You’ve probably heard that the cost of living in Toronto is expensive. But the good news is that life in Canada, in general, is considered cheaper than in the United States.
According to the website numbeo.com, consumer prices, including rent, restaurant, and groceries, are higher in the USA. This is also true for income taxes; the Canadian tax rates are between 15% and 33%. While the prices are not so bad, you have to keep in mind that everything is relative. Whether life in Toronto is expensive or cheap depends on your location in the USA.
Renting in Toronto
The cost of renting in Toronto is not scary. As per September 2021 report from Investopedia, the median rent for a 1-bedroom apartment in Toronto is Can $2,047 (1,632 USD). This seems like a monthly rent outside the city’s centers, as Numbeo.com reports Can $1,702 on the outskirts. On the other hand, renting a 3-bedroom flat in the city will cost Can $3,483, while only Can $2,748 outside the center.
Buying a House in Toronto
If you are moving to Toronto permanently, you will likely buy a house. Based on January 2022 data from WOWA, the Toronto housing market has surged up to 30% on average. In general, prices are biting, but remember that the Toronto Greater Area also has suburbs. So buying in the center can be much pricier.
The average price for a single-family detached home is $1,598 735. A semi-detached house will cost less, around $1,136,657. The cheapest option is a condo, with a median price of $711,933.
Cost of Utilities in Toronto
Buying or renting an apartment means that you’ll have to pay for utilities. According to the Numbeo.com data from September 2022, the utility package for an 85m2 apartment in Toronto is $125.68 (Cad$157.58). That covers electricity, heating, water, and garbage.
The monthly phone plan will approximately cost $57.56 (Can$72.21).
Cost of Transportation in Toronto
If you are a car owner, parking may seem too expensive. The monthly parking total in Toronto is almost $350, which brings us to over $11 per day. To park a car in remote areas of Toronto is cheaper.
Public transit line is also expensive. Below find the public transport rates in Toronto:
Single adult cash fare: $3.25
Presto adult fare: $3.10
Presto one-ride ticket: $3.25
Presto day pass: $13.50
Monthly TTC pass: $156
Monthly TTC for students and seniors: $128.15
One-year pass for adults: $143
One-year pass for students and seniors: $117.45
A one-hour taxi ride costs $30. The typical taxi tariff per 1 km is $1.59.
Cost of Groceries and Dining Out in Toronto
According to Numbeo.com, the grocery price for singles per month is around $390. This is a significant increase from last year attributed to the coronavirus pandemic.
The pandemic also affected the restaurant business. Therefore, the current info on how often people dine in restaurants is based on takeaway and delivery data.
Lunch in fast food restaurants like McMeal at McDonald’s costs $10 (4x). Be ready to pay $40 to $50 (8x) for a meal in a mid-range restaurant. A delicious latte in a fancy coffee shop costs $4 (22x).
Cost of Internet in Toronto
Since many people started working from home due to COVID-19, unlimited internet plans among residents in Toronto are prevailing.
The largest internet providers are:
- Rogers – $99.95 per month
- Bell – $99.99
- Teksavvy: $77.95
They provide the optimal upload speed to satisfy both basic internet surfers and heavy gamers.
The average salary in Toronto
A monthly total for all these expenses will be around $3,485. If we multiply that amount by 12 months, we’ll have $41,820. This is the average cost of living in Toronto for the whole year based on our estimation. We haven’t included extras, such as different expenses for entertainment.
Given these calculations, you need to make at least $42,000 per year to survive in this Ontario capital.