Majority believe Toronto not a good city for retirement, poll shows

For those ready to retire or planning retirement, it doesn’t appear Toronto is high on their preferred list of destinations.

According to a new poll by Liason Strategies, only 32 per cent of respondents agree that Toronto is an excellent place to retire, while 65 per cent disagree.

That number jumps to 70 per cent among seniors, with three per cent of respondents claiming they were unsure.

“It’s very likely that cost of living, traffic, availability of daycare and perception of safety are influencing these numbers,” said David Valentin of Liason Strategies.

Over the past two years, financial headwinds have hit Canadians hard: inflation was at decades-high levels, borrowing costs jumped, and while home prices have moderated, they’re still wildly unaffordable for many. The cost of renting has also surged. Meanwhile, wages have grown at a roughly five per cent clip but are still playing catch-up to prices.

The GTA’s benchmark home price for Feb. 2024 was $1,093,900, up 0.4 per cent year over year. The average home sold price in the GTA increased 1.2 per cent year over year to $1,108,720 for Feb. 2024.

Vancouver is still the most expensive Canadian city when it comes to the average house price, though Toronto is a close second.

Only 39 per cent of those polled agree that Toronto is a good place to drive a car for transportation, while 57 per cent of respondents said the city is a good place to raise children.

“More [people] say Toronto is a good place to raise kids than to own a dog, with men more likely than women to agree with the statements,” Valentin added.

The survey was conducted from March 14 to March 15, using interactive voice response technology and surveyed 860 Toronto residents.

Liaison Strategies is a national public opinion research firm.