The cost of living in Toronto can be significant, with accommodation being the largest expense.
A typical single person in Toronto can expect to spend around $3,000 to $4,000 per month when factoring in rent, food, transportation, and additional living costs.
The cost of living in Toronto has been rising across the board. Significant increases in rent and food are the standout changes in recent years (double-digit percent jumps in 2022–2023 for housing and groceries).
That is one of the questions asked by many people who would like to relocate to this great city in Ontario.
Toronto has a great, lively lifestyle, but living there can be expensive for those who are not prepared yet.
Since the purchasing power for many people is lower than before, living costs in Toronto have become more important than ever.
Understanding these costs is key to managing your finances in Toronto.
You will learn how to:
1. Find out the average housing and rental prices in Toronto.
2. Learn about typical utility and transportation costs.
3. Explore food, healthcare, and entertainment expenses
Average Cost of Living Calculator in Toronto
How Much Does Housing Cost in Toronto?
When it comes to the cost of living in Toronto, one must first consider the cost of housing.
The housing market in Toronto is highly dynamic and varied.
Let’s go a little deeper into the details of rental prices, home buying, and other housing costs.
Average Rent for Apartments by Neighborhood in Toronto
On-Campus (University Residence):
An academic year in a Toronto university residence can range from about $13,000 up to $37,000 (including a meal plan) depending on room type and meal options.
This works out to roughly $1,700–$4,600 per month during the 8-month school year. (Suite-style campus residences without meal plans are around $13k/year.)
Off-Campus Apartment:
Renting privately is expensive. A one-bedroom apartment in Toronto averages about $2,500 per month as of early 2023.
A two-bedroom runs around $3,300 (about $1,600+ per person if split).
These rents jumped ~20% compared to the previous year amid low vacancy rates.
Toronto is among the priciest housing markets in Canada, comparable to Vancouver.
Shared Accommodation:
Many people save by renting a single room in a shared house or apartment. Such shared housing costs roughly $600–$1,500 per month per room, depending on location and quality.
In Toronto’s core, expect the upper end of that range (often around ~$800-$1,000 for a room).
Homestay (Living with Host Family):
Homestays (often chosen by international students) typically cost about $900–$1,500 per month in Toronto, meals included.
This can be cheaper than campus residence and provides a local family environment. (For comparison, on-campus housing across Canada averages $6,000–$15,000 per year, and off-campus rent ranges $1,000–$2,500+ per month, with Toronto at the high endimmigration.ca.)
Trend Note: After a brief dip in 2020-2021, rents have surged in Toronto. For example, the average one-bedroom rent in March 2023 ($2,506) was 22% higher than a year prior.
This rapid increase reflects increased demand as the city reopened and more people returned, squeezing a tight housing supply (vacancy rates are very low).
On-campus housing costs also rise most years, and premium residence/meal plans at U of T can now top $37k/year, illustrating the high cost of living for students in the city.
These rental expenses may increase if you are looking for pet friendly rental options for yourself as they are a little higher than average prices.
These differences show how imperative it is to select the correct neighborhood that fits your budget.
If you would like to save some dollars on the rent, we would recommend that you check room rentals for students in Toronto.
| Area in Toronto | Minimum Room Rental Price (CAD) | Maximum Room Rental Price (CAD) |
|---|---|---|
| Downtown Toronto | $2,400 | $2,800 |
| North York | $2,200 | $2,600 |
| Scarborough | $1,900 | $2,300 |
| Etobicoke | $2,000 | $2,400 |
| Midtown Toronto | $2,500 | $3,000 |
| The Beaches | $2,300 | $2,700 |
| Liberty Village | $2,600 | $3,100 |
| East York | $2,100 | $2,500 |
| Yorkville | $2,800 | $3,500 |
| Mississauga (near Toronto) | $2,000 | $2,600 |
What Are the Typical Utility Costs in Toronto?
Utility costs in Toronto are somewhat high, and understanding this is important for effective budgeting.
Whether you’re new or an old resident, knowing what to expect puts you in a better place to manage your monthly expenditure.
Let’s break these costs down for a clear picture.
Breakdown of Monthly Utility Bills
Utility costs will depend on your housing setup, but for an average apartment (e.g. ~900 sq ft), expect around $150–$170 per month for basic utilities (electricity, heating, cooling, water, and garbage).
For example, one estimate puts these at ~$163/month for a mid-sized apartment.
Toronto’s cold winters and hot summers impact bills – heating a space in winter uses more energy (about 1000 kWh in an average winter month vs 600 kWh in summer), but many rentals include heating or water in the rent.
If you rent a room or a condo, check which utilities are included; tenants often pay hydro (electric) separately.
Overall, utility rates in Ontario have risen modestly with inflation, but provincial energy rebates have helped keep electricity prices relatively stable recently.
Internet Fees
Home internet in Toronto typically costs about $60–$80 per month for an unlimited broadband plan.
The average price for a 60 Mbps unlimited plan is around $70, though major providers may charge $90+ for higher speeds.
Some smaller ISPs offer slightly cheaper plans (e.g. ~$50-60 for moderate speeds).
Trend: Internet prices have not fluctuated as wildly as other costs, but Canadians continue to pay high rates by global standards.
Many households upgrade to faster plans for remote work and streaming, keeping the monthly bill in the upper tens. (In 2023, an analysis of big providers’ 500 Mbps plans in Toronto found an average of ~$97/month but one can get a basic plan for less.)
Eco-Friendly Energy Options
Toronto provides many eco-friendly energy options that could save money and the environment.
Think about using energy-efficient appliances and LED lighting.
Solar panels are also gaining momentum and will lower long-term electricity costs.
These options not only reduce bills but also make for a greener city.
How Much Do Transportation Expenses Add Up To?
When thinking about the rising cost of living in Toronto, transportation is a big factor.
Public transit within Toronto, which is known as the TTC, is pretty affordable.
Costs of Using the TTC
Toronto’s public transit is widely used. The adult TTC fare is $3.35 per ride (cash/token), and a monthly adult transit pass costs $156.00. (In April 2023, the fare rose by 10¢ from $3.25, the first increase in a few years.
Post-secondary students are eligible for a discounted monthly pass at $128.15 but Toronto does not have a universal U-Pass included in tuition like some other cities – students must buy the pass if needed. There is also a TTC Day Pass for $13.50 (unlimited travel in a day).
Overall, a commuter who uses transit daily will spend around $128–$156 per month on TTC passes.
Source: TTC Fares
Thus, with these rates, the more frequent commuters would find using the TTC an economical choice for daily commutes.
The TTC includes buses, subways, and streetcars, which blanket across the city.
It is worth noting that especially for newcomers to Toronto, learning the TTC routes would make it easier to move around and save money.
Owning a Private Vehicle in Toronto
Getting a car in Toronto might be expensive.
You will also have to consider insurance, estimated at $1,500 annually.
Gas is about $1.50 a liter in Toronto.
Let’s get one thing straight: parking fees add up fast, with an approximate monthly cost of $200 downtown.
Vehicle maintenance and repairs are extra costs.
For many, the convenience of a car comes at a considerable cost.
Alternative Transportation Options
Alternative transportation is on the rise in Toronto, Canada.
Ride-sharing services like Uber and Lyft offer flexible travel options.
Bike-sharing programs are also an option, with annual memberships available for about $99.
Carpooling with coworkers can help to defray the cost of a commute.
These options offer flexibility and are cheaper than car ownership.
Understanding these options can drastically simplify your expenses for transportation.
How Much Do Food and Groceries Cost in Toronto?
Understanding how much food and groceries cost in Toronto is relevant to anyone who is living in or moving to the city.
Toronto has a lively food scene, with everything from affordable groceries to all varieties of restaurants available.
Typical Grocery Prices of Essentials
Grocery prices can vary in Toronto, but it’s good to have an idea of the average costs for budgeting.
A liter of milk costs about $2.50, while a loaf of bread is about $3.00. You might spend $3.50 for a dozen eggs and $4.00 for a kilogram of rice. Fruits and vegetables, of course, change with the seasons, but apples cost roughly $3.00 per kilogram.
Shopping around will, no doubt, get the best deals for your items because many supermarkets and local shops are found in Toronto.
Dining out in Toronto’s various foods
In Toronto, fresh groceries can be found at a wide variety of supermarkets and farmers’ markets.
The supermarket chains like Loblaws and Metro are very well-liked for their selection of goods.
Farmers markets are spread all over the city and provide fresh produce. They are a good place to support local farmers and get a taste of what is fresh this season.
Be it the convenience of supermarkets or the appeal of farmers’ markets, Toronto has a choice to fit every shopper’s taste.
What Are the Healthcare Expenses in Toronto?
For anyone living in Toronto, it is crucial to understand the expenditure of healthcare here.
In Toronto, both public and private health services come with their costs, hugely affecting your cost of living.
Let’s delve into the nitty-gritty of what you would most likely incur in healthcare expenditures in this vibrant metropolis.
Overview of OHIP and Services Covered
The Ontario Health Insurance Plan (OHIP) is a public health insurance program that covers many essential services.
If you are eligible, OHIP will cover doctor visits, hospital stays, and some medical procedures.
However, it does not cover everything.
For instance, dental care, eye exams for adults, and prescription drugs are not included.
Knowing what OHIP covers helps you plan for any additional healthcare expenses.
Out-of-Pocket Healthcare Costs
Even with OHIP, you might find yourself paying for some medical services.
Out-of-pocket costs can include dental visits, vision care, and certain prescription medications.
These expenses can add up, so it’s wise to budget for them.
For example, a routine dental cleaning could cost around $150.
Understanding these costs helps you manage your healthcare budget effectively.
Private Insurance Options
To cover services not included in OHIP, many people opt for private insurance.
Private health insurance can help pay for dental, vision, and prescription drugs.
Plans vary widely, so it’s essential to compare options.
Some employers offer health benefits, which can reduce your out-of-pocket expenses.
Choosing the right insurance plan can provide peace of mind and financial security.
How Much Do Education and Childcare Cost in Toronto?
Considering the cost of living in Toronto, education and child care play major roles.
Families and students are supposed to understand these costs to have proper planning for budgets.
Now, let’s review some information on childcare services and the cost of school and international student tuition in Toronto.
Child Care Services and Costs
In Toronto, the cost of child care could be high.
For instance, daycare would averagely cost around $1,200 to $2,000 per month.
Parents often look for government subsidies to help them balance these costs.
For families, the scale between quality and affordability is quite delicate to balance.
Public and Private School Tuition
Public schools in Toronto are publicly subsidized and hence free for all residents to attend.
Private schools are privately financed and charge tuition that can range from $6,000 to $30,000 annually.
Each school has a specific curriculum, and most parents choose a school based on their priorities regarding education.
Expenses for International Students
International students in Toronto face higher tuition fees.
They typically pay between $15,000 and $60,000 per year, depending on the program.
Besides tuition, students must budget for living expenses, supplies, and other essentials to ensure a comfortable stay in the city.
What Are the Entertainment and Leisure Costs in Toronto?
Toronto is a city full of life, offering a rich tapestry of entertainment and leisure activities.
Knowing the cost of such activities helps in budgeting appropriately.
Let’s delve deep into how one can get around Toronto without spending so much money.
Prices of Movies, Gym, and Festivals
When in Toronto, one movie ticket goes for approximately 15 dollars.
For fitness-conscious individuals, gym memberships can be from 50 to 100 dollars per month.
Events, such as the Toronto International Film Festival, run the gamut in price from free events to ticketed events. These can certainly add up but are well worth it for the experience.
Staying fit in Toronto will typically cost around $50–$70 per month for a gym membership.
Popular gyms range in price (e.g. GoodLife ~$68/month, YMCA ~$59/month, budget gyms ~$15/month) and the average comes out to about $63/month for gym memberships in 2023. This is up slightly (a dollar or two) from the previous year.
Many gyms waived fees or offered discounts during the pandemic, but have since readjusted prices. Students might get cheaper campus gym access (often included in student fees).
Free or Low-Cost Community Events
Numerous events happen around Toronto that are either free or low-cost. From street festivals to art exhibits, there is always something happening.
These events are a great way to enjoy the vibrant culture of the city without having to spend much.
Checking local listings can help you find these hidden gems.
Seasonal Attractions in Toronto
Toronto’s seasonal attractions give a wide range of options.
Skating at Nathan Phillips Square is one popular and relatively affordable option in winter.
In summer, outdoor concerts and days at the beach are in order.
These are not just entertaining but also very representative of Toronto’s character.
A little planning will go a long way in being able to enjoy these seasonal treats.
How Much Do Clothing and Personal Care Cost in Toronto?
Living in Toronto is quite expensive, and clothing and personal care are no exceptions.
Knowing these costs will be helpful for budgeting and enjoying life in this great city.
Average Price of Clothing in Toronto
Clothing prices in Toronto can vary greatly.
You can find more reasonably priced options at fast-fashion stores like H&M and Zara, where you can get a T-shirt for about $20 and jeans for around $50.
For those who like their luxury, Yorkville stores can have prices for a single item top hundreds of dollars easily.
Costs for Grooming and Wellness Services
Grooming and wellness services can add up pretty fast in Toronto.
A basic haircut at a local salon could cost about $30 to $50, while a visit to a high-end salon downtown could range from $80 to $150.
Spa services, like massages or facials, range from $100 per treatment, depending on the treatments desired for relaxation and rejuvenation.
Activity and Personal Care Options
Staying fit in Toronto can be affordable yet expensive, depending on individual preferences.
A monthly membership to a chain like GoodLife Fitness costs approximately $60.
If you enjoy boutique fitness classes, such as yoga or pilates, then you can expect to pay around $20 to $30 for every class.
In addition, personal care products-skin care and cosmetics are also widely available, with their prices varying greatly depending on the brand and quality.
What Miscellaneous Expenses Should You Consider in Toronto?
Living in Toronto is great, but you have to consider all your possible expenses.
Other costs can catch you off guard if you are not well prepared.
Let’s look at some of these costs to help you plan better.
Telecommunications and Streaming Services
Cell phone plans in Canada are notably pricey. A plan with unlimited talk/text and a generous data allowance (e.g. 20–50 GB) costs about $75–$85 per month with the main carriers.
For example, as of 2023, Bell and Rogers offer ~25 GB for $85, while Telus offers 50 GB for $75.
No major price drops have occurred recently, but data caps have increased (e.g. a $75 plan now gives more data than a year ago).
Many Canadians still pay ~$80+ for their smartphone plans, which hasn’t changed much year-over-year aside from promotional deals.
Household Supplies and Emergency Repairs
Household supplies can be costly over some time.
The basic cleaning products, toiletries, and kitchen essentials may cost about CAD 100 per month.
Repairs can be quite unexpected and costly.
For example, some appliance breaking or a leak in the faucet might cost several hundred dollars.
It will be wise to keep small amounts of money aside with you for such surprises.
Regular maintenance can avoid further damage.
Pet Care and Other Unexpected Costs
And if you have pets then their care is another head of expense.
Food for them, grooming, veterinary visits, etc., alone may cost between CAD 100 to CAD 200 per month.
And the costs of unexpected vet bills are even higher.
Consider getting pet insurance to help with these costs.
Aside from pet care, there are other unexpected expenses, such as gifts or social outings.
Being prepared for them can help keep your budget on track.
Final Thoughts About Cost of Living in Toronto
Living in Toronto can be expensive, but at least it allows you to plan well if you know how much things cost.
We covered housing, utilities, transport, food, healthcare, education, and leisure.
Each area has unique expenses and options. Toronto offers diverse choices, from eco-friendly utilities to vibrant dining scenes.
Knowing these costs helps you budget wisely. Whether you’re renting, commuting, or enjoying local events, being informed makes a difference.
Toronto is vibrant and full of life, but it requires smart financial planning.
Keep these insights in mind as you navigate this dynamic city.
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