Cost of Living in Toronto

How Much Does It Cost to Live in Toronto in 2024?

What is the average monthly cost of living in Toronto?
The average cost of living in Toronto is $3,252.45 per month.

The city of Toronto, also known as “Queen City” or “T.O.” is the largest and most populous city in Canada.

Many people move to Toronto in search of a better quality of life and opportunities. However, it’s no secret that Toronto comes with a high cost of living. Despite its thriving job market and exceptional quality of life, maintaining comfort in T.O. can be a financial challenge. 

However, with a good financial planning and budgeting, one can enjoy a comfortable lifestyle in Toronto. If you’re considering a move to Toronto, read on to learn about the cost of living.

Methodology

The main data collection source for this article is Numbeo and trusted city-related websites, including Toronto Transit Commission, and the Government of Canada. The costs presented are estimates and pertain to an individual living alone on a monthly basis.

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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

Numbeo (Sept 2023)

Cost of buying a property in Toronto

Area/Neighborhood

Average home price 

Greater Toronto*

$1,141,400

CREA (Aug 2023)

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)

What is the average monthly cost of utilities in Toronto?
The average monthly cost of utilities in Toronto is $284.76.

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

Numbeo (Sept 2023)

What is the average monthly cost of groceries in Toronto?
The average monthly cost of groceries in Toronto is $354.36.

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)

What is the TTC monthly pass price?
The TTC monthly pass price is $156.00.

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

Numbeo (Sept 2023)

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)

What is the average monthly cost of employee-sponsored health insurance in Toronto?
The monthly cost of employee-sponsored health insurance in Toronto is $63.00.

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

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Ann Nacario

The author

Meet Ann – our head writer with a knack for making moving and city living a breeze. From the many details of moving to picking the perfect moving company, she’s your guide. Ann has a friendly yet detailed approach to ensure your move goes off without a hitch. When she’s not writing about relocation, it will always be on her mind, but you’ll catch her spending time with her three furry friends.

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