Cost Of Living In Toronto [Latest Pricings 2024] – UniAcco

Toronto is a thriving and diverse city that is growing rapidly. This can be both thrilling and challenging! Knowing what you’re getting into before moving is one way to make the transition easier. This blog post will provide you with an overview of living in Toronto, covering everything from the essential cost of living in Toronto to what it’s like to live in the city. It will also show you where Toronto ranks on the international cost-of-living scale, so you know how much housing and consumer goods will cost you. If you’re thinking about moving to the city, this article will help you understand Toronto’s monthly expenses and what life is like in the city before you do and under what aspects can you save your money.

What Is The Cost Of Living In Toronto?

Toronto ranks highly in international cost-of-living rankings. This is significant since different communities in Toronto have varying degrees of affordability. That means you can find a community that fits both your lifestyle and your budget. In terms of consumer goods, prices will be comparable to those found in most major Canadian cities. Living in Toronto, particularly in the downtown area, can be costly. On average, the cost of living in Toronto for students lies between CAD 1,674 to CAD 1,931 per month. Rents are among the highest in the country, and other standard living expenses in Toronto such as phone plans, groceries, and public transportation are also a bit expensive.

The following are the average monthly bills for a single person living alone in Toronto:

Housing Costs In Toronto

Toronto is an expensive place to reside, with housing costs being a major factor contributing to the overall cost of living in Toronto, Canada. This is due to Toronto’s high demand for housing; it is consistently one of the most expensive cities for housing. In fact, Toronto is one of Canada’s top five most expensive cities for housing. According to Numbeo, a one-bedroom apartment in Downtown Toronto will set you back at CAD1,968 and one-bedroom student accommodation in Toronto costs around CAD 1,000 per month on average, though prices vary depending on location. 

Transportation Costs In Toronto

Transportation is an important part of life in the city and will most likely be one of your major monthly expenses in Toronto. The city has a population of 2.79 million people and spans over 600 square miles, making it difficult to get around without a car. Fortunately, public transportation is available throughout the city, and it is possible to access some form of public transportation from almost every neighbourhood. In Toronto, the TTC (Toronto Transit Commission) operates bus services, streetcars, subways, and a commuter rail network. The TTC offers adult and student fares based on age or student status, as well as passes for frequent riders and this, can help you to save on your cost of living in Toronto.

Utility Costs In Toronto

In any city you relocate to, utilities are a significant average monthly expense to take into account. The average Cost of living in Toronto is high, and many families require two incomes to get by. The typical monthly utility bill for a two-bedroom condo is about CAD 137.

Food Costs In Toronto 

According to the latest Canada Food Price Report from the University of Guelph and Dalhousie University, overall food prices will rise by 5% to 7% this year, raising the average cost of living in Toronto for a single person. According to the Canada Food Price Report, the average Canadian family will spend 14,767 CAD on groceries in 2022, an increase of slightly more than 6%, or 966 CAD per year, over 2021.

Conclusion 

When it comes to the average monthly cost of living in Toronto, you may think it is comparable to other major cities such as New York or London. But, if you’re thinking about moving to Toronto, you should know how it compares to other cities and what you can expect in terms of living costs. Housing and transportation costs are higher than in both London and New York. Utilities are relatively low in comparison to most American cities, but they can still be costly enough to impact your budget. Finally, the cost of living in Toronto varies according to where you live. The suburbs will be significantly less expensive than living in the city. 

FAQs

Q1. Is Toronto the most expensive city in Canada?

Ans: Yes, Toronto is the most expensive city in Canada, followed by Vancouver, Yellowknife, and others.

Q2. What is the actual cost of living in Toronto?

Ans: The actual cost of living in Toronto for off-campus accommodation is approximately 2,728 CAD and 2,445 CAD for on-campus housing.

Q3. What are the ways to minimise the living costs in Toronto?

Ans: You can minimize the living cost in Toronto by living outside the city, cooking your own meals, taking transit, and getting a no-data phone plan.

Q4. How expensive is Toronto?

Ans: Toronto is one of six popular study destinations in Canada, the others being Vancouver, Montreal, Quebec, Ottawa, and Alberta. In comparison to other cities, Toronto, Canada provides a relatively inexpensive but pleasant environment for studying. Students who cannot afford to live in the United Kingdom or the United States may choose to study in Toronto or other regions of Canada.

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