Cost of Living in Toronto

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Cost of Living in Toronto
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As a Torontonian, I can tell you that Toronto has been one of the top 10 best cities to live in. If you are planning to move to Toronto, you might already know this though. If you are planning to move here, you need to know how much does it cost to live in Toronto? I’m gonna break down the costs of living in Toronto down below!

Let’s start with the single biggest cost of living in Toronto. When it comes to the biggest cost of living in Toronto, housing is number 1. For housing in Toronto you have two options, either to purchase a place or to rent one. Since many who move to Toronto would start renting, I’m gonna tell you about the rent prices in the big city. If you still wanna know how much it would cost to buy a house or a condo apartment in Toronto, you can read out my monthly market update articles about Toronto’s real estate market . Alright, let’s go through the numbers and cost of living in Toronto:

Average Cost of Living in Toronto per Month

Being ranked in the Top 50 most expensive cities in the world, Toronto is notorious for its staggering cost of living, only shy of Vancouver in Canada. We will break down the cost of living by every segment to delve into each one with the accuracy.

Housing/Accommodation

Living costs vary annually and this category undergoes such a significant change that it makes a big impact on the overall cost of living in Toronto. As a young person living in Toronto, you’ll have to dedicate approximately $24,000+ to rent in a year, which will probably is a big chunk of your annual income. Something that I suggest you to consider, is to have a long term plan for purchasing a home. Below is the detail on how much you will be paying for rent every month. Now let’s get back to the housing price. The average price of a 1 bedroom condo apartment in Toronto is around 2,000 dollars per month. Before COVID a one bedroom condo used to rent for around 2100 dollars per month. * Please note that Toronto is a big city, so in some areas, such as Downtown Toronto average 1 bedroom might rent for over $2,100 . And in a further neighborhood, an average 1 Bd condo might go for $1,900.

Average One bedroom condo: $2,000 per month
Bachelor/studio apartment: $1,800 per month
Two bedroom condo, shared with a roommate: $1,600 per month
Average housing cost: $2,000 per month ( as of mid 2022)

Read More:Benefits of Renting Out Your Condo Apartment 

Phone/Internet

There are a few major cell phone companies, including Bell, Rogers, and Telus, that offer a variety of options for a data, call, and text plan. They all have their pros and cons and depending on your specific situation, you can opt to go with one. In the case of high-speed home internet, again, you have various options to choose from. The common range for download speed is 100 Mbps to 1Gbps, and for uploads speed, it’s 20-100 Mbps.

Internet: $60 per month

Phone: $60 per month

Transportation

In this category,you can have several options, from cheap ones to expensive one in Toronto. The means of transportation include public Transit such as buses and Subway, Cabs, Uber, and Lyft. Public Transit in Toronto is called TTC, which stands for Toronto Transit Commission. Out of which, your best bet is TTC if you live in the central parts of the city and or you don’t have a car. It is not always possible to have access to Subway though. For instance, it might be late at night and you have to pick the other three options, which, depending on the distance, the price will differ. There are a few bus routes in Toronto that are 24/7 and there are some bus routes that are called night bus.

TTC & Subway Pass for One Month: $150 per month

Uber/Cabs/Lyfts trips: Downtown Toronto Average $20 – $40 per Trip

Groceries

Depending on where you get your groceries and the amount you buy , the prices will vary substantially. Groceries is not the most expensive bill that you’re gonna have in Toronto. Groceries cost depends on where you go, and the average cost of groceries bill depends on each family. For example places like Wholefoods are more pricey whereas places like Foodbasics are cheaper options. So if you are a single person, your average grocery bill can be around $300 – $400 per month.

Entertainment

This department can have a big variablity, meaning that it could be an essential part of the cost of living for someone, while only a minor portion for another. Depending on how many times you go out for dinner, buy drinks, go to moves, events, dates, etc, your cost will differ significantly.

Dining out: $40-$80 per person

Buying lunch : $10-$15
Getting takeout for dinner $20-$25

Drinks: Avg $10 per drink

Going out for drinks with friends $40- $80
Having drinks at home $10-$15

Miscellaneous costs (movies, events, shows, dates, etc):

Going on a date: two person drinks: $30-$60

Going on a date: Two person Drink and Dinner: $80-$150

Watching a movie in theater: $25-$40 for 1 person

Netflix subscription: $19 per month

Apple Music/Spotify subscription: Avg $15 per month

Insurance

Insurance can encompass many items and it is up to you choose the ones you need the most. For instance, there is no need to own a car in Toronto hence you can cut down on your expenses significantly by using other means of transportation and not having to pay insurance. You might, however, need to have tenant insurance as it’s a necessity in Toronto among the majority of the landlords.

Health and Fitness

Free health care system might be an advantage of living in Canada and paying high taxes compared to the US as it substantially reduces the cost of living. You still have to pay for some medications, and some Dental services etc. Unless you have serious health issues, that wouldn’t cost you more than $150-$200 per month.

Fitness and gym memberships, depending on how well-equipped they are, can be quite expensive or relatively cheap. Avg Cost of a Gym membership is $45-$85 per month. You have options from going to Goodlife Fitness or Planet Fitness, or you have high end options such as Equinox or Barry’s Boot camp. For example, in Barry’s boot camp each 1 hour session would cost you around $32 on average, whereas with $60 you can have a month of membership in a local gym.

Taxes

Taxes rival Housing/accommodation in challenging your cost of living in Toronto. You’re looking at paying almost more than 30% of your income in taxes, which includes Federal taxes starting at 15 percent and provincial taxes starting at 5 percent. The number can go up depending on your level of income, in a way that an average family might have to pay 42 percent of their income in taxes.

Cost of Living In Toronto

Conclusion

As you can see the biggest monthly cost of living in Toronto is the monthly rent. For that reason, many people who move to Toronto start to get prepared to buy a place in Toronto. Regardless of you buying a a place or renting a place, the fact that people who move here need a roof over their head! There is an underlying demand in the need for housing in Toronto. If you are looking to rent a place or buy a place in Toronto you can get connected to some of the best Toronto real estate agents here.

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