Considering the cost of living in Toronto is essential when moving to the country to effectively plan your budget. Toronto is the capital of the Ontario province, positioned on Lake Ontario’s northwestern shoreline and a part of the Canada-USA border. It is often compared to other large global cities like New York or London. It's no surprise it is also listed among the top five most expensive cities for housing in Canada.
Table of Contents
- Cost of Living in Toronto
- Average Tuition Fees in Toronto for Indian and International Students
- Living in Toronto: 8 Things to Know
- Cost-Saving Tips in Toronto
- What is Cost of Living in Toronto for Single Person With Rent
- What is Cost of Living in Toronto for Couple
- What is Cost of Living in Toronto for Family of 3
- What is Cost of Living in Toronto for Family of 4
- What is Cost of Living Comparison With Other Toronto Provinces
- What is Toronto’s Cost of Living in Comparison to Other Canadian Cities
According to Numbeo, the average monthly cost of a one-bedroom apartment in Toronto is around CAD 1,000, but this varies depending on the location (for instance, in Downtown Toronto, it is CAD 1,968). Knowing these details can help you plan your expenses and make informed decisions about moving to Toronto.
This comprehensive guide will walk you through the cost of living in Toronto, Canada for a single person to a family of 4, from housing and transportation to tuition fees. Let’s find out how much money you need to live in Toronto.
Cost of Living in Toronto
The actual cost of living in Toronto, Canada varies across individuals and families, depending on their chosen lifestyles and other parameters. Toronto is typically expensive in terms of accommodation prices. The annual average cost of living in Toronto for a single person with rent is nearly CAD 61,654 after taxes. Here are some basic living expenses in Toronto that visitors should be aware of.
Housing
Type of Accommodation | Cost Per Month |
Student Housing (PBSA) | CAD 750 – CAD 1,800 |
Private | CAD 2,098 – CAD 2,462 |
University Hall | CAD 1,101 – CAD 1,319 |
Transportation
Transportation | Cost |
One-way Ticket (Local Transport) | CAD 3.25 - CAD 3.75 |
Monthly Pass (Regular Price) | CAD 156 - CAD 200 |
Taxi Start (Normal Tariff) | CAD 4 - CAD 10 |
Taxi 1km (Normal Tariff) | CAD 1.75 - CAD 3.00 |
Taxi 1 hour Waiting (Normal Tariff) | CAD 31 - CAD 40 |
Price of Gasoline (as of 4th Mar 2024) | CAD 1.29 |
Utilities
Utilities | Cost |
Basic (Electricity, Heating, Cooling, Water, Garbage) | CAD 198.78 |
Mobile Phone (Monthly Plan) | CAD 62.94 |
Internet | CAD 74.44 |
Entertainment and Recreation
Recreation | Cost |
Cinema Ticket, 1 person | CAD 12.70 |
Gym Membership, 1 month | CAD 52.70 |
Food and Dining
Eating Out | Cost |
Lunch | CAD 16.80 |
Dinner in a Restaurant for 2 | CAD 71.40 |
Fast food meal | CAD 10.80 |
Beer in a Pub, 0.5 L or 16 fl oz | CAD 6.53 |
Cappuccino | CAD 4.13 |
Pepsi/ Coke, 0.5 L or 16.9 fl oz | CAD 2.09 |
It is also to be noted that Canada has a free healthcare system, called Medicare, for Canadian citizens and those with permanent residence permits. The country's tax system funds this.
Average Tuition Fees in Toronto for Indian and International Students
The cost of tuition for international students studying in Toronto is usually higher than that of native students. Tuition costs for overseas students typically range from CAD 25,000 to CAD 60,000. International students' tuition costs may vary based on their subject of study, university, and whether they are enrolled in a public or private institution.
For a better idea of the approximate tuition fees in Toronto, here’s looking at some of the city’s leading universities.
University Name | Approx. Annual Tuition Fees (in CAD) | Accommodation (in CAD) | Books Supplies (in CAD) | Health Insurance (in CAD) |
University of Toronto | 63,830 |
|
1,000 – 2,000 | UHIP- 756 |
York University | 36,722 |
|
1,407 – 2,552 | UHIP- 1026 |
Toronto Metropolitan University | 33,423 – 38,584 |
|
1,400 – 9,400 | UHIP- 756 |
Source: University Websites
Living in Toronto: 8 Things to Know
Apart from being known as an expensive city, Toronto has much more to offer, making it a popular destination among international students. A few special attractions of this place are:
- Toronto has continental climatic conditions, with average temperatures hovering around -4.2 °C in January and shooting up to 22.2 °C - 32 °C in the summer season. The city gets nearly 33 inches or 834 mm of precipitation yearly.
- Toronto is the highest-populated city in Canada, an immensely multicultural and cosmopolitan area, and the country’s biggest commercial, economic, and financial hub. It has two official languages, namely English and French.
- There are lots of appealing neighborhoods to explore. For example, Riverdale is the most popular destination for the young population. Leaside, Leslieville, Lawrence, etc., are other affordable and family-friendly places to dwell.
- Brunches are a big deal in Toronto. Brunches are popular for Toronto residents, usually encompassing diverse delights like avocado on toast, innovative egg recipes, and pancakes with maple syrup.
- Toronto has a whole underground ecosystem. The city has a network of stores and corridors that comprise its PATH system. It spans 19 kilometers and creates unique shopping experiences while navigating the city more comfortably in the colder months.
- Tipping is an accepted practice. There is a culture of tipping throughout Toronto’s cafes, bars, restaurants, and pubs, with most staff anticipating tips of 15-20% over the bill. It also ensures excellent service in most cases.
Toronto’s skyline is dotted with imposing structures like the famous CN Building, Scotia Plaza, First Canadian Place, Manulife Centre, Canada Trust Tower, Toronto-Dominion Centre, Commerce Court, and the Bay Adelaide Centre, among other skyscrapers.
Other key city highlights include the City Hall, Royal Bank Plaza, Eaton Centre, Ontario Science Centre, Royal Ontario Museum, and more.
- Well-developed healthcare and emergency numbers. Toronto is acclaimed for its robust healthcare system. It has more than 30 hospitals throughout the city, including leading names like the Toronto General Hospital.
Cost-Saving Tips in Toronto
These are some of the best cost-saving tips while living in Toronto.
- Look for reasonably priced housing: Toronto's housing costs are rising dramatically mainly because of a severe shortage of readily available dwellings. The cost of lodging is rather high, particularly in the city center. If you want to cut costs, consider exploring a less expensive place/area to stay. Choose to live in shared accommodations instead of leasing an independent space.
- Consider using public transportation: Owning a personal vehicle in Toronto can be expensive. As an alternative, make the most of public transport. Alternatively, you may get a bicycle if you want to avoid spending dollars on your daily commute.
- Obtain health insurance: The cost of healthcare is rising rapidly in Canada, much like the cost of housing and rent. A single visit to the doctor may charge you up to hundreds of dollars. At this point, having health insurance coverage becomes crucial. You can avoid future medical debt by doing this.
- Consider free entertainment choices: Look into free or low-cost entertainment activities rather than paying options like going to the movies or clubs. Toronto and the surrounding areas provide a plethora of free activities, including hiking, trekking, camping, community events, and more.
What is Cost of Living in Toronto for Single Person With Rent
For a single individual, the cost of living in Toronto is about CAD 2,576 per month. This amount covers a range of costs, including lodging, food, utilities, entertainment, and transportation. A substantial amount of this expense is made up of rent alone, which costs, on average, CAD 1,582 per month.
What is Cost of Living in Toronto for Couple
A couple's cost of living in Toronto, Canada, is noticeably greater. A couple can anticipate spending, on average, CAD 4,000 to CAD 6,000 per month.
What is Cost of Living in Toronto for Family of 3
A family of three will find living in Toronto to be substantially more expensive due to growing household expenses. The average cost of living in Toronto for a family of 3 is almost CAD 10,256 every month, or nearly CAD 123,072 annually.
What is Cost of Living in Toronto for Family of 4
The average living cost for a family of 4 in Toronto is nearly CAD 7,798 without rent. The following is the breakdown of different expenses:
Type of Expenses | Average Monthly Cost for a Family of 4 |
Housing & rent | CAD 3,227 |
Food | CAD 2,186 |
Transportation | CAD 864 |
Utility (electricity, water, heating, etc.) | CAD 209 |
Entertainment | CAD 300 – CAD 400 |
What is Cost of Living Comparison With Other Toronto Provinces
Below is the cost of living compared with other provinces of Toronto.
Aspects | Ontario | London | Quebec | Alberta | British Columbia | Manitoba |
Rent | CAD 1779.00 | CAD 1394 | CAD 976 | CAD 1463 | CAD 2009 | CAD 1352 |
Transport | CAD 718 | CAD 718 | CAD 668 | CAD 681 | CAD 799 | CAD 682 |
Electricity | CAD 161 | CAD 152 | CAD 87 | CAD 209 | CAD 122 | CAD 117 |
Internet and Phone | CAD 168 | CAD 168 | CAD 160 | CAD 180 | CAD 174 | CAD 174 |
Food | CAD 1334 | CAD 1334 | CAD 1261 | CAD 1451 | CAD 1363 | CAD 1275 |
What is Toronto’s Cost of Living in Comparison to Other Canadian Cities
Aspects | Toronto | Vancouver | Montreal | Edmonton | Calgary | Ottawa |
Rent | CAD 2515 | CAD 2808 | CAD 16744 | CAD 1352 | CAD 1962 | CAD 1276 |
Transport | CAD 156 | CAD 140 | CAD 97 | CAD 100 | CAD 115 | CAD 181 |
Electricity | CAD 170.8 | CAD 168.94 | CAD 108.70 | CAD 291.5 | CAD 315 | CAD 119 |
Internet | CAD 74.04 | CAD 82.22 | CAD 61.51 | CAD 82.12 | CAD 90.83 | CAD 57.8 |
Food | CAD 25/meal | CAD 25/meal | CAD 25/meal | CAD 20/meal | CAD 25/meal | CAD 586 |
This article highlights the average cost of living in Toronto for international students seeking to study in the city. Knowing these costs beforehand will help you craft a realistic budget, giving you a more precise, clearer picture of your studying costs in Toronto. With the financial estimates being taken care of, you can now better plan other aspects of studying abroad.
FAQs
How much does CAD 1 cost in INR?
Currently, 1 CAD typically costs around 60.69 INR. The rate keeps fluctuating depending on factors such as unemployment rates, GDP, and inflation.
How much money do you need to live in Toronto?
It is necessary to make at least CAD 2,576 monthly to live comfortably. The primary reason for Canada's high cost of living is its high tax rate. The cost also varies from one province to another.
Can you live in Toronto with CAD 3000 a month?
A monthly income of CAD 3,000 might be adequate in certain smaller towns or rural places to pay your essential living costs, such as rent, utilities, groceries, transportation, and some discretionary expenditure. However, living expenses are typically greater in larger areas like Toronto, Vancouver, or Montreal.
How much is the rent in Toronto?
The rent in Toronto can vary significantly depending on several factors, including location, accommodation, etc. On average, however, the rent of an unfurnished apartment in Toronto typically ranges from around CAD 1,800 to CAD 2,500 per month.
Is Toronto cheaper than Mumbai?
Mumbai is typically less expensive than Toronto. Mumbai has a 174% lower cost of living than Toronto. The average rent of a 1 BHK apartment in Mumbai is CAD 823, whereas the average rent in Toronto is CAD 2,515.
Which area in Toronto is the cheapest?
Here are the eight neighborhoods in the city with good affordability: Rexdale-Kipling, West Hill, Parkdale, Forest Hill, Saint James Town, The Annex, Davisville Village, and Rosedale.
Which part of Toronto is best to live in?
Midtown, Downtown, the West End, and the East End are the four best areas of Toronto to dwell and explore. Each area has different attractions, so you may choose any of them depending on your preference.
How expensive is living in Toronto?
Living in Toronto is quite expensive. The average monthly cost of living in Toronto is probably comparable to that of other large cities like New York or London. Living expenditures for a single person in Toronto usually cost approximately CAD 2,576 per month.
Is CAD 40,000 a year good in Toronto?
For a single individual who rents, CAD 40,000 a year is a nice amount in Toronto. But how far your money goes will depend largely on your lifestyle, where you live, and what kind of housing you have.
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