Cost of Living in Toronto

Cost of Living in Toronto
Do you want to know the average cost of living in Toronto? Indeed, it may be the most desirable destination for newcomers in Canada. However, it is one of the most expensive cities across the country. In effect, this city has many good things to offer, including tons of cultural spaces, sports games, nigh-life and beautiful parks and landscapes to visit. Knowing the cost of living in a specific city will allow you to know how much budget you need to afford your monthly expenses. Certainly, it is crucial to determine which city is better for you and your personal needs.  Then, if you think about the monthly costs, you should consider:
  • Housing
  • Food and Groceries
  • Transportation
Ontario is Canada’s most extensive in Canada province with over 14.7 million people. As you know, it is one of the most expensive provinces, with some of the highest housing costs across the country, especially in the Greater Toronto Area (GTA). To give you all the details, we will cover the cost of living in Toronto in this article.According to Numbeo, a specialized website that compares the cost of living in different cities shows that, without renting, the average monthly fee for one person living in Toronto is 1,226.62 CAD.  

Housing in Toronto:

Renting a place in Toronto varies significantly if you are a single person, a couple or a family with children. According to wowa.ca, the cost of renting a house or apartment to live in Toronto is: 
  • $1404 for a bachelor apartment
  • $2500 for a 2 bedroom apartment
  • $2980 for a 3 bedroom apartment
  • $4220 for a single-family detached home
We should say that the cost of renting is the highest monthly cost you need to add when while living in Toronto. Then, to the cost of rent, you should add electricity, TV, phone and internet. Wich can increase up to an additional 300 CAD per month.

Transportation While Living in Toronto

Commuting in Toronto may be another expensive cost. If you can move on public transportation, a general monthly pass costs 156 CAD, including access to subways, city buses, streetcars and buses from the suburbs. However, if you need to commute by car, costs can be higher. In general, you need to pay car insurance, which can be up to 250 CAD and gas. However, it can be the best option for those living outside the GTA (Gran Toronto Area) who need to commute to Toronto frequently. 

Cost of Living in Toronto- Phone:

Indeed, you always need to add the phone bill to your monthly expenses. And, while living in Toronto, it is a cost you should also include. Overall, there are many phone companies in the city offering different packages. However, the average price of this service is 100 CAD per month. Obviously, it mostly depends on the amount of data you want to have. Therefore, you can always make it cheaper or expensive, depending on your needs and budget.

Groceries and food: 

Of course, if you are thinking about the cost of living in Toronto, you need to include prices for the essential groceries and foods items. If you buy it every week or bi-weekly, it is estimated to be an average of CAD 390 for one single person per month on a basic diet. We are not including food on the go or dining out at this cost. Consequently, you need to add that expense to have your whole monthly budget.

Entertainment and Restaurants:

When moving to a new city, you want to experience it in different spaces and atmospheres. Therefore, many people go downtown to live the culture and nightlife culture of Toronto. All in all, it can be one of the highest costs you pay every month.Again, according to numbeo.com, a dine for two people in Toronto at an average mid-range restaurant with two non-alcoholic beverages is about 80 CAD. Moreover, a cocktail may cost 15 CAD each. So, in the end, it will probably cost 100 – 110 CAD per dinner. On balance, if you go out about 2 or 3 times per month, you will have to add about 220-300 CAD to your monthly budget cost living in Toronto. 

Gym:

One of the costs of living in Toronto is usually the gym price. In fact, it is not as expensive as you may think. And some of them, besides including regular training machines, also provide access to swimming pools and other services. The average price for a regular gym in Toronto is 58 CAD per month. However, if you decide to rent a condo instead of a rental apartment, they often have a private gym for residents. In that case, you won’t have to pay it apart.

Extras Cost of Living in Toronto:

If you cannot start the day with a cup of fresh coffee, need to buy appropriate clothes for the new season, or need to fix something regarding your phone or computer. You should always have some money “extra” for those expenses that will undoubtedly affect your cost of living in Toronto. 
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