What Is the Cost of Living in Toronto?
Toronto, the provincial capital of Ontario, is the most populous city in Canada. Toronto is an international centre for business, finance, art and is a leading multicultural and cosmopolitan city in the whole world. This city is considered an important destination to settle in.
But, before settling in, it is very crucial to know the cost of living in Toronto.
How Much Does C$ 1 Cost in INR?
What Is the Average Cost of Living in Toronto?
Toronto is considered more expensive than 66% of the cities in North America. The approximate cost of living in Toronto for a single person is C$ 3,600, and that of a family of four is C$ 6,200.
What Are the Top Expenses of Living in Toronto?
In this section, we have broken down the average cost of living in Toronto into the various factors that affect the monthly expenses in Toronto. These factors include –
1. Housing
Just like any other city, finding a decent living space is the first thing that comes to an individual's mind after moving to a new city. The monthly rent of various types of houses are mentioned in the table below –
| City District/ Studio | 1 BHK | 2 BHK | 3+ BHK |
| Liberty Village/ C$ 2,200 | C$ 2,800 | C$ 3,600 | C$ 5,700 |
| Kensington/ C$ 1,900 | C$ 2,400 | C$ 4,186 | C$ 2,700 |
| Parkdale/ C$ 1,800 | C$ 2,100 | C$ 2,700 | C$ 3,700 |
| Yorkville/ C$ 2,300 | C$ 3,100 | C$ 4,800 | C$ 5,700 |
| Runnymede/ NA | C$ 2,000 | C$ 2,300 | C$ 4,500 |
| Riverdale/ C$ 1,800 | C$ 3,000 | C$ 3,300 | C$ 5,000 |
| East Danforth/ C$ 1,500 | C$ 1,900 | C$ 2,700 | C$ 4,300 |
| The Beaches/ C$ 1,900 | C$ 2,300 | C$ 2,900 | C$ 5,400 |
2. Groceries
The money spent on groceries every month depends on an individual’s preference and personal needs. Furthermore, the cost depends on where you buy the grocery items.
| Grocery Items | Approximate Cost |
|---|---|
| Milk (1 litre) | C$ 3 |
| White bread (1 loaf) | C$ 3 |
| White rice (1 kilogram) | C$ 3 |
| Eggs (1 dozen) | C$ 4 |
| Cheese (200 grams) | C$ 15 |
| Chicken breast (1 kilogram) | C$ 14 |
| Apples (1 kilogram) | C$ 4 |
| Bananas (1 kilogram) | C$ 2 |
| Oranges (1 kilogram) | C$ 4 |
| Tomatoes (1 kilogram) | C$ 4 |
| Potatoes (1 kilogram) | C$ 3 |
| Onions (1 kilogram) | C$ 3 |
| Lettuce (1 head) | C$ 2 |
3. Transportation
The monthly cost of transportation depends on the distance of your workspace and university. Toronto is well connected with an efficient public transportation system known as TCC. This TCC system consists of buses, streetcars and subways.
| Fuel Cost/Transportation Service | Approximate Cost |
|---|---|
| One-way ticket (public transport) | C$ 3 |
| Monthly pass (public transport) | C$ 156 |
| Taxi 1 km normal tariff | C$ 2 |
| Price of diesel (as of 21st February 2022) | C$ 1.64 per litre |
| Price of gasoline (as of 21st February) | C$ 1.77 per litre |
| Cabs (minimum cost) | C$ 4.25 |
4. Utilities
One should also consider the cost of basic utilities such as electricity, gas supply, prepaid mobile plan and unlimited internet package while evaluating the monthly expenses for living in Toronto. The table below shows the approximate cost of some basic utilities –
| Utilities | Approximate Cost |
|---|---|
| Electricity, cooling, heating, water, garbage | C$ 158 |
| Local prepaid mobile tariff (1 min) | C$ 0.42 |
| Unlimited internet package | C$ 73 |
5. Entertainment and Leisure
This area of expense includes dining at restaurants, social activities, going to a pub or nightclub, etc. The cost of entertainment primarily depends on where you go and the time you spend on these areas.
| Area of Expense | Approximate Cost |
|---|---|
| 1 month gym membership | C$ 61 |
| 1 hour rent for a tennis court | C$ 26 |
| 1 seat at a cinema hall | C$ 15 |
| Meal in an affordable restaurant (1 person) | C$ 20 |
| Three-course meal in a mid-range restaurant | C$ 80 |
| McMeal at McDonald's | C$ 12 |
6. Childcare and Schooling
Finding a good school or kindergarten is very important if you are moving in with your kids. The monthly tuition fees of education institutes also impact the cost of living in Toronto for a family. Toronto has a number of reputed schools that provide quality education to the kids.
| Schools and Childcare | Approximate Cost |
|---|---|
| Preschool, private, full-day for 1 child | C$ 1,700 |
| International primary school for 1 child | C$ 26,000 |
Furthermore, the table bellows lists some of the best schools in Toronto –
| Name of School | Curriculum |
|---|---|
| Branksome Hall | International Baccalaureate |
| Walden International School | International Baccalaureate |
| TAIE International Institute | Canadian, International Baccalaureate |
| Keystone International School | Canadian |
| Blyth Academy Downsview Park | Canadian |
| The Giles School | International Baccalaureate |
| Bronte College | International Baccalaureate, Canadian |
How Expensive Is Toronto Compared to Other Top Cities?
The cost of living in Toronto is more expensive than 66% of the cities in North America and 82% of cities globally. Furthermore, Toronto is the most expensive city in Canada. Restaurant prices in Toronto are 18.86% more than those in Singapore. Furthermore, the monthly rents for living space in this city are 24.24% higher than those in Tokyo. In contrast, consumer prices in Toronto are 12.37% less than those in London.
To summarise, the cost of living in Toronto depends on the aforementioned factors. The monthly expenses in this city are pretty higher than most cities worldwide. However, bringing some changes in the standard of living can help you save a lot of money in this Canadian city.
Frequently Asked Questions
Is Toronto the most expensive Canadian city?
Yes, Toronto is the costliest city to live in Canada, followed by Vancouver, Yellowknife, etc.
Is New York the most expensive city to live in the United States?
According to a report, New York is the costliest city to live in the United States.