It seems that for the past ten years, we have all been living busy lives as immigrants. Since the late 1990s after the IMF, many families have boarded planes to Canada under the titles of education and economic immigration. However, in recent years, we have noticed a decrease in the number of new immigrants to Canada and an increase in reverse migration, resulting in fewer new immigrant families.

In recent years, we have seen a significant increase in consultations and assistance for families planning to move to Toronto for various reasons, such as their children’s admission to universities in Toronto or other goals. Based on our experiences helping these families, we would like to share some common advice to prevent future obstacles and help them achieve a comfortable and successful second life.

1. Many students attend or plan to attend universities in the Greater Toronto Area, such as the University of Toronto, York University, Ryerson University, OCAD, George Brown College, Seneca, Sheridan, and Humber College. We recommend that families purchase a small residential property such as a condo or townhouse with a mortgage before the new school year starts. This can provide stability for their studies and future economic benefits.
If there are extra rooms after purchasing, families can rent them out to friends or relatives to reduce expenses such as mortgages and maintenance costs. This can also help secure a strong and solid asset base for their children’s independence after graduation.

2. Many families with children who have not yet entered university prefer universities in the eastern parts of Canada or the United States for broader and more diverse opportunities. If that is the case, we suggest that parents consider having their children attend high school in Toronto to prevent difficulties in university life later on.

The Canadian education system requires a significant amount of effort and stamina, especially at the university level. Therefore, it is important to have a preparation period in high school to acquire information, coping mechanisms, and habits related to the system, which can be crucial.

If you are planning to immigrate to Toronto with your children, it may be advantageous to take action as soon as possible, ideally before their admission to high school or no later than 2-3 years before their admission to university, considering the demands of the Canadian education system.

3. Moreover, when a family plans for their child to enter or has already decided on a university in Toronto, the whole family may consider relocating. In such cases, the second or third child is often a high school student.

It is recommended to plan ahead and contact professionals to find the best location based on both university commuting and high school district considerations. Additionally, visiting the area beforehand can be a helpful strategy.

4. For families whose children plan to attend universities in eastern Canada or for those who wish to settle down in Toronto after their children complete university, it is advised to purchase a new condominium at the most reasonable price two to four years prior to their children’s admission to university or around the time of their settlement, employment, or marriage. (Only 15-20% of the price is due within a year after purchase, and there is no down payment required.)

If your plans change after purchasing the pre-sale rights and you cannot come to Toronto, you can still sell the rights with the price difference or register them with a mortgage and rent them out, and then sell them later for a bigger profit. If you wait until a few years later when you actually have to move for university or other reasons, it may be difficult to make a decision due to time constraints and economic burdens such as having to prepare for the down payment in a short period of time. In most cases, people end up delaying the purchase and renting again, which is not financially advantageous in terms of investment or asset appreciation. Once you start renting, it’s typical to continue for at least a few years.

We recommend that you prepare in advance with a low-cost initial pre-con sale so that you can settle comfortably with significant economic benefits.

There will also be many families who will be immigrating to Toronto for various reasons, such as business or employment. We advise you to prepare in advance in relation to the above-mentioned points. We also recommend avoiding renting if possible. If you must rent, please plan for the shortest possible period.

We have been helping immigrant and study abroad families for over 10 years and our objective statistics have shown that renting is a significant financial loss. Therefore, we highly recommend avoiding it.

We hope that we have been able to assist you in some small way with your immigration or study abroad family in the Toronto area. Please feel free to contact us if you have any questions.

Thank you.