Hi everyone, I'm reaching out as I will be moving to Toronto on May 1st for an IB internship and I'm looking to see if there are other interns looking to team up for a place together.
Would also be grateful if full-time bankers/previous interns in Toronto could share some tips and advice on the matter!
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Based on the most helpful WSO content, finding housing in Toronto, especially when you're gearing up for an IB internship, can indeed be a challenging task given the city's high cost of living and competitive rental market. Here are some tips and advice that might help you and other interns looking to team up for a place:
Start Your Search Early: Given that you're planning to move on May 1st, it's wise to start looking for accommodations as soon as possible. The rental market in Toronto moves quickly, and desirable places get snapped up fast.
Use Online Platforms: Websites like Kijiji, Craigslist, and Facebook Marketplace are popular among locals for finding rentals. There are also specific Facebook groups dedicated to Toronto rentals and housing, where you can post about looking for fellow interns to team up with.
Consider Location and Commute: While living in downtown Toronto might be appealing, it's also where rents are highest. Look into neighborhoods that are a bit further out but have good transit connections to the financial district where most IB internships are located. Areas like Midtown, Liberty Village, or even parts of the East End might offer more reasonable rents while still providing relatively easy commutes.
Budget Wisely: Be clear about your budget and what you're willing to compromise on. Remember, besides rent, you'll need to account for utilities, internet, and possibly a transit pass. Sharing a place can help distribute these costs.
Leverage Your Network: Reach out to your incoming intern cohort, if possible, through LinkedIn or any pre-internship meetups or groups your employer might have set up. There might be others in the same boat looking to share accommodations.
Understand the Lease Agreement: Before signing anything, make sure you fully understand the terms of the lease agreement, including the length of the lease, what's included in the rent, and any rules or restrictions.
Prepare Your Documents: The Toronto rental market is competitive, and landlords often require a range of documents from potential tenants, including proof of employment (or internship), references, and sometimes a credit check. Having these ready in advance can speed up the process.
Remember, while finding the right place can be stressful, it's also an exciting part of starting your new journey in investment banking in Toronto. Good luck, and don't hesitate to reach out to the WSO community for more specific advice or insights!
Sources: Is it just me or is Toronto the absolute worst place for banking, Commuting into NYC?, Bay Street VS Wall Street Investment Banker, Two Internships Later: What I wish I Knew While Recruiting! (Toronto), Toronto - Boutique Investment Banking Compensation
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