Toronto is one of the most exciting cities in Canada. It has great job opportunities, fun things to do, and people from all over the world. But living here isn’t cheap. Whether you’re moving to Toronto or just curious about the cost of living, this guide will break it all down in simple terms.

Housing Costs in Toronto

Renting is one of the biggest expenses in Toronto. Prices vary depending on the neighborhood and the size of the apartment.

  • One-bedroom apartment (Downtown Toronto): $2,500 – $3,200 per month
  • One-bedroom apartment (Outside Downtown): $2,000 – $2,500 per month
  • Two-bedroom apartment (Downtown): $3,500 – $4,500 per month
  • Two-bedroom apartment (Outside Downtown): $2,500 – $3,200 per month

If you want to save money, you can share an apartment with roommates or look for rentals outside downtown in places like Scarborough, Etobicoke, or North York.

Toronto’s housing market is expensive. If you want to buy a home, you need a big budget.

  • Average home price: $1.1M – $1.3M
  • Condo in downtown: $700K – $900K
  • Detached house in Greater Toronto Area (GTA): $1.4M+

On top of that, you’ll also need to pay property taxes, mortgage payments, and maintenance costs.

Monthly Expenses in Toronto

Besides rent or mortgage, there are other monthly costs you need to consider.

  • Electricity, Heating & Water: $150 – $250 per month
  • Internet: $60 – $100 per month
  • Phone Plan: $50 – $100 per month

If you rent, some landlords include utilities in the rent, but many don’t.

Getting around Toronto can be expensive, but you have options.

  • Public Transit (TTC Monthly Pass): $156
  • Single Ride Fare (Presto card): $3.35
  • Uber or Taxi (Downtown trip): $15 – $40
  • Gas Prices (per liter): $1.50 – $1.80
  • Car Insurance: $150 – $300 per month

Many people in Toronto don’t own a car because parking is expensive, and public transit is usually cheaper.

Grocery & Food Prices

Groceries in Toronto are not cheap, and prices go up every year.

  • Milk (1L): $3
  • Bread (Loaf): $3 – $5
  • Eggs (Dozen): $4 – $9
  • Chicken (1kg): $4 – $14
  • Rice (1kg): $3 – $8
  • Apples (1kg): $2 – $7

If you don’t want to cook, here’s what eating out costs:

  • Fast food meal: $10 – $15
  • Mid-range restaurant (per person): $25 – $50
  • Fancy restaurant (per person): $80+

A cup of coffee costs about $4 – $6, and a beer at a bar is about $8 – $10.

Entertainment & Lifestyle Costs

Life in Toronto isn’t just about work. There are plenty of fun things to do, but they can be pricey.

  • Gym Membership: $50 – $100 per month
  • Movie Ticket: $15 – $20
  • Streaming Services (Netflix, Disney+, etc.): $10 – $20 per month
  • Night Out (Drinks & Dinner): $50 – $100+

If you like going to concerts, festivals, or sporting events, tickets can range from $50 to $300 or more.

Childcare & Education Costs

If you have kids, daycare and schooling can be a big expense.

  • Daycare (per month): $1,200 – $2,000
  • Public school (free for residents)
  • Private school: $15,000 – $30,000 per year
  • University Tuition (per year): $7,000 – $15,000 (for Canadian students)

Healthcare Costs in Toronto

The good news is healthcare is free for Ontario residents with an OHIP (Ontario Health Insurance Plan) card. But some things aren’t covered, like:

  • Prescription drugs (unless you have insurance)
  • Dental care (cleaning, fillings, braces)
  • Eye exams & glasses

Many employers offer health benefits to help cover these costs.

How Much Money Do You Need to Live Comfortably in Toronto?

Your cost of living depends on your lifestyle and spending habits. Here’s a rough estimate:

  • Single person (living alone): $3,500 – $5,000 per month
  • Couple (no kids): $5,000 – $7,500 per month
  • Family of four: $7,500 – $12,000 per month

If you earn $60,000 – $80,000 per year, you can afford a modest lifestyle in Toronto. If you earn $100,000+, you can live more comfortably.

How to Save Money in Toronto

]Even though Toronto is expensive, there are ways to save money:

  • Live outside downtown – Rent is cheaper in North York, Etobicoke, or Scarborough.
  • Use public transit – Cars are expensive, and the TTC is cheaper.
  • Buy groceries at discount stores – Places like No Frills and FreshCo have lower prices.
  • Find free events – Toronto has lots of free concerts, festivals, and outdoor activities.
  • Share expenses – Having roommates can cut your costs in half.

Conclusion

Toronto is an amazing city, but it’s not cheap. Rent, food, and transportation take up most of your budget, but with careful planning, you can live here without going broke. If you’re thinking about moving to Toronto, make sure you budget wisely and explore affordable neighborhoods. Whether you rent, own a home, or share an apartment, there’s always a way to make it work.

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