Cost of Living in Toronto

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Toronto is the most expensive place to live in Canada, although if you’re moving to the metropolis from major cities in the US or Europe, you may find the cost of living considerably cheaper. Accommodation in Toronto can be the biggest bite out of your budget, especially if you’re used to more moderate rental prices elsewhere.

The 2024 Mercer Cost of Living Survey ranked Toronto 92nd out of 226 cities surveyed worldwide, placing it ahead of Vancouver, Montreal, Ottawa, and Calgary.

Cost of accommodation in Toronto

Your most significant expense when relocating to Toronto will likely be the cost of accommodation. Rental prices can swing wildly depending on location. In the city centre, a one-bedroom apartment can be nearly double the cost of a similar place in the outskirts. Utilities are also an expense to consider when planning your budget.

If you plan to stay long term, buying a property in Toronto might be a good option. Although purchasing a home here is relatively straightforward, the market is highly competitive, and prices have continued to soar. Finding your way through this market can be challenging, especially for newcomers, due to requirements like substantial down payments and additional taxes.

Accommodation and Utilities in Toronto
Areas and Suburbs in Toronto

Cost of transport in Toronto

Transport in Toronto can add up, with the cost of a monthly adult public transport pass on the Toronto Transit Commission (TTC) among the most expensive in Canada. Still, it’s a more economical choice than buying individual tickets if you’re a frequent traveller. Excitingly, the TTC is planning several upgrades over the next few years, including light rail expansions and improvements to existing bus and subway routes, which should make public transport more convenient.

If you’re looking to save on transport costs, there are numerous cost-effective alternatives to consider. Public transport is still one of the savviest ways to get around without blowing your budget. Cycling is becoming increasingly popular, with Toronto expanding its bike lane network, making it an excellent option for both your wallet and your health.

For those who prefer private vehicles, keep in mind that running a car here can burn a hole in your wallet, from high insurance premiums to steadily rising petrol prices. You could also try car-sharing services like Zipcar or Turo, which are ideal for occasional use without the long-term costs of ownership.

Getting Around in Toronto

Cost of groceries in Toronto

You can maintain a good standard of living in Toronto without spending a fortune. Groceries in Canada are generally more affordable than in Europe but can be pricier than in the US. To cut costs, you can shop at discount supermarkets such as FreshCo, No Frills, and Food Basics, which are known for competitive pricing.

Farmer’s markets are another option, providing seasonal produce at reasonable prices, particularly in peak harvest seasons. Shopping smart at different locations can go a long way in helping you manage your monthly grocery budget. Keep in mind that grocery prices can vary seasonally, with local harvests bringing better deals in the summer months.

Cost of entertainment and eating out in Toronto

Entertainment and eating out in Toronto can be enjoyed without breaking the bank. Thanks to the city’s diverse population, you’ll find a range of wonderful restaurants serving flavours from around the globe, with plenty of options that are easy on the wallet. Areas like Kensington Market, Chinatown, and The Danforth are well-known for their affordable and delicious dining options, from Greek tavernas to dim sum spots.

Toronto is a lively cultural hub with plenty of low-cost entertainment options. There is always something to see and do, from street festivals to art galleries. Some great free events include the Toronto International Film Festival’s outdoor screenings, the Cabbagetown Festival, and Caribana, a massive celebration of Caribbean culture. Nuit Blanche, an all-night arts festival, also offers a unique way to experience the city without spending a penny.

Nature lovers can immerse themselves in the beauty of Toronto’s parks and outdoor spaces, whether it’s taking a leisurely hike through the leafy trails, cycling along scenic paths, or kicking back by the tranquil waterfront with a good book.

Shopping, Attractions, Events and Activities in Toronto

Cost of education in Toronto

If you’re relocating to Toronto with children, you’ll need to consider the cost of schooling. This can be a big piece of the puzzle, especially if you want to provide the best opportunities for your kids. Children with a residence permit can attend public schools in Toronto at no cost, while those without this permit must pay fees, which can be pretty hefty.

Private and international schools are also options, although they come at a premium.

Schools and Education in Toronto

Cost of healthcare in Toronto

The Ontario government offers free basic health insurance to residents and has waived the previous waiting period of three months for new residents.

Ontario’s basic health insurance (OHIP) doesn’t cover services like dentistry, vision care, or prescription medications, meaning you’ll likely need to secure supplemental private health insurance. Popular plans among newcomers include Manulife and Sun Life, which offer coverage for dental, vision, and additional medical services. Many employers will sponsor this, but if you’re arranging your own coverage, it makes sense to shop around and weigh your options to ensure you find the best plan to suit your needs.

Healthcare, Health Insurance and Best Hospitals in Toronto