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What is the Cost of Living in Toronto? (2024 Local’s Guide)
With Toronto being such a popular tourist destination, it’s not hard to imagine people falling in love and wanting to move there – but what is the cost of living in Toronto?
If you are considering relocating to this beautiful city, this is information you’ll need to know as you budget and plan for your new life. How exciting!
With over 160 languages spoken throughout the city, tons of art, culture, history, and more, it’s no surprise people feel at home here. They are readily able to find community and jump into it.
Let’s dive in and discuss how much you’ll need to pay to sustain your daily lifestyle.
Let’s see, based on the average cost of living in Toronto, if it’s the right move for you!
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Cost of Living Toronto in 2022
If you are looking for a quick breakdown, I’ll provide that here, and you can be on your merry way. If you are looking for more information in each category, read on.
Everything in this table is based on one person moving. I’ll talk more about couples and families moving later in the post, but you will need to multiply by the total number of people moving to figure out the average prices per month that fit your situation!
Average cost of living in Toronto per month [2022]:
| Rent | CAD 1400-CAD 2500 |
| Groceries | CAD 283 |
| Gas | CAD 198 |
| Phone & Internet | CAD 192 |
| Miscellaneous (grabbing coffee, take-out, etc.) | CAD 100+ |
Housing Costs
If you are moving to Toronto, you will need a place to live! This is where you’ll have to decide if buying or renting is the best move for you, as there are options available for both styles of living.
Rent
If you choose to rent, keep in mind that Toronto’s prices are about 15% higher on average than that of the Canadian Market overall, or the national average, according to rentals.ca.
Even with a hot market, the cost of living in Toronto with rent will vary greatly depending on the size of the place you choose to rent.
Here’s a breakdown of average costs by size in Toronto’s rental market today, in 2022:
| Apartment Size | Avg. price per month |
| Studio Apartment | CAD 1468 |
| 1 Bedroom | CAD 1809 |
| 2 Bedroom | CAD 2300 |
| 3 Bedroom | CAD 2535 |
Buying a House
If you’d like something a little more permanent, or you are relocating your entire family, then buying a house in Toronto may be ideal for you.
Your overall cost will depend on which neighborhood you’d like to land in and call home within the city. The cost of living in Toronto for a family of 4 – or any family for that matter – can get pricey quickly, so let’s break this all down!
The average house price in Toronto, as of October 2022, is CAD 1,124,600. While the market is expected to cool off in the coming months, current pricing is something you’ll want to consider as you create your plan of action for moving.
Keep in mind this is also the average, housing prices depend on location, age and condition of the home, amenities, and if it’s a single-family home or townhouse.
Utilities
Whether renting or buying, there is the average monthly cost to consider associated with your home, including your utilities. Usually, you will need to consider, at minimum, paying for hydro (electric), gas, and water.
Let’s take a look at the cost of each.
| Utility | Average Cost Per Month |
| Hydro (this is what we call electricity in Ontario) | CAD 136.00 |
| Gas | CAD 130.00 |
| Water | CAD 81.60 |
Home Insurance Costs
Again, whether you choose to rent or buy, you will need insurance for the type of living you’ve chosen to do.
If you buy, you’ll need homeowner’s insurance. The price of this will depend on how large your home is, if you have a basement or garage, whether or not it is a single-family home, and the geographical risks based on the location.
On average, however, you’ll pay about CAD 50 per month.
Tenant’s Insurance
Tenant’s insurance has multiple factors that can affect the pricing, but as you don’t own the property, it is by far the cheapest option out of the different types of home insurance.
It can go as low as CAD 15 per month on average for a rented condo in Toronto.
Food Costs
Prices in this chart are based on what items cost at the local store, Loblaws, as of October 2022:
| Grocery Item | Average Cost (October 2022) |
| Milk | $5.69/100mL |
| Bread (white loaf) | $2.69/675g |
| Rice | $8.49/100g |
| Eggs | $3.89/dozen |
| Apples | $1.58/each |
| Bananas | $1.52/kg |
| Oranges | $5.49/kg |
| Tomatoes | $6.59/kg |
| Potatoes | $2.99/10 lbs |
| Lettuce | $4.49/1 head |
| Onions | $1.99/3 lbs |
| Water | $4.99/24 bottles |
Entertainment Costs
While taking the cost of living into consideration is extremely important, you still want to factor in enjoying yourself in your day-to-day as well.
So, let’s chat about the cost of entertainment in Toronto!
Dining Out
The cost of this will depend on your tastes and the type of dining out experience you’d like to have.
This will factor most into the cost of living in Toronto for a couple, as they will want to take advantage of the romantic experiences Toronto has to offer.
If you are looking for something inexpensive and quick, you’ll spend about CAD 25.00.
If you are looking for a higher-end experience, with a three-course meal, you’ll spend somewhere in the range of CAD 102.00.
Clubbing
Toronto has a vibrant nightlife, which is something you’ll want to take advantage of during your time in this incredible city. With over 20 nightclubs, you are sure to find something that suits your taste for going out after the sun goes down.
Remember to factor your nights out into what you’ll be spending as you figure out the cost of living in Toronto, though!
Many of the clubs have a cover charge, and some of them have CAD 50 minimums for debit and credit cards being used once inside.
Movies
The Cineplex will cost you somewhere between CAD 8.00 and CAD 20.00, depending on the time of the show and the type of viewing you’d like to do.
Transportation
Whether it’s commuting to work, visiting family, or simply exploring this beautiful city during your time there – you’re going to need a way to get around.
So, your transportation should also be factored in when you are figuring out how much your average cost of living in Toronto per month will be.Â
Public Transportation
TTC and the Go train are two of your best public transit options in Toronto.
A single fare on the TTC for an adult is CAD 3.25 for one adult ticket.
The GO train also has multiple ticket options that take your age into account too, and they are available depending on if you’d like a one-way, roundtrip, or day pass ticket. Conveniently, GO has both trains and busses you can switch between and apply your pre-paid fares to both.
It can vary depending upon a number of factors, but the GO vehicles will cost you about CAD 3.20 as an average fare for an adult.
Gas
A significant drop per litre in gas has average prices as of October 2022 at CAD 1.98.
Car Insurance
Your car insurance will cost you about CAD 172.00 per month.
Taxis/Ubers
Your base fare for both Ubers and Taxis in Toronto is going to be about the same as public transit, at CAD 3.25 per fare.
Healthcare Costs
While overall healthcare at a doctor’s office or the emergency room in Canada is free, it doesn’t cover dental, physio, psychologists, prescriptions, and more.
So, you’ll need to know the average cost of these to make sure your health stays optimal while living in Toronto.Â
The average household in Toronto supplements their healthcare monthly costs about CAD 157 to CAD 333, so this is something you’ll want to take into consideration as you research the cost of living in Toronto.
Education
Tuition
The average cost of tuition in Toronto, Canada is CAD 6 – CAD 11,000 per year for domestic students, but this cost jumps significantly for foreign students.
Books
At the University of Toronto, you can expect to spend about CAD 707.22 on your textbooks, which equates to a little less than CAD 60 per month.
Fitness
A gym or fitness club membership, on average for one person, cost about CAD 62 per month.
Phone + Internet Costs
On average in Toronto, phone and internet will cost you about CAD 192 per month.
Taxes
In Toronto, you’ll need to make sure you are setting aside a portion of your income to pay both Provincial and Federal taxes.
Here’s the breakdown for them:
Provincial
| Taxable Income 2022 Tax Brackets | Ontario Tax Rate |
| On the first $46,226 | 5.05% |
| over $46,226.01 up to $92,454 | 9.15% |
| over $92,454.01 up to $150,000 | 11.16% |
| over $150,000.01 up to $220,000 | 12.16% |
| over $220,000 | 13.16% |
Federal
| Income Tax Brackets | Federal Tax Rate |
| $0 – $50,197 | 15% |
| $50,197.01 – $100,392 | 20.5% |
| $100,392.01 – $155,625 | 26% |
| $155,625.01 – $221,708 | 29% |
| Over $221,708 | 33% |
Alcohol
Through LCBO, you can discover new wines, rums, and more. You can get everything from a six-pack of beer, which will run you about CAD 16, to a great bottle of vodka that can run you up to CAD 70.
At the pub, you’ll pay between CAD 4 and 6 for a good beer, and CAD 6 and 14 for a mixed drink.
Coffee
Tim Horton’s is the cheapest coffee around, but it’s also a chain. If you are looking for a little more local flavor, you’ll pay around CAD 5.00 for your latte at Balzac’s.
Toronto Minimum Wage
The minimum wage in Toronto was just increased to $15.50 per hour.
This increase raised it from $15.00 per hour to this new and improved wage, adding an additional $0.50 per hour for the workers there.
There are no plans to raise it further in 2022 after this recent increase as of October 1.
How Much Do You Need to Make to Afford to Live in Toronto?
If you are looking to be a homeowner upon your arrival in Toronto and want to make a 20% down payment, you’ll need to make more than $220,000 per year.
However, if you are simply looking to make ends meet and are comfortable renting, you’ll need to make around $52,850 on average per year.
How Expensive is Living in Toronto?
As you continue to figure out the cost of living in Toronto, you are going to want to take into consideration your family’s unique situation, which you can find the match for below.
Overall, however, it is decidedly on the expensive side to live in Toronto at about $4,975 per month.
Cost of Living for a Single Person in Toronto
The cost of living in Toronto for a single person without rent is about 1,333.13 CAD or $970.69 USD.
Cost of Living in Toronto for a Family of 4
The cost of living in Toronto for a family of 4 is estimated per month at $4,867.74 CAD or $3,544.36 USD.
Cost of Living in Toronto for a Student
The average cost of living for a student in Canada is about 12,000 CAD per year.
Conclusion: How Much Money Do You Need to Live Comfortably in Toronto?
To live comfortably in Toronto and meet all your minimum expenses, you’ll want to earn around $40,583 (before tax).
Thankfully, the average salary is around $52,268, so if you plan accordingly, earn a well-paying job, and budget for your lifestyle living in Toronto could be an incredibly enjoyable experience.
With all of the fun hustle and bustle and quiet escapes in the form of parks, you can get a piece of everything you want in Toronto, so I hope you’ll figure out if its cost of living works for you and give it a try!
Learn More About Living in Toronto, Canada:
- 30 Pros and Cons of Living in Toronto: Beyond the CN Tower
- Living in Toronto vs. Montreal: Which City is Right for You? [2022]
- Living in Ottawa vs. Toronto: Which City is Right for You? [2022]
- Average Cost of Living in Canada by Province [2022]
- 15 Best Cities to Live in Canada
- Moving to Toronto from Montreal: Is it Worth it?
- 55 Fun & Interesting Facts About Toronto, Canada
Canada Travel Planning Guide
🚑 Should I buy Canada travel insurance?
100% YES! — Canada has “free” healthcare but it’s only for citizens! Foreigners visiting need travel insurance in case anything happens on their visit. I recommend World Nomads – starting at just $5 a day!
💧Can you drink the water in Canada?
Yes — In all major cities in Canada, you can drink the tap water. There are very few, rural areas that you can’t. However, you should never drink river or lake water anywhere in the country! I recommend a Brita Water Bottle for long hikes and backcountry camping to stay safe and hydrated.
🚙💨 Is it safe to rent a car in Canada?
Yes — Renting a car is a necessity in most of Canada! If you want to go on road trips or adventures outside of the major cities, you’ll need to rent a car. (Read more)
📲 Will my phone work in Canada?
Maybe — Some American companies work in Canada, but many will not. If your phone doesn’t work in Canada, I recommend getting a Canadian SIM card so you can get around and stay in contact with loved ones. We don’t have a lot of free WIFI in Canada, so you’ll need your phone for maps.
🏩 What’s the best way to book my Canada accommodations?
My go-to for Canadian hotels is Booking.com. For hostels, I use Hostel World. If you want a home-y feeling, check out VRBO (which is cheaper and safer than Airbnb).
Or get free accommodations with Trusted Housesitters!
✈️ What’s the best site to buy Canada flights?
For finding cheap Canadian flights, I recommend Skyscanner.
🎫 Do I need a visa for Canada?
Likely Not — US, UK, and EU passport holders don’t need Canadian visas. However, some other countries do (check here!). And if you plan to stay for more than 4 weeks (an average tourist visa length), you will need to look into visas to live in Canada.
