Cost of Living in Toronto
What's the Cost of Living in Toronto?
Toronto is a vibrant and diverse city that is constantly growing. This can be both exciting and challenging. One way to make the transition easier is to know what you’re getting into before you move.
This blog post will give you an overview of living in Toronto, from the important costs of living to what it’s like to live here. It will also show where Toronto ranks on the cost-of-living scale internationally so that you can be aware of what housing and consumer goods will cost you.
If you’re considering moving to the area, this article should be helpful for understanding what life in Toronto is like before you do. And on what aspects you can save money.
Toronto’s cost of living
Toronto scores very well on international cost-of-living rankings. The reason this is significant is that different communities in Toronto are at varying degrees of affordability. That means that you can find a community that suits your lifestyle and budget needs.
In terms of housing, the average home price in Toronto was $613,000 as of July 2017, according to realtor.ca. This may seem like quite a lot, but it’s important to remember that the average income in Canada is $51,000 per year. So while it is more expensive than other places, it’s not nearly as expensive as New York City or Los Angeles.
As far as consumer goods go, the prices for these items will be similar to those found in most major Canadian cities.
Toronto is an expensive city to live in, and housing costs are a major contributor. This is due to the high demand for housing in Toronto; it’s consistently among the most expensive cities for housing. In fact, Toronto ranks as one of the top five most expensive cities for housing in Canada. According to Numbeo it will cost you $1968 to afford a one-bedroom apartment in Downtown Toronto.
The average monthly rent for a one-bedroom apartment in Toronto is about $1,000 CAD, though prices can vary depending on location. That same apartment would cost about $750 USD or $600 Euros. The average monthly rent on a two-bedroom apartment is around $1,500 CAD and would be around $1,000 USD or €800 Euros.
The cost of buying a house is also high and varies by where you live in Toronto. The average price range for a house in Toronto ranges from $700,000 CAD to over $2 million CAD ($550k – $1.3m). If you want to buy a house close to downtown (which many people want), it will be more expensive because there are fewer houses available near the downtown area.
3 + Bedroom
Transportation is an important aspect of life in Toronto and will likely be one of the biggest expenses you incur. The city has a population of 2.79 million and spans over 600 square miles, which means that getting around can be difficult to do without a car. Luckily, public transit is available throughout the city and it’s possible to get some form of public transit from almost every neighbourhood in the city.
The TTC (Toronto Transit Commission) operates buses, streetcars, subways, and a commuter rail network in Toronto. It consists of six subway lines with more than 250 stations located throughout the city, as well as bus routes serving 1,100 bus stops and four streetcar routes. The TTC offers both adult and student fares depending on age or student status and passes are also available for frequent riders.
Presto Cardholders can get reduced rates for travel on all TTC services except for express buses. Presto Cards are available at most TTC stations or at various retailers across the Greater Toronto Area.
|Method of Payment||Adult||Senior (65+)/Youth(13-19)|
*It’s a card with an electronic payment system
One ride ticket $ 3.25
|TTC Monthly Pass||$156||$128.15|
|Downtown Express (in addition to the regular fair)||$3.25 cash or token||$2.30 cash Senior/Youth|
|12-Month Pass||$143||$ 117.45|
|Post-Secondary Monthly Pass||$128.15||$|
|Downtown Express Monthly Pass||$201.90||$174.05|
|12 Month Downtown Express Monthly Pass||$188||$163.35|
|Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment||
|1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans)||
|Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)||
Utility are an important average monthly cost to consider in any city you move to. In Toronto, it’s fairly expensive to live and many families need two incomes to make ends meet.
The average monthly utilities for a two-bedroom apartment without cable is $167 (CAD). If you want cable, it’s an additional $59 per month on top of the basic package.
If you have three people living in a two-bedroom condo, the average monthly utility bill will be around $220.
In comparison, the average utility bill in Vancouver is only around $150 per month.
How does the Home Insurance Cost Look in Toronto, Canada?
Home insurance is an important consideration worth making when moving to a big city like Toronto and below is the Home Insurance Rates for Toronto
|Property Value||Average Home Insurance Rate|
|100 – 300K||$72|
|300 – 700K||$77|
|700K – 1.5 M||$117|
|1.5 – 5 M||$174|
How does the Car Parking Rates in Toronto look like?
Car Parking is a huge menace all over the world and can act as an acting huge expense to your day-to-day life but surprisingly enough in Toronto, the Car Parking rates start as low as $1
|Cities||Min. Rates||Max Rates|
How does Toronto's cost of living compare to other cities?
Is Toronto on the cheaper side of the cost-of-living scale? It can depend on what you’re looking for. A lot of people may think that Canada is a cheap place to live. But, the truth is, it’s not always true.
Toronto isn’t any more expensive than other major cities like New York City or London. A household in Toronto needs to make $77,000 before taxes to live comfortably without too many financial concerns. That’s about $3,500 more than a household in London and $5,000 more than a household in New York City.
In terms of housing costs, an average apartment costs $1,440 per month which is slightly more expensive than in London (about $1,250 per month) but much less expensive than New York City (about $2,600 per month)
When it comes to consumer goods and services in Toronto, you can find staples like milk and bread for about the same prices as New York City while gas prices are higher than New York ($1.09/L).
An important thing to keep in mind when comparing Toronto with other cities: rent/housing prices are generally cheaper in Canadian cities because there are no rent control laws here. This means that you might be able to get a cheaper apartment or house outside of the city center – but it’ll take longer travelling time into work which could affect your quality of life.
When it comes to the average monthly cost of living in Toronto, you might think that it’s comparable to other large cities like New York or London. But if you’re considering a move to Toronto, it’s important to know how it compares to other cities, and what you can expect in terms of the cost of living.
When it comes to the cost of living in Toronto, you might think that it’s comparable to other large cities like New York or London. But if you’re considering a move to Toronto, it’s important to know how it compares to other cities, and what you can expect in terms of the cost of living.
The costs of housing and transportation are greater than they are in both London and New York. When it comes to utilities, they’re quite low when compared to most American cities, but they can still be expensive enough to make an impact on your budget. Lastly, the cost of living in Toronto will vary depending on where you live. The suburbs will be substantially cheaper than living in an urban
The minimum wage in Ontario is $11.25 per hour and it is going up to $14.00 on January 1, 2018. However, the average rent for a one-bedroom apartment in Toronto is about $1,000 per month
The cost of living in Toronto is high. It’s a very expensive city to live in. The average rent for a one-bedroom apartment in Toronto is about $1,000 per month (source: CBC News). For that price you can expect to find a nice place on the outskirts of the city or in a remote neighborhood where there isn’t much to do.
Average rent for a 1-bedroom apartment has recently hit $2,200/month. If you’re living far out you’ll require to account for a TTC pass, which is around $150/month. And all the other amenities, apart from your schooling costs.
The estimate comes about $3,000–3,500/month if not more to live in Toronto.
Cost of single person comes to about 978$ (1,230C$) without rent without the rent