Generation Why is a financial advice website for millennials by millennials. Generation Why's goal is to teach you the lessons about money school forgot to. Read more here.
Toronto and Montreal have been rivals for decades. Whether it’s the Leafs vs the Canadiens, UofT vs McGill or a debate about which city has the most attractive people, Toronto and Montreal are always in competition.
But which is a better city for millennials?
We asked a group of millennials what things they would consider before moving to a different city and compared those factors for Toronto and Montreal. We’re going to put an end to this silly debate once and for all! Probably not but here we go:
Toronto: $72,830 Montreal: $73,250
Toronto: 39.2 Montreal: 38.6
Toronto: 0.81% Montreal 0.96%
Toronto: 7.8% Montreal: 7.8%
Rent (1 bedroom apartment)
Toronto: $1,492.88, outside of city $1,142.12 Montreal: $942.90, outside of city 654.26
It looks like Montreal is the better city for millennials because the cost of living in Toronto is too damn high! According to Numbeo, Montreal is more affordable than Toronto in matters that most effect young adults like cost of rent and transportation. By Numbeo’s calculations the cost of living Toronto is 18% more expensive than in Montreal. You would need about $5,290.49 in Toronto to maintain the same lifestyle that you can have with $4,400.00 in Montreal.
People have often said “Toronto is a great city to live in…if you can afford it.”
Earlier this year the Angus Reid Institute conducted a survey which revealed that 45% of millennials are “seriously considering” moving out of Toronto because they don’t think they’ll ever be able to own a house there. Currently the cost of a house in Toronto is upwards of half-a-million dollars; and 8% increase since the last quarter. Many millennials feel as if they’re being pushed out of the housing market and being forced to rent. Unfortunately, that situation isn’t much better; according to Diana Cappa, student housing coordinator at the University of Toronto Scarborough Campus, Toronto’s vacancy rate is anywhere between 1-2%. That means if there are 100 rent-able apartments only 1 or two of them will be available at any given time in the year.
The high prices of owning and renting a place in Toronto means that many millennials will end up living at home longer than their parents did. Some have called this phenomenon of millennials living at home “failure to launch syndrome” while others say it’s a good idea. Even on the national level more and more young adults are living at home longer according to StatsCan.
According to Angus Reid Institute45% of millennails in the GTA are “seriously” thinking of leaving the GTA due to the high cost of home ownership. And 48% of them are “frustrated” by how far they live from work or school. So if you’re tired of living at home or tired of how much it costs to live in Toronto you could always move. According to Monster.ca, it’s not even one of the top five cities of millennials. Neither is Montreal. Below is a map of Canada hi-lighting some of the best cities for millennials along with some important information about them cities.