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Real Estate and Business

Cost of Living in Toronto

Cost of Living mapped
Map courtesy of numbeo.com

“What does it cost to live in Toronto?” is a question that has been posed to me many times by individuals looking to move to or study in Toronto. The following  should help you figure out your cost of living in Toronto.

Cost of Living in Toronto

If you live in downtown Toronto and in a newer building or house then you will be spending lots on rent, but also willb e saving on car expenses as you won’t need a car. If you are okay with taking the bus to and from work, then you can live outside the downtown core.

If you live in Scarborough (15-30 minutes to downtown by car and 20-60 minutes by public transportation – depending which part of Scarborough) your rent and even groceries will be much lower. There is one neighbourhood in Scarborough that is known to have a few politicians living there because of the quality of lifestyle and homes, and yet is very affordable and among the safest neighbourhoods in the Toronto area. Scarborough is actually part of the City of Toronto, so you’re still inside the city and it has lots of parks, even golf course, community centres, shopping, libraries and more.

You can ‘survive’ with an income of as little as $3,100/month in Scarborough. That is before taxes. If you are living off savings then you can reduce that as you won’t be paying income taxes, so say $2,700.

Here are the details:
– If you’re a couple with a young child, you should be able to live in a 2 bedroom apartment in a pretty good part of the neighbourhood for as little as $1,300.
– Groceries for 3 will cost you about $600 (No Frills grocery stores have the best prices and still pretty good quality).
– Transportation (Bus/Train) for 2 adults if need to take it daily $260
– Medical care covered by government except prescriptions
– School covered by government
– Clothing for 3: $200
– Telephone & Internet: $150
– Entertainment – up to you

Total: $2510

NOTE: For those of you thinking you can own a home in the suburbs for that amount of rent, if you go too far outside the city, then transportation becomes an issue and you’ll need a car. Driving a car is expensive as you need to buy the car, then pay for gas, licensing, maintenance, repairs, and insurance. Insurance alone will cost you an upwards of $200/month. For the average person the cost of driving is between $8000 and $12000 per year. That is why people like to live in the city where they don’t need a car.

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