Housing costs in Toronto
Toronto has a very competitive housing market, and the average home prices are much higher than the national average, making it one of the most expensive cities in Canada to buy a home.
This is because many people want to live in Toronto due to its vibrant culture, strong economy, job prospects, exciting attractions, and beautiful waterfront locations along Lake Ontario.
Cost of rent in Toronto, CA
|
Area/Neighborhood |
1-bed apartment |
3-bed apartment |
|
Toronto (Outside of Center) |
$2,280.60 |
$3,434.43 |
Cost of buying a property in Toronto
|
Area/Neighborhood |
Average home price |
|
Greater Toronto* |
$1,141,400 |
Utility costs in Toronto: Internet, electricity and water
Whether you own a house or rent in Toronto, you’ll need to budget for utility costs. Toronto’s diverse weather, with cold winters and hot summers, impacts electricity usage. In winter, the average consumption is approximately 1,000 kWh, while in summer, it drops to around 600 kWh.
The monthly average cost of a basic utility package, which includes electricity, heating, cooling, water, garbage, and Internet services in Toronto, is as follows below:
|
Utilities |
Cost |
|
Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment |
$208.67 |
|
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) |
$76.09 |
|
Total |
$284.76 |
Numbeo (Sept 2023) & OEB (2023)
Grocery costs in Toronto
Grocery costs in Toronto are a higher than other cities in Canada. Additionally, basic items such as dairy, eggs, cereals, vegetables, meat, fish, coffee, and more are tax-exempt when purchased in grocery and convenience stores.
|
Grocery items in Toronto |
Cost |
|
Milk (regular), (1 gallon) |
$14.39 |
|
Loaf of Fresh White Bread (1 lb) |
$3.25 |
|
Rice (white) (1 lb) |
$2.07 |
|
Eggs (regular) (12) |
$4.55 |
|
Local Cheese (1 lb) |
$7.33 |
|
Chicken Fillets (1 lb) |
$7.75 |
|
Beef Round (1 lb) |
$9.14 |
|
Apples (1 lb) |
$2.53 |
|
Banana (1 lb) |
$0.75 |
|
Oranges (1 lb) |
$2.57 |
|
Tomato (1 lb) |
$2.38 |
|
Potato (1 lb) |
$1.75 |
|
Onion (1 lb) |
$1.80 |
|
Lettuce (1 head) |
$3.44 |
|
Bottle of Wine (Mid-Range) |
$18.00 |
|
Domestic Beer (0.5 liter bottle) |
$3.26 |
|
Imported Beer (12 oz small bottle) |
$3.63 |
Public transit in Toronto
The Toronto Transit Commission (TTC) oversees Toronto’s public transportation, including subways, buses, and streetcars serving the city and nearby areas.
To travel, you have to purchase tokens or tickets at subway stations, Shoppers Drug Mart locations, or online at prestocard.ca. Bus and streetcar operators don’t sell fares, so don’t forget that you need to have the payment ready before boarding.
For the subway, there are three lines in operation. Trains run every 2 to 3 minutes during rush hours and every 4 to 5 minutes outside of rush hours:
- Line 1 (yellow line): Yonge-University to Vaughan Metropolitan Centre Station.
- Line 2 (green line): Bloor-Danforth to Kennedy Station.
- Line 4 (purple line): Sheppard to Don Mills Station.
|
Type of fare |
Rate |
|
Single ticket (PRESTO one-ride ticket) |
$3.35 |
|
Daily pass (PRESTO day pass ticket) |
$13.50 |
|
Fair pass Transit Discount |
$2.10 |
|
Monthly pass |
$156.00 |
Toronto Transit Commission (Sept 2023)
Entertainment costs in Toronto
Toronto offers its residents a wide variety of local attractions and cultural experiences, including popular places such as the CN Tower, the Royal Ontario Museum, Ripley’s Aquarium of Canada, the Hockey Hall of Fame, and numerous vibrant city festivals.
Here are some insights into the entertainment average costs in Toronto:
|
Entertainment in Toronto |
Cost |
|
Mid-range restaurant meal |
$55.00 |
|
Taxi 1h |
$33.00 |
|
1 cinema ticket |
$16.00 |
|
Total |
$104.00 |
Sales tax in Toronto
In Canada, there are three types of sales taxes: the federal GST (5%), the provincial sales taxes PST (varies depending on the province), and the HST, which is a combination of the two. In Ontario, the HST is used, which is equivalent to 13% and applies to purchases of goods and services.
While some items, like basic groceries and sometimes feminine hygiene products, are exempt from sales taxes, the rate for other products depends on the specific province.
Government of Canada (Sept 2023)
Healthcare costs in Toronto
When moving to Ontario, you should be aware of Ontario’s public health insurance, OHIP. This covers basic medical expenses through payroll taxes and federal support. However, for more comprehensive coverage, you have two options, you can choose to purchase private health insurance or use the one sponsored by your employer.
The cost and coverage of private health insurance depend on several factors, such as your age, gender, lifestyle, pre-existing conditions, specific coverages, and the chosen provider.
|
Type of healthcare |
Cost |
|
Employer-sponsored health insurance |
$63.00 |
|
Non-employer-sponsored health insurance |
$61.32-$196.20 |
|
Gym |
$72.73 |
Numbeo (Sept 2023), Hellosafe (2023) & Insurance Business (Apr 2023)
Conclusion
Moving to Toronto can also present challenges due to its relatively high cost of living. However, with a careful financial planning, thriving in this dynamic city is entirely possible.
If you need assistance with your move, consider researching and hiring the best movers in Toronto to make your transition smoother.
Check out this table for the average monthly expenses of living in Toronto in 2024:
|
Category |
Monthly cost |
|
1 bed apt rent outside city center |
$2,280.60 |
|
Groceries Numbeo’s grocery list Numbeo’s grocery list ($88.59 multiplied by 4) |
$354.36 |
|
Utilities Electricity, heating, cooling, water, garbage |
$208.67 |
|
Internet with 60 Mbps |
$76.09 |
|
Transit pass |
$156.00 |
|
Entertainment Meal, taxi, movie |
$104.00 |
|
Gym membership |
$72.73 |
|
Total |
$3,252.45 |
