Cost of Living in Toronto

Is Toronto expensive?

Toronto ranks 50th globally for cost of living and is the 6th most expensive city in Canada. For a single person, you’re looking at around $4,046 a month, with rent taking up $2,534 if you’re in the city center. For a family of four, the monthly costs jump to about $9,982, with rent averaging $4,445.

In comparison, London is pricier, with a family spending $14,545 and a single person $5,704. Berlin is more affordable, with a family spending $8,562 and a single person $3,340. The Toronto cost of living is between the two, costing less than London but more than Berlin (Source: Numbeo).

Rent per month

Here's a look at the average monthly rent in Toronto, depending on apartment size and location (Source: Numbeo):

• Apartment (1 bedroom) in the city center: $2,534
• Apartment (1 bedroom) outside of center: $2,127
• Apartment (3 bedrooms) in the city center: $4,445
• Apartment (3 bedrooms) outside of center: $3,601

In Toronto's 2024 rental market, demand is still high, so finding a place can be challenging. While there are more rental options than last year, there are also a lot of people looking, which means you need to act fast when you find something. Rent prices have dropped slightly, but the market is still competitive, and rent is a big chunk of the cost of living in Toronto. For expats, it's important to start your search early, be flexible with your preferences, and be ready for quick decisions when good options come up (Source: TRREB).

The best areas to live in Toronto:

• Rosedale-Moore Park — Luxury homes, great parks, and top schools make this a favorite for wealthy families.
• Yorkville — Upscale shopping, and dining, and close to cultural hotspots, ideal for high-end living.
• Forest Hill — Known for beautiful homes and prestigious private schools.
• The Annex — Popular with students and professionals, offering historic homes and a lively dining scene.
• Danforth — Great for families, with excellent schools, parks, and a vibrant food scene.
• Trinity-Bellwoods — Trendy area with artsy professionals, parks, and cool restaurants.

Up-and-coming neighborhoods:

• Leslieville — Attracting young families and creatives, with cool shops and restaurants.
• The Junction — Gentrifying fast, with a great bar scene and more affordable homes.
• East Chinatown — Affordable and close to downtown, with a growing food scene.
• Roncesvalles — European charm with independent businesses and a family-friendly vibe.
• Regent Park — Undergoing a major transformation, with new housing and community spaces.
• St. Clair West — Diverse area gaining popularity for its affordable homes and vibrant street life.

Less desirable areas to live in:

• Moss Park — Still dealing with higher crime rates despite some improvements.
• Parkdale — Trendy but faces issues with gentrification and safety concerns.
• Scarborough Village — Affordable but struggles with crime and fewer amenities.
• Cabbagetown (some parts) — Has safety and affordability concerns in certain sections.

How to find an apartment in Toronto

Finding a rental in Toronto as an expat can be tricky, but with some planning, you can make the process easier. Before arriving, start looking on sites like Rentals.ca, Zumper, or Realtor.ca to get familiar with the market. If you’re unsure about where to live, book a short-term rental through Airbnb or reach out to local Facebook groups like Toronto Apartment Rentals. This gives you time to explore neighborhoods like downtown or the suburbs, which are cheaper but potentially farther from work. Try to avoid long commutes by finding a place near your job since traffic in Toronto can add up to an hour or more to your travel time. Plus, you can save money on public transport by traveling smaller distances, which helps with the Toronto cost of living.

Once you're in Toronto, you’ll need to move quickly — good rentals go fast. Have your documents ready, like a job letter, recent pay stubs, and a credit report from Equifax or TransUnion. Join local Facebook groups to find listings and tips. Be prepared to pay the first and last month’s rent upfront, and consider using a real estate agent to help you find listings that aren’t online. Also, watch out for scams — never send money before seeing the place in person, and check sites like Rent It or Not for reviews of buildings or landlords. Lastly, note that some places aren’t rent-controlled, so rent could go up — ask about this before signing any lease.

If you need help with your housing search in Toronto, we're here to assist. We can provide a personalized quote or connect you with trusted local partners who have successfully helped many others find rental options in the city. Let us guide you to make your search smoother and more efficient.

Property prices

The average price per square meter to buy an apartment in Toronto is around (Source: Numbeo):

• City center: $14,014/sqm
• Outside of the city center: $11,083/sqm

If you're thinking about buying property in Toronto, there are a few things you need to know. Right now, the Prohibition on the Purchase of Residential Property by Non-Canadians Act means that non-Canadian citizens and those without permanent residency can't buy residential properties in big cities like Toronto until 2027. But if you're here on a work or study visa, you may still be eligible. For example, if you're on a work permit, you need three years of full-time work in Canada in the last four years to qualify. Study permit holders need to meet certain tax and residency requirements, and there's a $500,000 cap on purchases. It's also smart to speak with a Canadian tax advisor to understand taxes, especially if you plan to sell the property later.

If you do qualify, it's a good idea to open a Canadian bank account and line up financing early — Toronto’s market moves fast, and you'll need a 5%-10% deposit ready. Expats can get a mortgage for up to 65% of the property’s value, but you'll need to show your tax returns as proof of income. Working with a Certified International Property Specialist can make things smoother, as they'll help you navigate local rules and connect you with the right professionals, like mortgage brokers and real estate lawyers. You can find more details on the process through the Canadian Mortgage and Housing Corporation.

Utilities

A big part of your Toronto cost of living is the monthly utilities (Source: Numbeo):

• Basic utilities (electricity, heating, cooling, water, garbage) for an 85m² apartment: $161
• Mobile phone monthly plan with calls and 10GB+ Data: $57
• Internet (60 Mbps or more, unlimited data, cable/ADSL): $70

Here are some simple ways to cut your utility bills in Toronto:

• Track your energy use: Apps like Hydro One (Ontario) let you see how much electricity you’re using so you can adjust and save. Wiser Energy is another option to give you insights into where your energy is going and how to cut back.
• Manage your utility bills: Use Mint to keep an eye on your utility costs and help you budget.
• Save and earn rewards: With OhmConnect, you can get rewards by cutting your energy use at peak times. If you're looking to make your home more energy-efficient, check out EnerGuide Home Evaluations for tips that can help reduce long-term costs.

Public transport

If you're new to Toronto, getting around is pretty straightforward thanks to the city’s solid public transit system. The TTC runs subways, buses, and streetcars, and you can easily plan your trips using their Trip Planner. Heading to the airport? The UP Express will get you from downtown to Pearson in about 25 minutes, and the TTC also offers connections to both Pearson and Billy Bishop airports. If you're venturing outside the city, GO Transit is your go-to for regional buses and trains. For biking, Bike Share Toronto is a convenient option, and Green P makes parking simple if you’re driving.

Toronto travel ticket (Source: TTC):

• Single ride ticket: $3.35
• PRESTO Pay-as-you-go: $3.30 — Tap using a PRESTO (electronic fare payment system) card or app for a slightly discounted single fare.
• PRESTO Day pass ticket: $13.50
• Monthly pass (PRESTO): $156.00
• 12-month pass (PRESTO): $143.00 — Discounted monthly pass when you sign up for a 12-month contract.
• Two-hour transfer: Free — Allows unlimited transfers within two hours on the TTC using PRESTO.

Taxi (Source: Numbeo):

• Taxi start (normal tariff): $5
• Taxi 1 km: $2
• Taxi 1 hour waiting: $35
• From the Airport to the city center: $50-$60

Food

For affordable shopping, No Frills and FreshCo are great choices, offering lower prices on essentials, while stores like Walmart are perfect for stocking up on bulk items. For those looking for higher quality, Loblaws and Metro offer a wider range of fresh, organic, and premium products but at slightly higher prices. If you're into specialty or international foods, check out ethnic markets in Chinatown, Little India, or Koreatown for unique ingredients. Costco is ideal if you like buying in bulk, though it requires a membership; but it’s super helpful with the high cost of living in Toronto. For an upscale experience, head to Summerhill Market or Longo’s for gourmet items, fresh meats, and artisanal products. Don't forget to use the Flipp app to compare prices across all these stores.

Depending on shopping and dietary habits, expect your average monthly groceries to cost somewhere around (Source: Reddit):

• For a single person: $200-$500
• For a couple: $400-$700
• For a family of four: $800-$1,200

Here are some typical grocery items to give you an idea of price (Source: Numbeo):

• Milk (1 liter): $4.38
• Loaf of fresh white bread (500g): $3.84
• Rice (1kg): $4.83
• Eggs (12): $4.63
• Chicken fillets (1kg): $16.92
• Domestic beer (0.5 liter draught): $8

Childcare

Childcare in Toronto can be expensive, but there are multiple options for expat families. The Canada Child Benefit and Ontario Childcare Subsidy offer financial support to help with the cost of living in Toronto. Public school starts at age 4, but for younger children, you'll need to explore other childcare options. You can find licensed daycare centers and home daycares through the City of Toronto website.

Types and costs of childcare in Toronto (Source: Arrive):

• Licensed daycare centers: $850–$2,500/month depending on age and federal subsidies.
• Home daycares: 30–40% cheaper than daycare centers, prices vary.
• Nannies: $20–$30/hour.
• Before and after-school care: Around $500/month for school-aged children.
• Preschool (or Kindergarten), full day, private, monthly for 1 child: $1,609 (roughly €1,068)

International yearly school fees (Source: Internationa Schools Database):

• Urban International School:$18,800-$21,200
• German Internationa School Toronto: $12,300-$17,300
• USCA Academy: $12,800-$14,800
• The Giles School:$27,255-$32,880
• Upper Canada College: $40,750-$44,100
• International primary school, yearly for 1 child: $24,669 (roughly €16,380)

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