How Much Does it Cost to Live in Toronto?

As the capital city of Ontario and the largest city in Canada, Toronto draws in hundreds of thousands of new residents and visitors every year through its mix of city living and ample green spaces. With many of the nation’s biggest companies calling Toronto their home, it is a thriving city filled with ample career possibilities and past times. Whilst the city nicknamed HogTown may have a reputation of being one of the most expensive places to live in Canada, we take a look at exactly how much it costs to live in Toronto ON.

What is the Average Cost of Living in Toronto?

When it comes to living in Toronto, there are a few living costs to account for. Whilst wages can be much higher than other Canadian cities, those moving to Toronto from a smaller city may see some quite substantial increases in their cost of living. Typically, the average person moving to Toronto can expect to pay 0.98% less than those living in Vancouver, for example, including rent but 0.93% more if rent is excluded. We’ve detailed the average cost of living in Toronto below for single persons and families.

What Are Toronto House Prices Really Like?

Toronto is a fantastic place to live for both families and individuals looking to make their mark in the business world. If you are thinking of buying a home in Toronto, there are a few things that may affect the price.

As with any other Canadian city, location is everything with housing in the most sought-after areas such as Forest Hill South and Rosedale-Moore Park fetching the highest premiums. The average house price in Toronto is around $1,115,844 with house prices increasing year on year and properties being snapped up quickly. Size and amenities also play into the average house price in Toronto with smaller properties away from the main business centres offering a more affordable price point for those looking for a lower cost of living in Toronto.

Average Toronto Salaries

Whilst living in Toronto can be expensive, those moving to Toronto often find that the higher salaries and wealth of amenities on offer are worth the increase in living costs. Toronto is one of the biggest centres for businesses in Canada and offers careers in a number of fields with exciting start-ups and established companies providing a range of sought-after roles. The average Toronto salary is around $71,312 (CAD) per year accommodating for lower and higher salary ranges in the city. The minimum wage in Toronto is also set to increase this year to $14.35 an hour making it one of the highest minimum wages in Canada.

Living in Toronto

Living in Toronto undoubtedly offers some of the best job opportunities, amenities and pastimes in Ontario. But what is living in Toronto actually like? With just a two hour drive to the U.S border, more than 140 languages spoken in the city and having been consistently ranked as one of the most liveable cities in the world, Toronto offers a wealth of experiences to discover for those moving to Ontario or those moving from within Ontario.

What Are Average Toronto Food Costs?

One thing we can’t do without is food, and Toronto offers a world of opportunities to indulge in this pastime with tasty treats on offer from a variety of cultures as well as some home-grown favourites. Average food costs in Toronto are similar to other large cities in Canada with some notable differences. Those moving to Toronto from Vancouver for example, could end up spending around 3% more on restaurant meals and eating out but 9% less on groceries to cook at home meaning movers could save money when making a home-cooked meal.

What Are Some Average Toronto Utility Costs?

Living in Toronto brings with it the usual costs associated with setting up home. Toronto utility costs are an inevitable part of living in Toronto but how much are they on average? According to Numbeo, the average cost of utilities in Toronto works out at around $170 (CAD) per month for an 85m2 Apartment including basic electricity, heating, cooling, water, and garbage collection. This works out as a sizable increase on utility costs in other Canadian cities such as Vancouver but lower than smaller cities such as Calgary or Edmonton.

What Are Toronto Child Care Costs Like?

For those moving to Toronto as a family, child care may be at the top of their list when looking at the cost of living in Toronto. Depending on the age of your children, this could take up a big chunk of your monthly income with the average price for infant child care being listed as the most expensive in Canada coming in as the second most expensive after Vancouver for toddler childcare costs with average preschool costs in Toronto coming in at around $1,150 per month.

What is There to Do in Toronto?

As the biggest city in Canada, there are endless ways to pass your time in Toronto. Whether you are looking to explore the great outdoors or have more city-based cultural pastimes on your mind, Toronto offers something for everyone. One thing you will find when moving to Toronto is that every neighbourhood has its own specialities when it comes to the best bars and restaurants with people from around the world making Toronto their home and sharing their home foods with them when they move.

Toronto also has a name for its high-energy nightlife scene with an abundance of nightlife options to suit every pocket. The city also boasts an underground network of shops and entertainment to enjoy for those seeking something of a novelty. Those searching for outdoor pursuits will enjoy the selection of parks, trails and waterfronts that call the city home.

How Much Does it Cost to Move to Toronto?

When it comes to providing a winning removal quote to Toronto, QMM World Movers are one of the best. Our moving teams have bases across Canada and can provide a quality moving service to Toronto whether you are moving a short distance or across the world. Our removals quotes are based on a number of elements personal to your move including how far you will be moving and how large the load is you will be moving to ensure we give you the very best price for your needs every time.

Contact our moving team now to find out more about how we can help you move to Toronto and get a market-beating quote.