Cost Of Living in Toronto 2025
Average monthly spending for singles, couples, students, and families in Toronto
Whether you're living in Toronto or planning to move there, it is very important to know the cost of living and the prices of things. Here we list the average spending for the four main population groups.
Average Monthly Expenditure
Currency: CAD
Monthly Expenditure ▶ Single
Currency: CAD
Monthly Expenditure ▶ Couple
Currency: CAD
Monthly Expenditure ▶ Family
Currency: CAD
Monthly Expenditure ▶ Student
Currency: CAD
The figures displayed here are inclusive of everything: housing, travel, groceries, healthcare, etc.
Singles
The average monthly expense for a single person living in Toronto is 4,700 CAD. Expenses can range from 680 CAD at the minimum level to 32,000 CAD at the highest end.
Couples
The average monthly spending of couples in Toronto is 7,900 CAD. Expenditure can range from 2,600 CAD to 42,000 CAD per month.
Families
The average cost of living for families in Toronto is 11,000 CAD per month. Families spend anywhere from 3,700 CAD to 68,000 CAD.
Students
The average monthly expenditure for students in Toronto is 3,400 CAD. Students spend from 530 CAD to 23,000 CAD per month.
Spending behavior can change drastically from one person to another. It is best to consider the minimum, average, and maximum spending together.
Prices and cost of goods and services in Toronto
Dining, food, and beverages costs
Fast food combo meal
Restaurant meal for one
Fine dining meal for one
Cappuccino or latte
Grocery and market costs
Milk large bottle
12 eggs
Fresh whole chicken
Pack of beef
Medium bag of rice
Bag of tomatos
Bag of apples
Commute, travel, and transportation costs
20 minutes taxi ride
Average car full tank
Average car 1-day rental
Average car price
| 17,000 CAD | 34,000 CAD | 45,000 CAD |
Bus ticket one way
Car Service
Utility cost (monthly)
Utility Bill - Individual
Utility Bill - Couple
| 110 CAD | 360 CAD | 2,300 CAD |
Utility Bill - Family
| 180 CAD | 530 CAD | 3,400 CAD |
Internet and cable
Mobile phone charges
Leisure and activities costs
Movie ticket
One month gym membership
Cloths and accessories costs
Pair of jeans or pants
Woman dress
Woman shoes
Men's shoes
Men suit
Regular t-shirt
Housing costs / monthly rent
Studio apartment
| 620 CAD | 930 CAD | 2,500 CAD |
1-bedroom apartment
| 930 CAD | 1,500 CAD | 3,700 CAD |
2-bedroom apartment
| 1,200 CAD | 1,900 CAD | 5,000 CAD |
Housing costs / Buying
Studio apartment
| 120,000 CAD | 190,000 CAD | 370,000 CAD |
| $91,000 | $140,000 | $270,000 |
1-bedroom apartment
| 150,000 CAD | 250,000 CAD | 930,000 CAD |
| $110,000 | $180,000 | $690,000 |
2-bedroom apartment
| 250,000 CAD | 750,000 CAD | 1.5M CAD |
Furniture Costs
King Size Bed
| 680 CAD | 850 CAD | 1,100 CAD |
Double Bed
Single Bed
Living Room
| 750 CAD | 970 CAD | 3,400 CAD |
Dining Table
Sofa or Couch
| 450 CAD | 620 CAD | 1,400 CAD |
Electronics and House Appliance Costs
TV Set
| 450 CAD | 680 CAD | 1,400 CAD |
Fridge or Freezer
Washing Machine
| 520 CAD | 750 CAD | 1,400 CAD |
Stove or Cooker
Mobile Phone
Laptop or Computer
| 620 CAD | 750 CAD | 1,400 CAD |
Expenditure to Income Ratio in Toronto
One of the most definite ways to determine how affordable a place is measuring the ratio of expenses to salary. A high expense-to-income to ratio indicates a high cost-of-living index while a low expenditure-to-salary ratio means the place is affordable to live in.
Spending to Income Ratio
90%
80% to 100%
( expenditure / income ) x 100
Expense to income distribution levels
| Spending To Income Ratio | % People |
|---|
| < 50% | 6% |
| 50% - 60% | 12% |
| 60% - 70% | 18% |
| 70% - 80% | 27% |
| 80% - 90% | 15% |
| 90% - 100% | 9% |
| 100% - 110% | 5% |
| 110% - 120% | 3% |
| 120% - 130% | 2% |
| 130% - 140% | 2% |
| > 140% | 1% |
Interpretation and Analysis
The average spending-to-salary ratio in Toronto is 90%
This means that on average, people spend around 90% of their income for living.
According to the distribution table, 18% of the population spend approximately 60% to 70% of their income every month.
How can spending be more than income?
A value higher than 100% means that the expenditure of those people is higher than their income. They are spending more than what they earn. This is possible in two scenarios. They are either borrowing from their savings to survive or they are borrowing from other sources (relatives, friends, banks, etc.). More about this in the debt section.
Individual
81%
Spending-Income-Ratio
72%
91%
Couple
85%
Spending-Income-Ratio
76%
96%
Family
94%
Spending-Income-Ratio
84%
110%
How do people spend their money in Toronto?
We asked thousands of people about their spending habits and expenditure breaks. Below are their answers.
The percentage figures in this section are percentages of total spending not income. If you would like to see the percentage of expenses as related to income or salary, see other sections.
Housing Expenditure27%
27% of total expenses on average (16% to 35%)
| LOW | $120 160 CAD |
| AVERAGE | $1,500 2,100 CAD |
| HIGH | $15,000 21,000 CAD |
| Per Month |
People living in Toronto typically spend from 16% to 35% of their total monthly expenditure on housing with 27% being the average. The average spend on housing is 2,100 CAD with expenditure ranging from 160 CAD to 21,000 CAD. This cost mainly goes for rent but it also includes other accommodation-related expenses. Housing costs are highest for families and lowest for students as expected.
Utilities, Electricity, Water, Internet, Mobile6%
6% of total expenses on average (3% to 10%)
| LOW | $19 26 CAD |
| AVERAGE | $250 340 CAD |
| HIGH | $2,500 3,400 CAD |
| Per Month |
Utility expenditure like electricity, water, and gas in Toronto ranges from 3% to 10% of total expenses with 6% being the average. The average monthly cost of utilities is 340 CAD with 26 CAD and 3,400 CAD being the upper and lower limits.
Transport, Fuel, Commute9%
9% of total expenses on average (4% to 13%)
| LOW | $39 53 CAD |
| AVERAGE | $500 680 CAD |
| HIGH | $5,000 6,800 CAD |
| Per Month |
Fuel consumption and cost of transport depend heavily on whether you live near your work or school, but roughly speaking you would expect to spend from 53 CAD to 6,800 CAD on commuting with 680 CAD being the norm for most people in one month. This means that money spent on transport constitutes about 9% of total spending on average but can go as low as 4% or as high as 13%.
Food and Groceries Cost26%
26% of total expenses on average (18% to 32%)
| LOW | $97 130 CAD |
| AVERAGE | $1,300 1,700 CAD |
| HIGH | $13,000 17,000 CAD |
| Per Month |
The average outlay on groceries in a month in Toronto is 1,700 CAD. The cost of groceries can range between 130 CAD to 17,000 CAD. People spend on average about 26% on food and groceries with upper and lower bounds of 18% and 32% respectively.
Healthcare and Medical Services8%
8% of total expenses on average (3% to 11%)
| LOW | $27 37 CAD |
| AVERAGE | $350 480 CAD |
| HIGH | $3,500 4,800 CAD |
| Per Month |
People in Toronto allocate 3% to 11% of their total monthly expenditure to healthcare including health insurance and out-of-pocket medical expenses. The average spending is around 8%. The range of medical expenses range from 37 CAD to 4,800 CAD with 480 CAD being the norm.
Leisure and Shopping6%
6% of total expenses on average (3% to 10%)
| LOW | $15 21 CAD |
| AVERAGE | $200 270 CAD |
| HIGH | $2,000 2,700 CAD |
| Per Month |
This category mostly contains discretionary or non-essential expenses but also some non-discretionary spending like furniture for example. The monthly expenses range from 21 CAD to 2,700 CAD with 270 CAD being the average. Speaking of percentages, that equates to 3% to 10% of total expenses with an average of 6% for most residents.
Education and Schooling6%
6% of total expenses on average (4% to 12%)
| LOW | $23 32 CAD |
| AVERAGE | $300 410 CAD |
| HIGH | $3,000 4,100 CAD |
| Per Month |
Spending on education can vary drastically between different people. While working singles can spend 0% on education, families and students' expenditure can reach up to 22%. On average, education constitutes 6% of the monthly expenditure with 4% and 12% being the lower and upper bounds respectively. The average reported education cost is 410 CAD per month with 32 CAD being the minimum spent amount and 4,100 CAD being the maximum.
Other Expenses12%
12% of total expenses on average (7% to 19%)
| LOW | $50 68 CAD |
| AVERAGE | $650 890 CAD |
| HIGH | $6,500 8,900 CAD |
| Per Month |
How much money can you save in Toronto every month?
We asked thousands of people what percentage of their income can they save in a month. Below are the answers.
What percentage of people in Toronto manage to save money from their income every month?
Almost 76% of the surveyed people in Toronto said that they can save some money at the end of each month while 24% said that aren't saving anything.
Percentage of people saving money by population group in Toronto
| Group | Savers | Non Savers |
|---|
| Singles | 81% | 19% |
| Couples | 76% | 24% |
| Families | 70% | 30% |
Savings-to-Income Ratio
The savings-to-income ratio is measured as the percentage of income that people save over a specific period and it is simply calculated by dividing the saved money by total income and then multiplying the result by 100. (Savings / Income) x 100.
Saving to Income Ratio
Average Monthly Saved Amount
220 CAD
$160 | 2,900 CAD
$2,100 | 29,000 CAD
$21,000 |
For most people, 14% to 37% of their monthly income is what they can allocate to their savings, with 24% being the average. The amount of money that people can save is approximately 2,900 CAD on average with savings ranging from 220 CAD to 29,000 CAD.
81% of surveyed singles reported some of their income going to savings while 76% of couples said the same. 70% of families confirmed their ability to save money.
How much money do people actually save in Toronto?
The amount of money that people can afford to save depends hugely on their income. It is better to focus on the percentage when trying to understand saving patterns.
Singles
Saving to Income Ratio
Average Monthly Saved Amount
220 CAD
$160 | 2,000 CAD
$1,500 | 13,000 CAD
$9,700 |
Savings to income distribution levels for singles
| Saving To Income Ratio | % Singles |
|---|
| 0% - 10% | 28% |
| 10% - 20% | 22% |
| 20% - 30% | 16% |
| 30% - 40% | 17% |
| 40% - 50% | 13% |
| > 50% | 4% |
Interpretation and Analysis
Singles who can afford to save reported that they allocate from 18% to 39% of their monthly income to savings, with 29% being the average for most singles. The average amount of money that singles are able to save is 2,000 CAD with 220 CAD and 13,000 CAD being the minimum and maximum respectively.
Couples
Saving to Income Ratio
Average Monthly Saved Amount
1,100 CAD
$810 | 3,300 CAD
$2,400 | 18,000 CAD
$13,000 |
Savings to income distribution levels for couples
| Saving To Income Ratio | % Couples |
|---|
| 0% - 10% | 32% |
| 10% - 20% | 24% |
| 20% - 30% | 19% |
| 30% - 40% | 12% |
| 40% - 50% | 10% |
| > 50% | 3% |
Interpretation and Analysis
Couples who confirmed their ability to save reported saving equivalent to 16% to 38% of their monthly income, with 27% being the average for most couples. The average amount of money that couples can save is 3,300 CAD with 1,100 CAD and 18,000 CAD being the minimum and maximum respectively.
Families
Saving to Income Ratio
Average Monthly Saved Amount
1,500 CAD
$1,100 | 4,400 CAD
$3,200 | 29,000 CAD
$21,000 |
Savings to income distribution levels for families
| Saving To Income Ratio | % Families |
|---|
| 0% - 10% | 35% |
| 10% - 20% | 27% |
| 20% - 30% | 20% |
| 30% - 40% | 9% |
| 40% - 50% | 7% |
| > 50% | 2% |
Interpretation and Analysis
Families in Toronto can save anywhere between 13% to 33% of their monthly income, with 22% being the average for most families. The average amount of money that families can put aside is 4,400 CAD with 1,500 CAD and 29,000 CAD being the minimum and maximum respectively.
Saving Challenges in Toronto
Reasons that make it difficult for people to save money
We wanted to understand what is stopping people from maximizing their savings in Toronto. Listed below are the answers given by the survey participants.
| Reason | % People |
|---|
| Low Income | 7% |
| High Expenses | 10% |
| Debt and Loans | 19% |
| Lack of Budgeting Skills | 10% |
| Impulsive Spending | 9% |
| Financial Emergencies | 6% |
| Living the moment | 7% |
| Will do it later | 17% |
| Inflation | 10% |
| Social Pressure | 3% |
| Market Instability | 3% |
Around 7% of the people said that their salary is too low to accommodate a portion for savings while 10% said that the high cost of living leaves little room for savings. 19% of the residents said that they are burdened with debt and find it challenging to save money. 10% reported that they just don't have the knowledge or discipline to create and stick to a budget, leading to overspending and an inability to save. 9% blamed impulsive spending as the reason for saving inability. Around 6% said that unexpected expenses like medical bills or car repairs are derailing their savings goals. 7% bluntly said that they don't see the purpose of it and prefer to live each day to the fullest. 17% reported that they understand the value of saving but are putting off saving for the future, thinking they have plenty of time to start later. 10% blamed inflation, saying that every time they save some money they end up using it immediately. A surprising 3% said that social pressure and keeping up with peers or social expectations makes them overspend. Lastly, 3% blamed market instability and price fluctuations.
Typical saving choices for people in Toronto
Where do people choose to put their savings?
| Saving Type | % People |
|---|
| Emergency Funds | 10% |
| Gold | 10% |
| Savings Accounts | 17% |
| Retirement Accounts | 12% |
| Cash Savings | 15% |
| Real Estate | 10% |
| Investment | 6% |
| Stocks | 6% |
| Bonds | 7% |
| Mutual Funds | 3% |
| Certificates of Deposit | 3% |
A typical and healthy budgeting structure
The 50/30/20 rule
Spending among different people can vary significantly based on factors such as their income, lifestyle,
location, and personal preferences. A commonly used guideline for budgeting is the 50/30/20 rule,
which suggests allocating your income into three main categories in the following percentages.
50% for needs and financial obligations
This category includes essential expenses like housing, utilities, groceries, transportation, and healthcare.
30% for wants and discretionary spending
This category covers discretionary spending on non-essential items, such as dining out, entertainment, travel, and other lifestyle choices.
20% for savings and emergency fund
This is the percentage that must be allocated to savings, emergency funds, and retirement accounts.
About financial planning, money management, and household budgeting
The 50/30/20 rule is used as a general guideline but may not be the best choice for all people. There are in fact many budgeting plans out there like the 70/20/10 and the 60/20/20 rules, all claiming to be the best. More important than all of this is to establish financial discipline by creating a budget tailored to your specific financial goals and situation. It is very important that your financial outflow be less than your income to maintain a healthy cash flow.
Affordable living in Toronto
Income and cost of living compatibility
We asked residents one simple question and recorded their answers.
Is it affordable or economical to live in Toronto?
Around 88% of surveyed residents think that living in Toronto is affordable with proper budgeting while 12% reported that it is just too expensive and not affordable even with frugality and thriftness.
Low-cost alternatives in Toronto
People are always looking for ways to cut down expenses and reduce expenditures. The hallmark of any affordable place is the availability of discount stores, bargain deals, smart or secondhand shopping, refurbished items, and couponing. We asked residents how easily cost-cutting is and the answers were distributed as follows:
Plenty of low-cost options69%
Few low-cost options32%
Based on the survey, 69% of the people living in Toronto have no problem finding low-cost alternatives to support a frugal lifestyle while 32% think that thriftness is difficult due to scarcity in discount markets and secondhand outlets.
Emergency Funds
An emergency fund is a financial safety net comprised of easily accessible savings set aside to cover unexpected expenses or financial emergencies, typically amounting to three to six months' worth of living expenses. We asked residents of Toronto whether they have an emergency fund and the answers were as follows.
Yes86%
No14%
Based on the survey, 14% of the people living in Toronto said that they don't have an emergency fund while 86% said that they do.
Financial Literacy in Canada
Financial literacy is the knowledge of concepts and principles related to personal finance that allow individuals to make informed decisions regarding their money such as budgeting, saving, investing, borrowing, managing debt, financial risk management, and planning.
Financial Leteracy75%
We asked residents of Canada whether they acquired any adequate personal financial training in their lives. Approximately 25% of the people who participated in the survey said that they are not well informed about the topics of budgeting, saving, etc., and just manage things based on their own experience, while 75% said that they know about the general principles of personal finance from sources other than their own experience.
Difficulty in Budgeting and Financial Planning
We wanted to understand whether residents of Canada have problems or difficulties in managing their expenditures and savings so we asked people one simple question: do you struggle with your personal finances? 21% of the participants reported that they indeed struggle in creating budgets and in organizing their finances while 79% said that they have everything under control.
Struggles with finance21%
Easily manages finances79%
Financial goals of people in Toronto
In an attempt to understand the economic situation in Toronto, we asked participants about their financial targets. By knowing what the population in general is trying to achieve, we can shed light on the economic outlook, cost of living, and quality of life in general.
| Financial Goal | % People |
|---|
| Emergency Fund | 6% |
| Debt Reduction | 32% |
| Retirement Savings | 7% |
| Education Funding | 9% |
| Homeownership | 16% |
| Investing | 9% |
| Travel or Lifestyle | 11% |
| Healthcare Expenses | 8% |
| Financial Independence | 9% |
Around 6% of those who participated in the survey said that their main goal is to establish an emergency fund to cover unexpected expenses while 32% said their number one priority is to pay off high-interest debt or loans and improve credit. 7% of surveyed people confirmed that saving for retirement to ensure a comfortable lifestyle in the final years is their main target. Around 9% reported that their priority is saving for the tuition fees and education costs of their children while 16% choose to buy a home or pay off existing mortgage before other things. 9% of the population would like to build wealth through investments such as stocks, bonds, mutual funds, or real estate. For 11% of people, saving for vacations or upgrading their lifestyle is the number one concern. Approximately 8% of the residents said that saving for healthcare expenses including insurance premiums is their main goal.
Retirement, pension plans, and life after work in Toronto
What does the retirement lifestyle look like in Toronto and how much retirement savings are required?
Retirement age
The retirement age for most employees in Canada is 65 years. Specific retirement ages can vary based on factors like occupation, gender, years of contribution, and location. It is not entirely unlikely for people to retire either before or after this age.
Retirement planning and savings
There are many retirement saving options, some are personally initiated and others are government-sponsered. Regardless of the source of savings, the minimum amount of money that needs to be put aside to ensure a peaceful and comfortable retirement at each age can be found in the table below. This data is largely approximated and can vary drastically based on individual needs and situations. Treat these figures as a general guideline.
The typical saved amount of money you should have at every age as multiples of monthly salary:| Age | Amount |
|---|
| 25 | 5x monthly salary at age 25 |
| 30 | 10x monthly salary at age 30 |
| 35 | 15x monthly salary at age 35 |
| 40 | 25x monthly salary at age 40 |
| 45 | 32x monthly salary at age 45 |
| 50 | 48x monthly salary at age 50 |
| 55 | 56x monthly salary at age 55 |
| 60 | 64x monthly salary at age 60 |
| 65 | 78x monthly salary at age 65 |
The typical average saved amount of money you should have at every age in Toronto:| Age | Amount |
|---|
| 25 | 19,000 CAD |
| 30 | 39,000 CAD |
| 35 | 68,000 CAD |
| 40 | 97,000 CAD |
| 45 | 150,000 CAD |
| 50 | 200,000 CAD |
| 55 | 240,000 CAD |
| 60 | 300,000 CAD |
| 65 | 360,000 CAD |
Retirement Income Distribution
We asked residents of Toronto about their retirement income sources and below are the results.
| Source | % People |
|---|
| Pensions | 14% |
| Savings | 21% |
| Investments | 14% |
| Social Security | 9% |
| Annuities | 9% |
| Part-time Job | 9% |
| Real Estate | 16% |
| Dividends and Interest | 9% |
Retirement Monthly Expenses in Toronto 380 CAD
$280 | 3,400 CAD
$2,500 | 23,000 CAD
$17,000 |
Debt, loans, and mortgages in Toronto
Percentage of people who are in debt
According to the survey, 28% of the people in Toronto have some kind of debt, loan, mortgage, or credit card payments while 72% reported that they don't have financial obligations to banks.
Debt-to-income ratio in Toronto
Debt to income ratio
29%
19% to 40%
( monthly debt payment / monthly income ) x 100
Interpretation
The debt-to-income ratio measures the percentage of income being paid as debt settlement across the population. It is calculated by dividing the monthly debt settlement payment of an individual by their monthly income. Based on collected data, approximately 29% of the people's monthly income in Toronto goes to debt settlement.
Debt levelsMonthly debt settlement payment as percentage of monthly income
| Debt-to-income ratio | % People |
|---|
| > 60% | 3% |
| 50% - 60% | 11% |
| 40% - 50% | 11% |
| 30% - 40% | 13% |
| 20% - 30% | 16% |
| 10% - 20% | 19% |
| 0% - 10% | 28% |
According to our data, 3% of the debtors in Toronto pay 60%+ of their income as debt settlement while 11% of the people pay 50% to 60% of their income for the same, which is quite an alarming financial situation for those individuals. 11% of people in debt dedicate 40% to 50% of their income to loan and mortgage payments while 13% dedicated 30% to 40% of income for same. Things are looking brighter for 16% of individuals as they only pay 20% to 30% of their income for loan and credit card repayment.
Distribution by type of debt in Toronto
| Debt | % People |
|---|
| Real Estate Mortgage | 14% |
| Auto Loan | 23% |
| Student Loan | 3% |
| Credit Card | 24% |
| Personal Loan | 36% |
14% of debtors in Toronto confirm that real estate mortgages constitutes the main part of their outstanding debt while 24% say that credit card payments are the reason they are in debt. Auto loans were the main type of debt for 23% of people and personal loans rose at 36%. Lastly, student loans are the main source of debt for 3% of debtors in Toronto.
About credit score and debt managementManaging debt is a critical aspect of maintaining a favorable credit score. Debt reduction is the first thing you should do improve your financial situation. Getting rid of debt takes precedence over saving money because of interest rates.
Good debt vs. Bad debt
Not all debt is bad. Good debt typically refers to borrowing money for investments that can increase in value or generate income over time like purchasing a home or acquiring student loans. On the other hand, bad debt involves borrowing for things that fail to generate lasting value like high-interest credit card debt used for non-essential expenses like luxury items or vacations.
Loan Affordability Index in Toronto
Besides measuring the loan-to-income ratio, we asked residents of Toronto how many times in a year they defaulted or were unable to pay their due credit card or loan payments on time. Understanding how often people default on their due payments is one of the indicators of the cost of living and economic situation.
Frequency and percentage of people who failed to pay their monthly credit card or loan payments on time last year.
| Frequency | % People |
|---|
| Never | 56% |
| Once a year | 22% |
| Twice a year | 11% |
| Three times a year | 8% |
| Four times a year | 4% |
Housing costs, accommodation, and housing affordability in Toronto
Rental costs and house/apartment prices can vary drastically between different areas and locations.
Rent Cost in Toronto
Monthly Rent Prices
Studio apartment monthly rent cost
| 620 CAD | 930 CAD | 2,500 CAD |
1-bedroom apartment monthly rent cost
| 930 CAD | 1,500 CAD | 3,700 CAD |
2-bedroom apartment monthly rent cost
| 1,200 CAD | 1,900 CAD | 5,000 CAD |
3-bedroom apartment monthly rent cost
| 1,500 CAD | 2,500 CAD | 6,800 CAD |
Furnished apartment monthly rent cost
| 3,000 CAD | 7,500 CAD | 15,000 CAD |
Townhouse monthly rent cost
| 2,500 CAD | 3,700 CAD | 11,000 CAD |
House monthly rent cost
| 3,000 CAD | 7,500 CAD | 15,000 CAD |
Villa monthly rent cost
| 3,700 CAD | 9,300 CAD | 15,000 CAD |
The monthly rental cost of a studio apartment in Toronto ranges between 620 CAD and 2,500 CAD, meanwhile the cost of monthly rental of a one-bedroom apartment can be anywhere from 930 CAD to 3,700 CAD. Two-bedroom rentals rate ranges between 1,200 CAD and 5,000 CAD per month. The monthly rental for a three-bedroom apartment ranges from 1,500 CAD to 6,800 CAD. The average rent of a townhouse in Toronto is around 3,700 CAD while house rental costs can be as high as 7,500 CAD per month. Finally, if you want to rent a villa, expect to pay anywhere from 3,700 CAD to 15,000 CAD per month.
Apartment and house prices in Toronto
Cost of buying a property
Studio apartment price
| 120,000 CAD | 190,000 CAD | 370,000 CAD |
| $91,000 | $140,000 | $270,000 |
1-bedroom apartment price
| 150,000 CAD | 250,000 CAD | 930,000 CAD |
| $110,000 | $180,000 | $690,000 |
2-bedroom apartment price
| 250,000 CAD | 750,000 CAD | 1.5M CAD |
3-bedroom apartment price
| 830,000 CAD | 1.2M CAD | 3.7M CAD |
Townhouse price
| 1.1M CAD | 2.5M CAD | 9.3M CAD |
House price
| 1.2M CAD | 7.5M CAD | 11M CAD |
Villa price
| 1.5M CAD | 8.3M CAD | 12M CAD |
The average price of a studio apartment in Toronto can range from 120,000 CAD to 370,000 CAD depending on location. One bedroom cost can be anywhere from 150,000 CAD to 930,000 CAD. A villa can cost you 8.3M CAD on average with prices ranging from 1.5M CAD to 12M CAD.
If you're leasing or purchasing, housing costs in Toronto will probably constitute your biggest expenditure, yet it's an area where you wield considerable influence. This is due to the substantial variance in housing prices across communities. Keep in mind the location of your workplace and the accessibility of essential amenities to prevent negating the savings from lower rental rates with increased transportation expenses.
House / apartment prices to income ratio
Property price to income ratio
( average property price / average monthly income ) x 100
| 51 | x150 monthly income | 245 |
Property prices in Toronto can be x150 to x245 multiples of the monthly income depending on the property and the income of the person. On average, property prices are approximately x150 multiples of the average monthly salary in Toronto.
Rent to income ratio
Rent to income ratio
( monthly rental / monthly income ) x 100
The average rent-to-income ratio in Toronto is around 38%. This means that people pay 38% of their income for rent. Those figures can range from 27% to 49% depending on the salary, location, and type of property.
The housing-to-income ratio is a very important metric to evaluate and measure how affordable living is in a particular area, city, or country since housing comprises the biggest chunk of expenditure. A higher housing to income ratio means that the place is relatively expensive. The figure by itself does tell much. It only starts to make sense when comparing the housing to income ratio across different locations.
Housing affordability index
The housing affordability index measures how affordable accommodation is in a particular place. This can measured in multiple ways, the most common being housing expenditure to total expenditure ratio and the rent to income ratio. The housing expenditure ratio is a figure reported by individuals on the percentage they allocate for housing. Rent to income ratio is calculated by dividing the average monthly rent by the average income. Because these values are both percentages, we can find their average and get the best of the two worlds.
Housing Affordability Index
35% Property Taxes
Real estate owners pay property taxes to local tax authorities, which are determined by the assessed value of their property. Typically, these taxes are paid once a year. Property tax funds contribute to community development, financing infrastructure improvements, public services, and local education initiatives.
Home Maintenance Costs
Home maintenance costs encompass various expenses associated with the upkeep and repair of a residence. These expenditures include regular tasks such as lawn care, pest control, and HVAC system servicing, as well as occasional repairs and renovations like fixing leaks, painting, or replacing appliances.
Urban vs. rural living costs
Urban living typically entails higher housing and transportation costs due to demand and limited space, while rural areas generally offer lower housing expenses but may have higher prices for goods and services. The differnce in rental rates between urban areas and rural areas can be as high as 300% in some cases.
Monthly costs and expenses of energy and basic utilities in Toronto
Utilities expenditure can vary slightly between different areas and locations.
Energy, electricity, water, gas, internet, and mobile cost in Toronto
Utility Bill Cost / Electricity + Water + Gas / Individual
Utility Bill Cost / Electricity + Water + Gas / Couple
| 110 CAD | 360 CAD | 2,300 CAD |
Utility Bill Cost / Electricity + Water + Gas / Family
| 180 CAD | 530 CAD | 3,400 CAD |
Internet and cable cost
Mobile phone bill and charges
Because most utility bills club electricity, water, and gas costs in one bill, we can't provide a breakup for each type of utility and will display electricity, gas, and water as single cost.
The average monthly expenditure for individuals on electricty, water, and gas in Toronto ranges between 41 CAD and 1,900 CAD with average being 280 CAD, meanwhile the expenditure of couples is slightly higher at 360 CAD with 110 CAD and 2,300 CAD being the upper and lower limits respectively. As expected, the energy and water consumption of families is the highest among the three groups with an average of 530 CAD. The cost of internet and WiFi is unchanged among the three groups and ranges from 34 CAD to 90 CAD with 68 CAD being the average internet bill. Finally, the average monthly mobile charges is around 45 CAD but can range between 27 CAD and 140 CAD depending on consumption. Mobile charges include both calling minutes as well as data packages.
Energy / Utility expense to income ratio
( monthly utility expenses / monthly income ) x 100
The average utility-to-income ratio in Toronto is around 5.5%. This means that people pay 5.5% of their income for energy, water, internet, and mobile charges. Those figures can range from 2.2% to 9.9% depending on salary and location.
Food Prices, Dining Expenses, and Grocery Costs in Toronto
Grocery / Food expenditure and prices can vary drastically between different areas and locations.
Prices and cost of goods and services in Toronto
Dining out, food, and beverages costs. Price variations for common food items.
Fast food combo meal price
The average price of a regular combo meal at a fast food outlet or chain like McDonald's, Pizzahut, or KFC in Toronto is approximatly 14 CAD with meal cost ranging from 6.8 CAD to 23 CAD. The typical combo meal consists of a burger, french fries, and a drink.
Restaurant meal for one price
If you are planning to have a nice meal at a mid-range restaurant, expect to pay anywhere between 24 CAD and 71 CAD with 36 CAD being the average price of a plate for one person at a regular restaurant in Toronto.
Fine dining meal for one price
The price range of a meal at fine-dining restaurant is 47 CAD to 280 CAD with the average cost being 71 CAD for one person. This is what you would expect to pay a top-tier diner in Toronto.
Beverage prices, cappuccino, latte etc..
The average price of a regular beverage like cappuccino or latte at Starbucks, Costa, or similar coffee shops and cafes in Toronto is around 9 CAD. Price ranges between 5.7 CAD and 14 CAD depending on the type of beverage, the size, and optional add-ons.
Grocery and market costs
Large bottle of milk price
The average price of a large bottle of milk in Toronto is 5.4 CAD. The maximum what you would pay for milk is 6.8 CAD and the minimum being 4.5 CAD depending on the brand of milk and other properties.
12 eggs price
A dozen eggs costs around 4.5 CAD on average with 3.4 CAD and 6.8 CAD being the lower and upper limits respectively.
Fresh whole chicken price
The price range of a fresh whole chicken in Toronto is between 7.7 CAD and 14 CAD depending on the size of the chicken and whether it is oraganic or not. The average price is approximatly 10 CAD.
Pack of beef price
The price of a regular pack of beef or meat is around 14 CAD. A pack of beef contains around 1Kg or 1lb depending on packing.
Medium bag of rice price
A bag of rice in Toronto costs around 5 CAD on average with prices rangeing between 3.6 CAD and 7.1 CAD depending on the brand and quality.
Bag of tomatos price
A bag of tomatoes costs anywhere from 1.4 CAD to 3.4 CAD. A bag of tomatoes denotes 1Kg or 1lb depending on location.
Bag of apples price
A bag of apples costs 3.2 CAD on average. A bag of apples denotes 1Kg or 1lb depending on location.
Grocery and food expenditure to income ratio
( monthly grocery expenses / monthly income ) x 100
The average grocery-to-income ratio in Toronto is around 28%. This means that people spend 28% of their income on grocery and basic household items. The expenditure can range from 19% to 34% depending on salary and location.
Expenditure on food and grocery for every population group
A single person living alone spends approximately 760 CAD per month on grocery and food with expenditure fluctuating between 110 CAD and 5,000 CAD depending on location and the type of person. The average cost of food and groceries for a couple is around 1,100 CAD per month. That number can be get as low as 370 CAD or a high as 5,900 CAD. Families' spending on grocery ranges from 660 CAD to 12,000 CAD with the location, income, and size of the family being the most determinite factors.
SingleSpending habits, consumption analysis, and expenditure patterns for a single person living in Toronto
Housing cost for a single person33%
33% of total expenses on average (21% to 45%)
| LOW | $180 240 CAD |
| AVERAGE | $1,300 1,700 CAD |
| HIGH | $8,400 11,000 CAD |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile7%
7% of total expenses on average (3% to 12%)
| LOW | $30 41 CAD |
| AVERAGE | $210 280 CAD |
| HIGH | $1,400 1,900 CAD |
| Per Month |
Transport and Fuel Cost7%
7% of total expenses on average (5% to 13%)
| LOW | $40 54 CAD |
| AVERAGE | $280 380 CAD |
| HIGH | $1,900 2,500 CAD |
| Per Month |
Food and Groceries Cost17%
17% of total expenses on average (11% to 22%)
| LOW | $79 110 CAD |
| AVERAGE | $560 760 CAD |
| HIGH | $3,700 5,000 CAD |
| Per Month |
Healthcare Cost10%
10% of total expenses on average (4% to 14%)
| LOW | $45 61 CAD |
| AVERAGE | $310 430 CAD |
| HIGH | $2,100 2,800 CAD |
| Per Month |
Leisure and Shopping Expenditure4%
4% of total expenses on average (3% to 7%)
| LOW | $25 34 CAD |
| AVERAGE | $170 240 CAD |
| HIGH | $1,200 1,600 CAD |
| Per Month |
Education Cost2%
2% of total expenses on average (1% to 4%)
| LOW | $9.9 14 CAD |
| AVERAGE | $70 95 CAD |
| HIGH | $460 630 CAD |
| Per Month |
Other Expenses20%
20% of total expenses on average (12% to 24%)
| LOW | $89 120 CAD |
| AVERAGE | $630 850 CAD |
| HIGH | $4,200 5,700 CAD |
| Per Month |
CoupleAverage monthly living expenditure breaks and spending patterns for couples in Toronto
Housing cost for a couple30%
30% of total expenses on average (23% to 40%)
| LOW | $660 890 CAD |
| AVERAGE | $2,000 2,700 CAD |
| HIGH | $11,000 14,000 CAD |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile6%
6% of total expenses on average (4% to 10%)
| LOW | $77 110 CAD |
| AVERAGE | $260 360 CAD |
| HIGH | $1,700 2,300 CAD |
| Per Month |
Transport and Fuel Cost11%
11% of total expenses on average (5% to 16%)
| LOW | $230 320 CAD |
| AVERAGE | $700 950 CAD |
| HIGH | $3,700 5,000 CAD |
| Per Month |
Food and Groceries Cost15%
15% of total expenses on average (10% to 20%)
| LOW | $270 370 CAD |
| AVERAGE | $810 1,100 CAD |
| HIGH | $4,300 5,900 CAD |
| Per Month |
Healthcare Cost12%
12% of total expenses on average (6% to 16%)
| LOW | $210 290 CAD |
| AVERAGE | $640 870 CAD |
| HIGH | $3,400 4,600 CAD |
| Per Month |
Leisure and Shopping Cost5%
5% of total expenses on average (2% to 8%)
| LOW | $120 160 CAD |
| AVERAGE | $350 470 CAD |
| HIGH | $1,900 2,500 CAD |
| Per Month |
Education Cost2%
2% of total expenses on average (1% to 4%)
| LOW | $39 53 CAD |
| AVERAGE | $120 160 CAD |
| HIGH | $620 840 CAD |
| Per Month |
Other Expenses19%
19% of total expenses on average (13% to 25%)
| LOW | $330 450 CAD |
| AVERAGE | $990 1,300 CAD |
| HIGH | $5,300 7,200 CAD |
| Per Month |
FamilyAverage monthly expenses and break out of spending for families living in Toronto
Housing cost for a family29%
29% of total expenses on average (24% to 39%)
| LOW | $870 1,200 CAD |
| AVERAGE | $2,500 3,400 CAD |
| HIGH | $16,000 22,000 CAD |
| Per Month |
Utilities, Electricity, Water, Internet, Mobile4%
4% of total expenses on average (2% to 7%)
| LOW | $140 180 CAD |
| AVERAGE | $390 530 CAD |
| HIGH | $2,500 3,400 CAD |
| Per Month |
Transport and Fuel Expenses7%
7% of total expenses on average (5% to 9%)
| LOW | $270 370 CAD |
| AVERAGE | $770 1,100 CAD |
| HIGH | $5,000 6,800 CAD |
| Per Month |
Food and Groceries Cost19%
19% of total expenses on average (12% to 25%)
| LOW | $490 660 CAD |
| AVERAGE | $1,400 1,900 CAD |
| HIGH | $9,100 12,000 CAD |
| Per Month |
Healthcare Expenses9%
9% of total expenses on average (5% to 14%)
| LOW | $240 330 CAD |
| AVERAGE | $770 1,100 CAD |
| HIGH | $4,000 5,500 CAD |
| Per Month |
Leisure and Shopping Cost4%
4% of total expenses on average (2% to 8%)
| LOW | $140 180 CAD |
| AVERAGE | $390 530 CAD |
| HIGH | $2,500 3,400 CAD |
| Per Month |
Education Cost14%
14% of total expenses on average (7% to 22%)
| LOW | $380 520 CAD |
| AVERAGE | $1,100 1,500 CAD |
| HIGH | $7,000 9,600 CAD |
| Per Month |
Other Expenses14%
14% of total expenses on average (7% to 19%)
| LOW | $220 290 CAD |
| AVERAGE | $620 840 CAD |
| HIGH | $4,000 5,500 CAD |
| Per Month |
StudentCost of living and expenses break down for students living in Toronto
Housing costs for Student21%
21% of total expenses on average (16% to 27%)
| LOW | $93 130 CAD |
| AVERAGE | $600 810 CAD |
| HIGH | $4,000 5,400 CAD |
| Per Month |
Utilities, Electricity, Water, Internet, and Mobile Expenses5%
5% of total expenses on average (3% to 9%)
| LOW | $15 21 CAD |
| AVERAGE | $100 140 CAD |
| HIGH | $660 900 CAD |
| Per Month |
Transport and Fuel Cost6%
6% of total expenses on average (5% to 12%)
| LOW | $27 37 CAD |
| AVERAGE | $170 240 CAD |
| HIGH | $1,200 1,600 CAD |
| Per Month |
Food and Groceries Expenditure21%
21% of total expenses on average (15% to 25%)
| LOW | $77 110 CAD |
| AVERAGE | $500 680 CAD |
| HIGH | $3,300 4,500 CAD |
| Per Month |
Healthcare Cost7%
7% of total expenses on average (4% to 10%)
| LOW | $23 32 CAD |
| AVERAGE | $150 200 CAD |
| HIGH | $1,000 1,400 CAD |
| Per Month |
Leisure and Shopping Cost4%
4% of total expenses on average (2% to 8%)
| LOW | $19 26 CAD |
| AVERAGE | $120 170 CAD |
| HIGH | $830 1,100 CAD |
| Per Month |
Education Cost19%
19% of total expenses on average (12% to 24%)
| LOW | $73 100 CAD |
| AVERAGE | $470 640 CAD |
| HIGH | $3,200 4,300 CAD |
| Per Month |
Other Expenses17%
17% of total expenses on average (11% to 23%)
| LOW | $58 79 CAD |
| AVERAGE | $370 510 CAD |
| HIGH | $2,500 3,400 CAD |
| Per Month |
