Cost of Living in Toronto: Complete Guide And Updated Prices
One of the most important subjects about any city is the cost of living. This is no different about Toronto. The cost of living in Toronto can be very different from one person to another. For instance, imagine having your ideal life in Toronto.
Picture yourself eating a nice lunch with friends, picking up a fresh cup of coffee from a neighborhood café, and spending the weekend exploring the city’s numerous attractions. These will count at the end of the month.
In this article, we will go through all of the expenses that you can expect while moving to Toronto. This information can help you to settle down in this great city and enjoy your days there. So let us start.
House Rental Prices In Toronto
Renting a house varies significantly across different cities and provinces, which greatly influences the cost of living in Toronto.
Depending on where in Toronto you live, these numbers can change. In general, if you share a residence with someone, you should budget between $700 and $1,000 per month.
However, if you wish to live alone, this figure can go up to $1400 to $2000. Of course, these numbers are average and if you rent a cottage in one of the best neighborhoods in Toronto, they would go higher.
Numbeo indicates that while flats outside of Toronto’s city center are less expensive, lodging next to the city center is more expensive. This is totally normal in metropolitan cities such as Toronto.
However, there are exceptions to all of these data. There are great studio apartments in Toronto that will serve as a solution to this problem and cost way less than average. These options are definitely worth your time to check out.
Meanwhile, if you’re deciding between two major cities in Toronto, like Montreal, check out the comparison between Toronto vs Montreal to consider other factors that could impact your decision.
Transportation Prices
Toronto metropolitan city is home to 2.79 million people and covers an area of over 600 square miles. Well, getting around without a car can be challenging in this huge city.
Fortunately, public transportation is widely available, and each neighborhood has some sort of transportation available for its residents. Transportation is an important part of life in Toronto and might be a big part of Toronto cost of living for you.
Generally speaking, your monthly transportation costs should be between $140 and $250, or between $1,700 and $3,000 annually. You can always choose the walking or using a bicycle option if your workplace or university is near to you to lower the cost of living Toronto single person.
Utilities
Indeed, water is free in Toronto and surprisingly doesn’t count as living costs in this city. However, the majority of apartments charge for power, and it is a main part of Toronto living expenses. In Toronto, the average monthly electricity price for a normal one-bedroom apartment is roughly $70.
Toronto has two distinct power pricing structures: tiered and time-of-use.
Now, let’s check out each of them.
Time of use refers to how much electricity costs at different times of the day. Customers will pay a lower rate when electricity is used off-peak, a slightly higher rate during mid-peak, and the highest cost during on-peak hours.
Many Torontonians try to use their high-power appliances during off-peak hours by scheduling their usage around this schedule to reduce their cost of living in Toronto.
When you use a tiered power pricing structure, you may choose to receive a monthly allotment of a fixed amount of electricity at the most affordable cost. However, overage electricity use will be billed at a higher rate.
Groceries
Depending on the stores and neighborhood, grocery prices in Toronto can vary a lot and impact the average cost of living in Toronto.
Nonetheless, a normal family of four should budget between $150 and $200 each week on groceries, compared to $50 to $100 for a single person.
Metro, Loblaws, and Sobeys are a few of Toronto’s most well-known grocery stores. Consider shopping at Walmart or NoFrills for a less expensive choice.
You can also benefit from the city’s reasonably priced restaurants, which provide a wide variety of cuisine options, or even take part in lots of food festivals Toronto has to offer. Purchasing groceries in bulk might help you save money as well.
Healthcare
Another important cost of living in Toronto is healthcare programs. Every resident of Toronto is qualified for coverage under the Ontario Health Insurance Plan, or OHIP. This implies that since Ontario’s health care system is publicly supported by the government, you will be eligible to obtain it for free, regardless of your income.
However, some exceptions must be mentioned here, such as if you have a student visa or are a refugee. If you have a valid work permit and have been in Ontario for at least 153 days, you may still use the OHIP coverage even though you are not a citizen of Canada.
Average Salary In Toronto
Now that we have talked about the cost of living in Toronto, let’s open up the salary subject, and maybe that would even help you find out how to find a job in Toronto.
According to Ca.Talent, the average yearly wage in Toronto as of July 24 is $72,186. In case you require a basic wage calculator, that comes to about $37.02 per hour. Of course, these numbers are the average and can vary based on the experience or field of work.
For instance, In Toronto, a software developer typically makes $85,000 CAD a year.
Despite this, the annual salaries can vary from $75,000 to $116,000 CAD based on several factors including education and experience.
The thriving IT industry in Toronto has created a high need for software engineers. Because of this, salaries are frequently adjustable, and many businesses are prepared to pay more than the industry average in order to draw and keep outstanding personnel.
These types of flows in the market affect the job situations and how much each field is attractive and pays more.
Conclusion
Planning ahead is an important skill that you must learn to secure your future. Moving into a new city is one of the situations in which this skill can come in handy. If you are considering moving to a city like Toronto, you need to know the cost of living in Toronto and how to manage the expenses. We tried our best to provide you with this important information so you can plan ahead and be safe and sound.
FAQs
Let us see what are the most common questions about the cost of living in Toronto that has not been answered directly in the text:
1. How Much Salary Do You Need to Live in Toronto?
In a city like Toronto, a person must be able to make the minimum average salary in the city which in this case is around $72,186 to be able to manage the cost of living in Toronto.
2. Can You Live Comfortably on 100k a Year in Toronto?
$100,000 is way more than the $72,186 average pay in Toronto each year. With a $100,000 annual wage, your take-home pay after taxes would be approximately $73,571 per year, or $6,131 per month, which can easily be used to cover the cost of living in Toronto including housing, transportation, grocery, and entertainment costs.
3. Are Salaries Higher in Toronto or Vancouver?
Toronto vs Vancouver salaries is an interesting topic. According to madeinca, in Toronto, most of the incomes are greater than in Vancouver. the only professions with greater average salaries in Vancouver are civil engineers and plumbers. That being said, there aren’t many notable salary disparities between Vancouver and Toronto in the majority of sectors.
