Living in Toronto is not cheap at all. But how much does it really cost to live like an average citizen in Canada’s biggest city? Cost of living in Toronto consists of housing, transport, foods, services, healthcare, entertainment and other amenities. Among all those costs, the biggest cost of living belongs to the housing cost. Whether you rent a place in Toronto or buy a place here, the housing cost is gonna be your main monthly cost. Let’s take a closer look at those costs of living in Toronto.
Housing: $2,349.07
The average cost of a one-bedroom unit in Toronto hit $2,314/month last November, and the average cost of a two-bedroom reached $2,966. We’ve decided to calculate things a little differently this year and use only the average rental cost of a one-bedroom unit for our monthly calculations.
Read More: The Average House Price in Toronto
Transportation: $258.55
With Presto fully implemented now across the TTC, tokens and passes are no longer payment options. The switchover has translated into higher prices pretty well across the board when compared to 2019 fare options.
- Single adult cash fare: $3.25
- Presto adult fare: $3.10
- Presto one-ride ticket: $3.25
- Presto two-ride ticket: $6.50
- Presto day pass: $13.00
- Monthly Presto pass (students): $122.45
- Monthly Presto pass (adults): $151.15
- 12-month Presto Pass (adults): $138.55
- 12-month Presto (students): $122.45
Note: Some TTC fares are increasing on March 1, 2020.
Cabs/Uber/Lyfts: Maybe transit’s not your thing. If that’s the case, there’s an abundance of ride-sharing services to choose from in Toronto. In fact, according to Statistics Canada, Canadians 18 and older spent a collective $241 million on ridesharing services in 2016.
One Uber ride from Midtown to the Yonge-and-Dundas area costs about $30 round trip. Since there are those who never take Uber, and those who take it often, we’ve gone with four trips a month for our calculations.
Using the 12-month adult Presto Pass ($138.55) as our transit option, in addition to four $30 Uber trips a month (for a total of $120), our average monthly transportation cost works out to $258.55.
Food: $533.95/month
People today are increasingly relying on food delivery apps such as Skip the Dishes and Uber Eats, which has caused grocery costs to decrease for people in Toronto. The average Torontonian spends $251.95 a month on groceries. In addition to paying for groceries, we estimate that Torontonians spend approximately $282.00 monthly on dining out and ordering takeout, for a combined monthly food total of $533.95.
Cell Phone and Internet Costs: $155.96/month
The most common cell phone plan currently available from Bell, Rogers and Telus is 10GB of data at maximum speed. Each major provider charges $75 per month for this type of plan. Excluding one-time installation fees, we calculated the average monthly cost of home internet to be $80.96. Overall, Torontonians are spending an average of $155.96 per month on cell phones and home internet.
Entertainment
This department has a huge variability, meaning that it could be an essential part of the cost of living for someone, while only a minor portion for another. Depending on how many times you go out for dinner, buy drinks, go to moves, events, dates, etc, your cost will differ significantly.
Dining out: $40-$100 per person
Buying lunch : $10-$15
Getting takeout for dinner $20-$25
Going out for dinner $40-$100 per person
Drinks: Avg $10 per drink
Going out for drinks with friends $40- $80
Having drinks at home $15-$30
Miscellaneous costs (movies, events, shows, dates, etc):
Netflix subscription: $15 per month
Apple Music/Spotify subscription: $15 per month
Insurance
Insurance can encompass many items and it is up to you choose the ones you need the most. For instance, there is no need to own a car in Toronto hence you can cut down on your expenses significantly by using other means of transportation and not having to pay insurance. You might, however, need to have tenant insurance as it’s a necessity in Toronto among the majority of the landlords.
Health and Fitness
Free health care system might be the most beneficial aspects of living in Canada as it substantially reduces the cost of living. You can have your eyes checked, visit the dentist or any other medical services for free. Avg Cost $200-$400 per month
Fitness and gym memberships, depending on how well-equipped they are, can be quite expensive or relatively cheap. Avg Cost of a Gym membership is $45-$85 per month
