronto with other Europeans, teamed up with the First Nations people who had previously inhabited the area. In contrast to many European settlers who were seen as destructive to the First Nations people, the French saw them as powerful allies, namely for the fur trade routes that were so valuable at the time.
Costs of retirement living in Toronto
Retirement Homes vary in price depending on ownership, location, size, type of room, amenities, and other factors.Toronto is a large metropolis, and because of that, Retirement Homes in Toronto will cost more than retirement communities in smaller cities or towns. CMHC’s 2020 data indicates that the average rent in Ontario for a 'seniors' residence' is just under $4,000/month. That being said, there are a few, mainly smaller independently owned homes, that will come in under that mark, and many others in a large city like Toronto, that will be above that price point. Retirement Homes in a large city, are on average between $4,000 and $7,000/month depending on many factors and there will always be some that are lower priced (often with fewer amenities or owned by an independent small business), and some that are higher priced (like large, corporately owned homes with many amenities/suites/staff/higher overhead or boutique-type homes located in the more exclusive areas of the city).
The most expensive home we were able to locate in Toronto had some select suites in the range of $17,000+/month however that is not the norm, or the average and many Retirement Homes in Toronto are well under that price point. Please note: because Toronto is such a large city since its amalgamation with nearby boroughs, when we discuss Toronto pricing in this section, we are for the most part discussing our knowledge of the central and downtown part of Toronto. We have subdivided the city of Toronto, for our purposes on this website, into 4 areas in order to give our users a clearer idea of where a home is located, and to assist those who can still visualize the old divisions. Toronto, as a whole is very large with hundreds of housing options so, we have separated, Toronto, Scarborough, Etobicoke and North York in our database and resource sections of this website. We hope this is helpful to our users and gives them a better idea of location. For information on housing in those areas, please click on the links below.
Retirement Homes in North York
Retirement Homes in Etobicoke
Retirment Homes in Scarborough
Retirement homes are governed by both the Retirement Homes Act (RHA) and the Residential Tenancies Act (RTA) in Ontario. As such, the rent portion of what you pay is under 'rent control guidelines' and the related legislation for 'care homes' under the RTA. The care portion is not regulated because there no legislation governing care in a private residence. This has resulted in many homes offering two separate price schedules – one for room & board based on the room you want, some or all meals, and light housekeeping, and a separate cost for different types of care packages.
It is our recommendation that when you are researching retirement homes, ask if there are separate charges for care services, what they are, what it covers, and if there are any unpublished costs that you may be responsible for (e.g., cable, TV, internet, activities, etc.). It is always helpful, to understand how the pricing works, that you ask when the last few increases were for care, and how much the cost was increased by each time. Knowing this information will assist you in being able to properly budget and ensure available funds for care now and in the future.
If you are interested in comparing the cost of living in retirement home with that of living in your existing property (aging in place), you can visit our cost calculator page on SeniorCareAccess.com to print off a comparison chart that you can complete when you are researching retirement homes in Toronto.
For homes in nearby areas click on the links below:
Retirement Homes in Vaughan
Retirement Homes in Markham
Retirement Homes in Richmond Hill
Retirement Homes in Brampton
Retirement Homes in Thornhill
Retirement Homes in Pickering
Retirement Homes in Oakville
Retirement Homes in Mississauga
Retirement Homes in Ajax
Retirement Homes in Stouffville
Retirement Homes in Bolton
Retirement Homes in Aurora
Retirement Homes in Keswick
Retirement Hoems in Milton
Retirement Homes in Georgetown
