Cost of Living in Toronto

If you are an immigrant or a Canadian who wants to move to Toronto, one of the first things that you will search about is the cost of living in Toronto. These costs include housing, transportation, food, phone & internet, entertainment, health, and fitness. Having enough knowledge about costs help you make the best decision about your life.

Cost of Living in Toronto

Housing

As a renter, the average cost of a one-bedroom Toronto condo unit was $1,877/month last November, which is increased by 19%. As for two-bedroom units, the cost was $2,468, representing a 17% year-over-year decrease. As for homebuyers, they need to be prepared for an average price of Toronto homes of $3,792.33, which was $929,699 in 2020. You need to contact a Toronto real estate agent for the best deals and costs.

Transportation

Cars in Canada, like anywhere else in the world, have a wide range of prices. However, as for other costs, such as Licence sticker renewal, that costs $120 a year. You need to pay $113.94 every six months for a parking permit if you have no access to on-site parking, such as a laneway of a parking lot. If you use public transit, consider these costs:

Single adult cash fare	$3.25
Presto adult fare	$3.10
Presto one-ride ticket	$3.25
Presto two-ride ticket	$6.50
Presto day pass	$13.50
Monthly TTC pass (adults)	$156.00
Monthly TTC pass (students and seniors)	$128.15
12-month Pass (adults)	$143.00
12-month Pass (students and seniors)	$117.45

Generally, you should expect to pay $263.00 per month for transportation.

Food

You should expect to pay an average cost of $534.35 per month. A single man between 19-30 spends $340.23 a month on groceries, while women of the same age spend $264.48, representing the average cost of $264.48. When it comes to families, an average Canadian family will spend $13,907 on groceries (or about $1,158 a month) in 2021.

Buying lunch once a week	$10 each time = $40/month
Getting takeout for dinner twice a week, or eight times a month	$20 each time = $160/month
Going out for dinner once a month	$70/month
Buying a latte twice a week	$4 each time, $32/month
Dining out	$232/month

Other Cost of Living in Toronto (Phone and Internet, Entertainment, and Health & Fitness)

You can expect to pay $172.63 per month for internet, $60.94 per month for Entertainment, and $63.32 per month. Of course, you need to know that these costs are on average, and there can be a wide range of costs for each item, whether lower or upper numbers. 

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Overall Cost of Living in Toronto

In the below table, you can see the average cost of living in Toronto.

Total for renters who commute	$3,008.74 monthly, or $36,104.88 annually
Total for renters who drive	$3,323.73 monthly, or $39,884.76 annually
Total for homeowners who commute	$4,886.57 monthly, or $58,638.84 annually
Total for homeowners who drive	$5,201.56 monthly, or $62,418.72 annually

Conclusion

As you can see in the text, the cost of living in Toronto is increasing every year. Therefore, you need to check the costs annually to have a better understanding of your costs in this metropolitan. Of course, there are so many other costs as well, but they are not major costs usually. These numbers are just to help you have an overall look at what you should expect in this lovely city. However, as for real estate and housing, the best thing to do is to check Toronto real estate information online as well.