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Toronto vs Vancouver’s Cost Of Living

Toronto vs Vancouver's Cost Of Living

When it comes to living in Canada, Toronto and Vancouver are two of the most popular cities for both Canadians and immigrants. However, the cost of living in these two cities can vary significantly. In this blog post, we’ll take a closer look at Toronto vs Vancouver’s cost of living and what you can expect if you’re considering a move to either city.

Toronto vs Vancouverā€™s Cost Of Living

Breakdown Of The Cost Of Living In Toronto vs Vancouver

ItemVancouverToronto
Off-Campus AccommodationCA$ 500CA$ 1283
On-Campus AccommodationCA$ 1,500CA$ 1000
TransportationCA$ 124CA$ 148
Food CA$ 754CA$ 780
Utility CA$ 96CA$ 125
EntertainmentCA$ 99CA$ 67
GroceriesCA$ 96CA$ 179
ClothesCA$ 53CA$ 71
Health InsuranceCA$ 75CA$ 75
Total Cost of Living with Off-Campus Accommodation (Per Month)CA$ 1,673CA$ 2728
Total Cost of Living with On-Campus Accommodation (Per Month)CA$ 2,673CA$ 2445
Annual Cost of LivingCA$ 19,176CA$ 29,340

Cost Of Living In Toronto vs Vancouver

Housing

One of the biggest expenses for most people is housing. In Toronto, the average cost of a one-bedroom apartment is around $2,300 per month, while a two-bedroom apartment can cost upwards of $3,000 per month. In Vancouver, the average cost of a one-bedroom apartment is around $2,000 per month, while a two-bedroom apartment can cost upwards of $2,800 per month.

While comparing Toronto vs Vancouver’s cost of living, Toronto may have slightly lower rent prices, it’s worth noting that the cost of buying a home is much higher in Vancouver than in Toronto. According to the Canadian Real Estate Association, the average home price in Vancouver is over $1 million, while the average home price in Toronto is just under $900,000.

Transportation

Toronto and Vancouver have extensive public transit systems when it some to transportation and commuting from one place to another. In Toronto vs Vancouver’s cost of living for transportation, a monthly transit pass costs around $156, while in Vancouver, a monthly transit pass costs around $98. However, it’s worth noting that Vancouver has a more extensive bike lane network, which can make cycling a more viable option for some commuters.

Food And Dining

Toronto vs Vancouver’s cost of living for food and dining can vary immensely due to the wide range of options to choose from. However, the cost of dining out can vary significantly between the two cities. In Toronto, the average cost of a meal at a mid-range restaurant is around $70 for two people, while in Vancouver, the average cost of a meal at a mid-range restaurant is around $60 for two people.

Additionally, Toronto vs Vancouver’s cost of living in terms of groceries can also vary between the two cities. According to Numbeo, the cost of groceries in Toronto is around 10% higher than in Vancouver. However, this can vary depending on the specific items you’re purchasing.

Entertainment

Toronto and Vancouver have a wide range of entertainment options, from museums and galleries to theatres and music venues. However, the cost of entertainment can vary between the two cities. In Toronto, the cost of a movie ticket is around $14, while in Vancouver, the cost of a movie ticket is around $13. Additionally, the cost of admission to museums and galleries can also vary between the two cities.

Conclusion

In conclusion, Toronto vs Vancouver’s cost of living can vary significantly. While Vancouver may have slightly lower rent prices and a more extensive bike lane network, the cost of buying a home is much higher in Vancouver than in Toronto. Additionally, while the cost of dining out may be slightly lower in Vancouver, the cost of groceries is higher in Toronto.

Ultimately, the best city for you will depend on your individual preferences and needs. If you’re looking for a more affordable city with a wider range of housing options, Toronto may be the way to go. However, if you’re looking for a city with a more extensive bike lane network and a slightly lower cost of dining out, Vancouver may be the better choice.

FAQs

Is it more expensive to live in Toronto or Vancouver?

Toronto and Vancouver are both considered expensive cities to live in due to the high cost of housing and daily expenses. Although, Toronto is more expensive than Vancouver in terms of utility bills, groceries and rent prices.

Is rent cheaper in Toronto than in Vancouver?

The total cost of accommodation ranges from CA$ 1,673 – CA$ 2,673 in Vancouver and CA$ 2,445 – CA$ 2,728 in Toronto. This shows that accommodation costs in Vancouver are slightly cheaper than in Toronto.

Which is the most expensive city in Canada?

Vancouver is said to be the most expensive city in Canada when considering all the aspects of daily expenses such as accommodation, groceries, transportation, food, entertainment and clothes. It is followed by Toronto as the second most expensive city in Canada.

Is Toronto expensive?

Yes, although Toronto ranks second as the most expensive city in Canada, the annual cost of living is around CA$ 29,340 which is considerably higher as compared to other cities in Canada.

PS: If thereā€™s anything more youā€™d like us to know about. Add it to the comments section!

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Toronto vs Vancouver's Cost Of Living

Toronto vs Vancouver’s Cost Of Living