Lead: Curious about the cost of living in Toronto? Whether you plan to move or are budgeting your expenses, this article covers all you need to know about the city's housing, utilities, transportation, and daily living costs.
Key Takeaways
The average home price in Toronto is approximately $1.2 million, and the average rent for a one-bedroom apartment was $2,372 as of February 2025.
Monthly utility costs in Toronto average about $379, with electricity averaging $146.40 and water around $90.40.
For a single person, estimated monthly living costs in Toronto range from $3,275 to $3,800, while a family of four typically spends between CAD 7,000 to CAD 8,500.
Housing Costs in Toronto
Housing in Toronto is a hot topic and for a good reason. As of December 2024, the average home price in the Greater Toronto Area was approximately $1,067,186, reflecting a slight year-over-year decline of 1.6%. However, this doesn’t mean housing is becoming more affordable across the board. Prices continue to vary significantly based on the neighbourhood and proximity to the downtown core.
Whether renting or buying, understanding the estimated monthly housing costs is crucial. Here, we break down the costs of renting a one-bedroom apartment and the expenses involved in home ownership.
Rent Prices for One Bedroom Apartment
Renting in Toronto can be a rollercoaster depending on where you want to live. As of February 2025, the average rent for a one-bedroom apartment in Toronto is approximately $2,372, which is a 6.5% decrease compared to 2023. However, prices vary widely, with the downtown core experiencing the highest prices, reaching around CAD 2,500 per month.
For those on a tighter budget, options are available with rents ranging from $1,200 to $1,895, depending on the neighbourhood and apartment size. Your housing costs will significantly impact your monthly budget, making the choice of the neighbourhood very important.
Home Ownership Costs
Owning a home in Toronto is a significant financial commitment. The median home price in Toronto has climbed to $1.2 million, influenced by high demand and limited supply in key areas. However, this figure can vary greatly depending on the neighbourhood, with some areas experiencing more rapid price growth than others.
Beyond the purchase price, home ownership comes with additional expenses such as property taxes, maintenance, utilities, and other expenses, which add to the overall cost of living. Factoring in these additional expenses is necessary when calculating the estimated monthly costs of home ownership.
Utilities and Internet
Utility and internet costs are another significant aspect of living in Toronto. The typical monthly expenditure for utilities, including electricity, water, and internet, averages around $379.08, varying based on household size and usage habits.
We’ll now explore the specifics of electricity and water bills, as well as internet and cell phone plans, to provide a clearer picture of what to expect.
Electricity and Water Bills
Electricity and water are fundamental utilities that every household needs. In Toronto, the average monthly cost for electricity is approximately $146.40, while water bills average around $90.40. These costs can fluctuate based on the size of your residence and your consumption habits, typically ranging from CAD $80 to CAD $150 monthly for electricity alone.
Being mindful of your usage helps manage these recurring expenses effectively. Understanding these costs aids in better planning your monthly budget and avoiding surprises.
Internet and Cell Phone Plans
Staying connected in today’s digital age is non-negotiable. On average, residents in Toronto pay about $71.95 per month for fiber internet service. Depending on the provider and the speed offered, internet plans generally cost between $56 and $100 per month.
When it comes to cell phone plans, the average cost is approximately CAD $52.68 monthly, with various options available depending on your data needs. Including these services in your monthly budget is necessary to maintain your connection to the world.
Transportation Expenses
Getting around Toronto can be both convenient and costly. Transportation costs include public transit fares, vehicle ownership expenses, and associated maintenance costs. With the city’s growing expenses, understanding the full scope of transportation costs is vital for budgeting.
Exploring the costs associated with public transit and car ownership will provide a comprehensive view of your transportation options.
Public Transit Costs
Public transit is a popular choice for many Torontonians. In 2025, the monthly pass for Toronto’s public transit system, TTC, is priced at approximately $156. A single fare for an adult trip is set at $3.25, with discounted rates available for seniors and youth.
Public transit can save money compared to car ownership, especially with discounted passes. It’s an affordable and convenient option for those living in the downtown core and other well-connected areas.
Car Ownership Expenses
Car ownership comes with its own set of financial challenges. The average monthly cost of owning a car in Toronto has increased to about $1,623, marking a 52% rise since 2019. This includes expenses for insurance, maintenance, and fuel, with the latter estimated at $1.30 per liter.
With the average cost of new vehicles in Toronto jumping to $68,574, largely due to supply chain issues, it’s clear that car ownership is a significant financial commitment. Carefully consider these costs when planning your monthly budget.
Food and Grocery Costs
Food is a fundamental part of the cost of living, and in Toronto, it can be quite variable. Grocery store prices and dining out options both contribute to your overall food expenses. With food prices expected to rise by 3-5% in Montreal, similar trends can be anticipated in Toronto, impacting grocery bills significantly.
We will explore the typical grocery store prices and the cost of dining out in Toronto.
Grocery Store Prices
Grocery shopping habits can vary widely, and so can the costs. Monthly grocery costs for a single person in Toronto typically fall between $450 and $800. This range reflects individual preferences and shopping habits.
For a family of four, grocery expenses can range from CAD 900 to CAD 1,200 per month. Rising food prices, influenced by factors such as reduced cattle herds and increased feed costs, are also a consideration. Mindfulness of these costs is necessary for managing your monthly budget.
Dining Out
Dining out in Toronto offers a variety of experiences, from fast food to fine dining. Drinks in bars and clubs usually cost between $7 and $15, with dining experiences averaging around $30 per person excluding drinks.
For those looking for more budget-friendly options, fast food meals can range from $10 to $15 per person. Coffee shop prices for beverages and snacks generally fall between $3 and $7, making them a popular choice for a quick treat.
Factor in these costs when planning your weekly or monthly budget.
Leisure and Entertainment
Toronto offers a vibrant leisure and entertainment scene, catering to diverse preferences. From gym memberships to cinema tickets and nightlife, there’s something for everyone. The cost of these activities can vary, impacting your overall cost of living.
We will examine the average costs associated with gym memberships, cinema and theatre tickets, and nightlife and socializing.
Gym Memberships
Staying fit in Toronto comes with a price. The average monthly fee for a gym membership is typically around CAD 60 to CAD 100. Lower-cost options are available at community centers, which also offer free fitness classes and outdoor activities.
Cinema and Theater Tickets
Catching a movie or a theater show is a popular pastime. Regular cinema tickets in Toronto usually cost approximately CAD 15 to CAD 20, with discounts available for matinee showings or through subscription services.
Theater tickets can vary widely, often starting at around $30.
Nightlife and Socializing
Toronto’s nightlife is buzzing with energy. Drinks at bars typically range from $7 to $15. Dining out with friends can significantly vary based on the restaurant chosen, making it essential to consider the type of venue when planning a night out.
Healthcare and Insurance
Healthcare is a critical component of the cost of living. Ontario’s healthcare system, through the Ontario Health Insurance Plan (OHIP), provides essential medical services to residents. While OHIP covers a wide range of services, some additional expenses require out-of-pocket payments or private insurance.
This section will cover what OHIP includes and the necessity of private insurance for services not covered.
OHIP Coverage
OHIP provides essential medical coverage to residents of Ontario, covering services such as hospital visits, doctor consultations, and surgeries. This ensures that residents have access to necessary medical care without immediate payment at the point of care.
Private Insurance Options
Many residents opt for private insurance to cover additional healthcare services not included under OHIP, such as dental care and vision exams.
Understanding these options helps manage healthcare expenses more effectively.
Education and Childcare Costs
Education and childcare are significant expenses that families must consider. Average monthly costs for preschool and daycare services can be quite high, impacting family budgets. Tuition fees for primary, secondary, and post-secondary education also contribute to the financial burden on families.
We will examine the costs associated with preschool/daycare services and tuition fees.
Preschool and Daycare Fees
Preschool and daycare services are essential for working parents. For non-subsidized childcare, the net daily cost can drop to approximately $10 after tax credits, making it comparable to subsidized options.
This reduction allows families to make childcare decisions based on personal needs rather than purely financial considerations.
Tuition Fees
Tuition fees for primary and secondary education in Toronto vary significantly based on whether the institution is public or private. Private institutions generally charge higher tuition fees compared to public institutions.
For post-secondary education, tuition fees are notably lower for Quebec residents compared to those from other provinces or international students due to provincial funding policies.
Example Monthly Budget for a Single Person
Creating a monthly budget is crucial for managing your finances effectively.
For a single person living in Toronto, the estimated monthly costs include:
Rent for a one-bedroom apartment
Groceries
Utilities
Transportation
Leisure activities
The total estimated monthly costs range from $3,275 to $3,800.
Monthly entertainment expenses can vary from $130 to $450 depending on lifestyle choices. Allocating funds for unexpected expenses and savings is also crucial. Understanding these costs helps a single person better plan their single person’s estimated monthly budget and maintain financial stability.
Example Monthly Budget for a Family of Four
For a family of four, the estimated monthly costs in Toronto can be quite substantial. Typically, a family of four spends between CAD 7,000 to CAD 8,500 per month for a comfortable lifestyle. This includes rent for a three-bedroom apartment, which averages around CAD 2,000 to CAD 3,000 in Montreal and can be similar in Toronto.
Entertainment expenses can range from CAD 50 to CAD 200 per month, depending on activities and lifestyle preferences. Understanding these costs allows families to create a comprehensive monthly budget that covers all necessary expenses and facilitates financial planning.
Summary
Living in Toronto comes with its own set of financial challenges, but with proper planning and understanding of the costs involved, you can navigate these effectively. From housing and utilities to transportation and leisure, this guide provides a comprehensive overview of the estimated monthly costs for both single individuals and families. By being informed, you can make better financial decisions and enjoy the vibrant life that Toronto has to offer.
Frequently Asked Questions
What is a livable salary in Vancouver?
A livable salary in Vancouver is currently set at $27.05 an hour, reflecting a recent increase of 5.3%. This amount is essential for maintaining a decent standard of living in the area.
What is the average rent for a one-bedroom apartment in Toronto?
The average rent for a one-bedroom apartment in Toronto is approximately $2,372. This figure reflects the current rental market in the city.
How much does it cost to own a car in Toronto?
Owning a car in Toronto typically costs around $1,623 per month, factoring in expenses like insurance, maintenance, and fuel. This is an important consideration for budgeting and financial planning.
What are the typical monthly utility costs in Toronto?
Typical monthly utility costs in Toronto range from $80 to $250, influenced by factors such as household size and usage. Understanding these variables can help in budgeting effectively.
How much should a single person budget for groceries in Toronto?
A single person should budget between $450 and $800 per month for groceries in Toronto. Adjusting your budget within this range can help ensure you meet your dietary needs without overspending.