How much do you need to earn to live comfortably in Toronto? [2024]

Toronto is a great place for professionals, families and anyone in search of both opportunity and cultural diversity.

This metropolis is a melting pot of cultures, languages, and cuisines, offering a unique opportunity to experience the flavours and cultures of the world, all in one easy-to-explore city.

Toronto provides an abundance of job opportunities across many industries, drawing professionals and entrepreneurs from all over the globe. The city's status as a major financial, tech, and innovation hub adds even more appeal for those seeking career growth.

Toronto also boasts a high quality of life. Its healthcare system, world-class educational institutions, green spaces, exceptional public transit and thriving arts scene all add to the city’s desirability.

How much will I pay for rent in Toronto?

Toronto is the second most expensive Canadian city, after Vancouver. Rent prices are high, especially close to the city centre, where you will find the most elite professional circles and nightlife action. Just like in other cities, there are some Toronto neighbourhoods that are more affordable than others.

The average monthly rent for a 1-bedroom apartment in Toronto is CA$2,350. 2 bedrooms average at CA$3,160 and CA$4,000 - CA$5,000 for anything with three bedrooms or over.

Some of Toronto’s richest neighbourhoods include:

• Yorkville

• The Bridle Path

• Rosedale

• Forest Hill

• Lawrence Park

• Summerhill

• Annex

• Moore Park

• Kingsway South

• Deer Park

More affordable rentals can be found in these neighbourhoods, where the average rent for a 1-bedroom apartment is CA$2,020, and a whole house is CA$2,775:

• Mount Dennis

• Scarborough Village

• Rexdale

• Jamestown

• Keelesdale

• West Hill

• Rockcliffe-Smythe

• Thistletown

• Morningside

• Jane and Finch

If you live with your partner, or are willing to have roommates, you can expect to pay about CA$950 - CA$1,150 per month in rent.

Average monthly rent: CA$1,500

What if I have a mortgage?

If you are at a point in your life where you are ready for home ownership, you can calculate your mortgage based on the average home price in Toronto which is CA$1.7 million. With this price average, a 20% down payment, and a 6.49% interest rate over a 30-year term, the estimated monthly mortgage payment would be approximately CA$8,590.00. Keep in mind that homes priced at this level are typically found in the more upscale neighbourhoods mentioned earlier.

In Toronto’s more affordable neighbourhoods such as Rexdale-Kipling, the average home price is around CA$962,000. According to the same calculations above, your average mortgage in this neighbourhood would be CA$4,860.

Average monthly mortgage payment, split with a partner: CA$3,360

How much will I spend on food each month in Toronto?

Grocery costs in Toronto are high, on par with the above-average cost of living. However, with attention to detail, deals and budget-friendly options can still be found.

For a single person, groceries cost CA$250 to CA$450 per month. A couple may spend between CA$600 and CA$800. For a family of four, monthly grocery expenses fall between CA$900 and CA$1,200. These estimates cover basic food needs, and don’t include dining out. Choosing organic or gourmet products may make the monthly grocery bill even higher.

Monthly grocery costs for one person: CA$450

How much will my electricity and monthly bills be?

Toronto’s monthly temperatures vary greatly, depending on the season. The city’s colder winters and hot, humid summers will influence heating and cooling costs, especially in older buildings.

The average cost of utilities for one person in Toronto averages at CA$233 per month. You will pay less or more depending on the size of your home or apartment, energy efficiency, and how warm you like to keep your house. This average includes essentials such as electricity, heating, cooling, water, and garbage services.

Monthly bills per person: CA$233

How much does it cost to get around in Toronto?

Commuting and transportation costs vary, depending on factors such as how you travel, whether you work at home or in an office, whether you have children, etc.

The Toronto Transit Commission (TTC) sees around 1.7 million customer trips on an average weekday, making it one of the busiest transit systems per capita in North America. The TTC consists of buses, streetcars, and subway services. A monthly TTC pass costs CA$156 for adults, providing unlimited travel across the city. Single fares are CA$3.35, with discounts available for seniors, students, and children.

For those who drive, costs can add up quickly. Gas prices fluctuate but tend to be higher in Toronto than the national average. Also, commuting to the downtown core from surrounding municipalities can take a long time, with some people driving up to 3 hours each way on the 405 highway to get to work and back. Fuel costs can range between CA$150 - CA$300 per month, depending on vehicle type and usage.

Ridesharing services like Uber or Lyft can provide convenient, though more expensive, transportation options for those who prefer ease, flexibility and privacy.

Biking is another popular and budget-friendly way to get around (in the warmer months), especially with Toronto’s growing network of bike lanes.

Average monthly transportation costs: CA$200

How much does it cost to eat out in Toronto?

Your monthly dining costs will depend on factors such as how often you eat out, what types of restaurants you visit, if you have a family, and whether you drink alcohol with your meals.

In Toronto, you can find literally any kind of cuisine or dish under the sun, thanks to the city’s epic multiculturalism. You can also find every price point.

Cheap meals range from CA$5-20, mid-range plates go from CA$20-40, and fine dining will cost you CA$80-200 per dish.

Average monthly restaurant costs CA$100-CA$500

What will I spend on entertainment while living in Toronto?

Just like with restaurants, your monthly entertainment costs will depend on factors such as how often you enjoy entertainment and what types of entertainment you seek out.

There’s lots to see and do in Toronto, including theatre productions, live music, and professional sports events featuring teams like the Raptors and Maple Leafs. Cultural attractions like the Art Gallery of Ontario and the Royal Ontario Museum are great for those who like to learn. Festivals such as the Toronto International Film Festival and numerous music festivals bring the arts communities together. Additionally, nightlife in Toronto is alive and well.

Monthly entertainment costs: CA$50 to CA$200 per person

How much can I expect to spend on basics?

Essential living costs include rent or mortgage payments, groceries, transportation, and occasional entertainment or dining out. In Toronto, a single person’s monthly expenses can be anything between CA$3,500 to CA$4,500. For a small family living a modest lifestyle, the monthly budget is around CA$9,000.

To live comfortably as a single person in Victoria, you'll need an annual income of about CA$48,000, which is well above what someone earns working full-time at minimum wage in BC. This amount doesn’t account for taxes, RRSP contributions, or CPP deductions, and it doesn’t include savings, vacations, or unexpected costs like car repairs or appliance replacements. On average, Canadians spend around CA$4,000 each year to keep a vehicle.

If CA$48,000 covers the basics, how much do I need to live comfortably?

To live comfortably as a single person in Toronto, you'd need to earn at least CA$60,000 a year. This salary would help you rent an apartment in a nice area and still give you some room in your budget for fun activities and savings. It’s important to find a good balance between work and personal life to feel settled and at ease.

With an income of CA$60,000, you’d have the chance to save or invest, take care of yourself, buy new clothes, and enjoy shows, concerts or sports games. You can even factor in taking a few vacations per year.

For a family of four, a total annual income of around CA$130,000 or more would be ideal for a comfortable lifestyle in the city.