With Toronto being home to many Canadian head offices and well-paying office jobs, it is also one of the most expensive cities to live in Canada. Regarding housing, the average Toronto rent will make up your largest cost of living expense.
Is living expensive 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 salary do you need to live in Toronto?
Analysts at LowestRates.ca calculated that to get by in Toronto a person needs to be earning a salary of $40,583 (before tax) to meet the living costs of the city.
Life in Toronto: living costs.
| Transit & taxis/Uber/Lyft | $176.25 |
| Groceries | $283.60 |
| Entertainment | $354.00 |
| Health & fitness | $75.00 |
| Total | 2688.48 |
|---|
Why is it so expensive to live in Toronto?
The supply of rental inventory in the city is very low, with less than 1% vacancy across much of the GTA. At the same time, the demand for homes is only increasing with the return of many post-secondary students, immigrants, and those wishing to live close to their jobs.
Is Toronto a costly city?
According to Mercer’s 2022 Cost of Living Survey, an evaluation of 227 cities across five continents, the 6ix is currently the most expensive city in Canada, and boy, are the runners-up ever looking good. To put things into perspective, Toronto is the 89th most expensive city in the world.
How much is rent in Toronto?
Monthly Occupancy Costs
| Unit Size | 2022 Average Market Rent | 2022 80% of Average Market Rent |
|---|---|---|
| Bachelor apartment | $1,225 | $980 |
| 1 bedroom apartment | $1,446 | $1,157 |
| 2 bedroom apartment | $1,703 | $1,362 |
| 3 bedroom apartment | $1,961 | $1,569 |
Can you live in Toronto without a car?
Luckily, the city has an extensive public transport network that makes it possible to get around Toronto without a car. However, expats with kids, those living in the suburbs or those planning to travel around Canada will find a car a worthwhile investment.
What is the lowest salary in Toronto?
In October 2022, Ontario’s new minimum wage rates will be:
- General: $15.50 per hour, a raise from $15 per hour.
- Students under 18: $14.60 per hour, a raise from $14.10 per hour.
Is 50k enough to live in Toronto?
The average salary in Toronto is $52,268, which is 10.1% higher than the Canadian average salary of $47,487. A person making $50,000 a year in Toronto makes 4.3% less than the average working person in Toronto and will take home about $39,332.
Where is the cheapest place to live in Canada?
1. Trois-Rivières, Québec. For renters, Trois-Rivières is probably one of the least expensive places to live in Canada. The city is also located in the cheapest province in Canada, with perhaps the lowest monthly cost of rent for a 1-bedroom apartment for a large urban centre.
What is the cheapest place to live in Toronto?
liv. rent – Renters Can Now Create Alerts
- North St. James Town.
- Parkdale. Average rent in Parkdale.
- Cabbagetown-South St. James Town.
- Forest Hill North. Average rent in Forest Hill North.
- East End-Danforth. Average rent in East End-Danforth.
- Yonge & Eglinton. Average rent in Yonge & Eglinton.
- High Park North.
- Mount Pleasant West.
Where is the cheapest place to live Toronto?
Located in the northwestern part of Toronto, West Humber-Clairville offers a variety of affordable living options. The area, located in Toronto’s Wards 1 and 2, is next to the city’s airport.
What are the disadvantages of living in Toronto?
Cons of living in Toronto
- The housing market is very expensive.
- The cost of living in Toronto is high.
- The city is very congested.
- It’s not easy to get around outside of downtown Toronto.
- Toronto doesn’t have great bike lanes.
- There’s a lot of litter in Toronto.
- Toronto has long and unpredictable winters.
Is Toronto a safe city to live in?
, ranked Toronto at 6th out of 60 cities. The study by EIU examined four categories including digital security, health security, infrastructure safety and personal safety. Toronto ranked high in personal security and digital security, ranking #8 and #9 respectively.
2019 Safe Cities Index.
| Rankings | City |
|---|---|
| 1 | Tokyo |
| 2 | Singapore |
| 3 | Osaka |
| 4 | Amsterdam |
What is the richest part of Toronto?
York Mills is an area in Toronto called Millionaire Mile because it contains the five wealthiest neighbourhoods. The average household net worth is $21.55 million. This is understandable because the average house price in the region is $3.4 Million.
Is Toronto a good place to immigrate to?
Yes! Toronto is an ideal landing place for newcomers. It is the most culturally diverse city with a built-in support system for new immigrants. You will have access to resources, local ethnic communities, and services to ease your transition to Canada.
How much is a 2 bedroom condo in Toronto?
Toronto Condo Prices
| Toronto Neighbourhood Prices | ||
|---|---|---|
| Number of Bedrooms | Average Sale Price | Sales Breakdown |
| Two Bedroom | $730,945 | 31% |
| Three Bedroom | $1,219,900 | 5.5% |
| Penthouse | $2,000,000+ | 0.5% |
Where in Toronto has the cheapest rent?
Affordable Housing
Cheap apartments for rent in Toronto can still be found even for the most price-conscious renter. Check out neighbourhoods like Harwood, East Danforth, and Mimico. Go for a tour if possible to make sure the property is up to your standards.
Can you live cheap in Toronto?
When students move to Toronto for studies, they often have many questions regarding their living expenses. Despite the many expenses involved, the good news is that you can still survive on a tight budget. The housing costs will depend on the type of structure, square footage, amenities, and location.
At what age can you live alone Toronto?
In Ontario, at 16 years of age or older, you can generally decide where you want to live and you do not need a legal guardian. You can live with someone else against the wish of your legal guardian.
Does it snow in Toronto Canada?
Although Toronto is one of Canada’s warmer cities in winter, winters are still severe, with snow on the ground most days between mid-December and mid-March. Snow deeper than 1 cm is seen on 65 days a year on average.