Toronto's Cost of Living: How Much Money Do I Need?

Toronto may not be the capital of Canada (that honour belongs to Ottawa), but it is the country's largest metropolis. Almost half of the city's residents were born outside of Canada, making it one of the world's most multicultural cities.

The city of Toronto boasts a diverse range of industries that provide several work opportunities for its residents. It is also regarded as a secure, clean, vibrant, and varied community. Because of its high rents, Toronto is considered an expensive city to live in.

But how much would living in Toronto truly cost you? This article will look at your expenses when residing in Toronto.

Cost Of Housing

Let's start with the cost of renting in your chosen location. Unfortunately, rent in Toronto is among the highest in Canada, particularly if you plan to reside near the city center.

In Toronto, the average estimated cost of rent is $2,044 for a one-bedroom apartment and $2,788 for a two-bedroom apartment. The information is based on rentals.ca. In Toronto, a condo’s average rent per square foot is $3.66.

It's also worth remembering that most rented homes aren't furnished. You should also think about the expense of purchasing furnishings.

If you believe that building a home will be less expensive, you will be disappointed. Capitalontap has placed Toronto as the eighth most expensive city globally to build a home. In Toronto, the average cost of constructing a home is roughly $3,179 per square meter.

Food And Utility Costs

Food prices continue to rise in line with the rising cost of living. According to the Canada Food Price Report, the typical family's food costs are $1230.58 per month.

Due to the epidemic, food prices have increased at home, as dining out is no longer an option. Families aren't going out as often as they used to before the pandemic. In Toronto, the average cost of food for a single person is around $230.

The average monthly cost of a cellphone is $80. These three data plans are available to you, $107.95 through Teksavvy, $114.95 from Bell, and $114.99 from Rogers. If you choose Bell as your data provider, your total data and mobile costs will be $194.99.

Cost Of Transit

While driving your car is the most convenient mode of transportation, public transportation can be less expensive. The Toronto Transit Commission (TTC) manages public transportation in Toronto, and it can take you almost anywhere within the city.

With two main lines in the city and two shorter lines on the outskirts, public transportation in Toronto is no longer a challenge. A monthly pass is available, costing $156, allowing you unrestricted travel.

The introduction of a cardless PRESTO card with slightly cheaper fares is a welcome relief. The PRESTO card costs around $6 and can be loaded online or through various methods. When you enter the station, the streetcar, or the bus, you tap your PRESTO card on one of the readers to pay your fare.

Public transport is cheaper as you save on parking fees, gas, insurance, road taxes, and regular maintenance.

In Toronto, cycling is also prevalent, and it can save you a considerable amount of money. A good used bike will cost you between $50 and $250. You can cycle practically anywhere in Toronto if you have the correct gear. Bike lanes are available throughout the city.

Entertainment Costs

While more public places for entertainment are now available, most individuals are still hesitant to venture out.

The majority of families prefer to spend their leisure time at home. More people opt to stay at home with their families and spend a significant amount of time in front of their screens.

Here are the prices of home entertainment if you don't take advantage of your family and neighbours' memberships by becoming a secondary user.

Netflix subscription (standard): $16.49/month ($1.50 more than in 2021) Apple TV+: $5.99/month Disney+: $11.99/month Crave: $19.99/month ($9.99 if you want to watch strictly on mobile) Amazon Prime Video: $7.99/month Apple Music/Spotify subscription: $9.99/month

In terms of meals, a cheap meal in a restaurant will cost around $20. A meal at a mid-range restaurant will cost around $45, a local beer $7, a movie ticket $15, a cocktail drink in a pub $15, and a cab ride for 5 miles will cost $16.

You don't have to go far from home to find a fun place to spend the evening. A website like Toronto.com can help you find the most excellent restaurants in the city.

You might also wait until the summer when Toronto is awash with festivities. Every weekend, there is a festival.

Cost Of Bringing Up Kids

Toronto is a safe and clean city with a diverse population, ideal for raising a family. This Find-your/School will assist you in making an informed decision about the schools to send your children to.

Formal education is divided into three levels in Toronto and across Canada: primary, secondary, and higher education. The public education system is free, and you can easily enroll your child in a school near your home. The only fees you can expect to pay are $5 to $100 per term for "extracurricular" activities like sports and field trips in public schools.

You can choose to send your child to a private school. However, this can be pretty costly. Private school fees differ from one school to the next. Depending on your child's grade, most private schools will charge anywhere from $6000 to $12000 per year.

The average monthly cost of daycare in Toronto is $1,758, making it the most costly service in the city. The costs for the other age categories are about $1358.

Conclusion

While Toronto isn't the cheapest city to live in, it isn't the most costly either. After reading the article, we hope you have an excellent notion of how much it would cost you to live in Toronto.

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