Toronto vs. Alberta - which will be more popular moving destination in 2024

In 2024, the choice between Toronto and Alberta as a moving destination presents a fascinating dilemma. This comparison, Toronto vs. Alberta, revolves around diverse factors such as economic opportunities, lifestyle, and environmental aspects. With Centennial Moving, individuals and families can smoothly navigate the complexities of relocating, considering each location’s unique attributes. This article aims to provide an insightful analysis of both destinations, helping you make a well-informed decision about your next move.

Comparison of what Toronto vs. Alberta can offer

Before you make a decision, it’s necessary to check out what your options are. Both Alberta and Toronto have their own benefits and downsides. For that reason, we want to compare these cities and create a guide that can help you pick the right place to move to in 2024. Let’s not delay any longer and analyze some crucial aspects of both cities that will make them a popular destination for people moving.

Take a look at all the aspects of Toronto and Alberta

Overview of what to expect from Toronto

Toronto, Canada’s largest city with nearly 3 million residents, stands out as a vibrant and diverse metropolis. Recognized globally for its energy and opportunity, Toronto is home to people from all over the world, contributing to its status as one of the most multicultural cities globally. While life here offers many economic opportunities due to its status as a center for numerous industries, living in Toronto, especially near downtown, can be costly. Despite its high living costs, Toronto remains a safe and inviting place for families when long distance moving, offering a rich cultural experience and excellent educational opportunities, although childcare costs are among the highest in Canada. Here are some of the aspects we’ll cover, including:

• Economic opportunities
• The cost of living in the city
• Housing market
• Options when it comes to employment
• Lifestyle and culture
• The overall pros and cons

The economic opportunities of the city

The city faced an unprecedented financial crisis, with a substantial operating budget pressure of $1.5 billion for 2024 and a 10-year capital shortfall of $46.5 billion. To address this, Toronto City Council implemented various measures, including introducing new taxes like the graduated Municipal Land Transfer Tax and exploring additional revenue tools like a Foreign Buyer Land Transfer Tax. Despite these efforts, the city continues to require support from the Government of Canada and the Province of Ontario. These economic pressures, alongside the necessity to fund essential services and major projects in housing, transit, and public health, paint a complex picture of Toronto’s economic landscape heading into 2024.

What will be the cost of living in Toronto?

In order to know where to move between Toronto vs. Alberta, it’s necessary to analyze certain costs. In 2023, Toronto’s cost of living witnessed a notable rise, impacting those contemplating a move in 2024. Transportation costs increased with the Toronto Transit Commission (TTC) fares rising to $3.35, reflecting efforts to restore services to pre-pandemic levels. Before you contact long distance movers Toronto offers, it’s good to know that the city also experienced significant food price hikes due to inflation and supply chain issues, with average monthly grocery costs for a single person estimated at approximately $341. Additionally, monthly expenses for phone and internet services averaged $177. These factors collectively contribute to the escalating cost of living in Toronto, influencing the decision-making of potential movers.

The cost of living is one of the key aspects when choosing where to move

How will the housing market change in the near future?

In 2023, Toronto residents experienced a substantial surge in living expenses, becoming a pivotal consideration for potential movers in 2024. Housing costs, in particular, skyrocketed, causing significant concern. The average monthly rent for a one-bedroom apartment reached a staggering $2,500, signifying a daunting 22.2% escalation from the previous year. For those aspiring to become homeowners, the average selling price of homes stood at approximately $1,054,563, reflecting the city’s challenging real estate landscape. These excessive housing expenses not only strained the financial capabilities of Toronto’s residents but also played a significant role in shaping the city’s attractiveness as a moving destination for the year ahead.

Employment options in the area

Toronto’s job market reflects a mixed landscape. One of the moving tips to think about is to find a job as soon as possible. Thriving industries include technology and finance, driven by the presence of numerous tech startups and financial institutions. Healthcare also continues to grow with an aging population. On the other hand, traditional manufacturing sectors have faced challenges, and the retail industry has seen closures due to e-commerce competition. Tourism and hospitality were impacted by pandemic-related restrictions but showed signs of recovery. The green and sustainable energy sector has gained momentum, offering opportunities. Overall, Toronto’s job market remains diverse, with growth in knowledge-based sectors and challenges in traditional industries.

Lifestyle and culture

Toronto offers a vibrant and diverse lifestyle enriched with cultural experiences. The city boasts a thriving entertainment scene, with theaters, music venues, and art galleries showcasing talents from around the world. Dining options are abundant, from diverse international cuisine to trendy local eateries. Outdoor enthusiasts can explore numerous parks, including High Park and the Toronto Islands, while also enjoying recreational activities along the waterfront. Toronto’s culture is a unique blend of traditions from various communities, making it an exciting and inclusive place to live, providing ample opportunities for entertainment, culinary delights, and outdoor adventures.

Is Toronto going to satisfy your needs?

The pros and cons of Toronto

Moving to Toronto offers several advantages, including a thriving job market and diverse cultural experiences. The city’s economy provides opportunities in various industries, making it an attractive destination for job seekers. Toronto’s cultural scene is vibrant, with numerous entertainment options, dining establishments, and outdoor activities to enjoy.

However, it’s essential to consider the high cost of living, particularly in housing, as rent prices are steep. Additionally, the fast-paced lifestyle and traffic congestion can be challenging for some residents. Prospective newcomers should weigh these economic and cultural benefits against the associated costs and lifestyle considerations when deciding to move to Toronto.

Overview of what Alberta offers

Alberta is one of the most sought-after places to move to in Canada. There’s a lot that you can learn about the area that can make moving here a wise decision. For that reason, before moving from Toronto to Alberta you want to analyze as much as possible. In order to make things clearer for you, let’s analyze some key aspects of living in Alberta. Here are the main ones we’ll go over, such as:

• The potential of Alberta
• The educational options of the province
• Cost of living in Alberta
• Growth of Alberta
• Job opportunities
• The culture and lifestyle
• Pros and cons of the area

The potential of Alberta for the future

Alberta shows promising economic prospects for the future, with a projected rise in GDP and population growth trends. The province’s strong energy sector, including oil and gas, continues to drive economic growth.  This bright future invites many to hire long distance movers Alberta residents rely on. Additionally, Alberta’s strategic location and investment-friendly policies attract businesses and professionals. As a result, the province is expected to experience increased economic activity and a growing population, making it an appealing destination for those seeking opportunities in a dynamic and resource-rich environment.

Check out what the future holds before deciding on Toronto vs. Alberta

Outlook on the education

The education system in Alberta is a key factor for those considering a move in 2024. In Alberta, educational institutions like the Northern Alberta Institute of Technology (NAIT) in Edmonton offer a wide range of programs in various fields, catering to a diverse student population. It’s one of the reasons why Alberta is one of the best places to study and work in Canada in 2024, so make sure to analyze even the smallest details. NAIT’s focus on polytechnic education and research is designed to meet current and future educational needs.

Additionally, the Calgary Board of Education has shown strong financial management and commitment to student success amidst significant enrolment growth. This indicates a stable educational environment in Alberta’s public schools.

Universities in Alberta, including the University of Calgary, are also expanding their facilities and programs, such as veterinary medicine, demonstrating the province’s investment in higher education. Alberta’s overall educational landscape is marked by growth and diversification, potentially making it an attractive destination for students and families in 2024.

Alberta’s cost of living in the future

The province’s cost of living in the future is a vital consideration. Alberta is home to some of the most affordable Canadian cities for renters, which can be a huge benefit. In recent updates, the average home price in Calgary as of October 2023 was $545,746, a 7.1% increase from the previous year but a 0.7% decrease from the previous month, indicating a market favorable to sellers​​. In Edmonton, the average home price in October 2023 was $396,550, showing a 4% year-over-year increase​. Additionally, the average rent for a 1-bedroom apartment in Edmonton was $1,250 as of November 2023, a significant 20% increase compared to the previous year​.

However, it’s crucial to monitor inflation trends and housing market forecasts for 2024, as inflation in Alberta is expected to remain high for most of 2023. Projections suggest that inflation will likely fall to around 3% by the end of 2023, which is closer to normal levels​. This suggests that while Alberta currently offers a more affordable living compared to other regions, potential movers should be cautious of fluctuating economic conditions, including housing prices and general living expenses, which could influence their decision in 2024.

Toronto vs. Alberta? A lot depends on your finances

The province that keeps on growing

Alberta has experienced significant population growth in recent years, fueled by a combination of high birthrates, immigration, and interprovincial migration. As of 2018, Alberta’s population represented 11.6% of Canada’s total, marking it as the fourth most populated province. This growth is particularly notable in urban areas, with approximately 81% of Alberta’s population residing in cities. The Calgary–Edmonton Corridor is the most urbanized area in the province and one of Canada’s four major urban regions. This trend of urbanization and population increase, continuing from a count of 3.645 million in 2011 to 4.263 million in 2021, suggests that Alberta’s cities are expanding rapidly, contributing to the province’s overall development​.

This population growth, combined with other factors, may enhance Alberta’s appeal as a moving destination in the coming years, potentially making it a more popular choice in 2024 compared to other regions like Toronto.

What to expect from job opportunities

When comparing Toronto vs. Alberta, Alberta’s economic prospects for 2024 are encouraging, with an expected 3.9% increase in nominal GDP and a $5.5 billion surplus. The province’s growth is fueled by rising revenues from non-renewable resources, such as bitumen royalties, and a surge in both personal and corporate tax assessments. Additionally, the Alberta Carbon Capture Incentive Program is anticipated to attract substantial investments, further enhancing the province’s economic diversity and stability. This positive economic landscape makes Alberta an attractive destination for potential movers in 2024, offering a range of job opportunities in its strengthening sectors.

Culture and lifestyle opportunities

Alberta offers a diverse cultural and lifestyle experience, blending urban amenities with natural beauty. Major cities like Edmonton and Calgary provide a vibrant mix of dining, cultural events, and outdoor activities. Edmonton, surrounded by rivers, forests, and mountains, hosts over fifty festivals annually. Calgary is known for its lively nightlife and the Calgary Stampede, North America’s largest rodeo. Smaller towns like Canmore and Sylvan Lake appeal to outdoor enthusiasts, offering access to Banff National Park, trails, and winter sports like skiing and ice fishing. Communities like Camrose cater to those seeking a quieter life amidst scenic landscapes, emphasizing outdoor recreation and environmental conservation. This blend of urban and natural attractions positions Alberta as an appealing destination for a variety of lifestyles.

You can even enjoy rodeos in Alberta

Pros and cons of Alberta

Alberta is celebrated for its awe-inspiring landscapes, with the Rocky Mountains and the unique Badlands offering abundant outdoor recreation. The province has a diverse economy with growing technology and agriculture sectors, alongside its traditional oil industry. Cities like Calgary and Edmonton are known for high-quality life, blending urban amenities with nature. The healthcare and education systems are robust, with prestigious universities attracting global students. Additionally, Alberta’s cultural diversity enriches its cities, with festivals like Edmonton’s Heritage Festival showcasing a multitude of global cultures.

However, living in Alberta comes with challenges. The province experiences harsh winters, impacting outdoor activities and commuting. Its economy, heavily reliant on the energy sector, faces volatility with fluctuating oil prices, leading to economic uncertainty. The cost of living in urban areas can be high, particularly in housing. Environmental concerns are significant due to activities in the energy sector. Moreover, public transit in major cities is less comprehensive compared to larger cities like Toronto, often making car ownership necessary for residents.

Analyze Toronto vs. Alberta and find your place

The debate of Toronto vs. Alberta as a moving destination in 2024 hinges on individual preferences and priorities. Alberta offers a compelling mix of economic growth, natural beauty, and a high quality of life, appealing to those seeking a blend of urban and outdoor lifestyles. On the other hand, Toronto presents a dynamic urban environment with diverse cultural and economic opportunities, suited for those who prefer city living. Ultimately, the choice depends on personal and professional goals, making each location uniquely attractive for different reasons. As 2024 approaches, both Alberta and Toronto stand as strong contenders for those planning to relocate.

References:

https://www.scotiabank.com/ca/en/about/economics/economics-publications/post.other-publications.fiscal-policy.fiscal-pulse.provincial-budget-analyses-and-updates.alberta-.alberta–2023-24-mid-year-update–november-30-2023-.html

https://recruitonomics.com/canadian-economy-unsteady-heading-into-2024/

https://wowa.ca/calgary-housing-market

https://wowa.ca/edmonton-housing-market

https://www.zumper.com/rent-research/edmonton-ab#:~:text=Last%20updated%20on%20November%2027%2C,Rent%20Ranges%20in%20Edmonton%2C%20AB