Introduction

Toronto is Canada's fastest growing city and offers a dynamic blend of cultural, recreational and business opportunities. However, living in Toronto does come with its prices. If you're contemplating the move or wondering "how much do I need to make to live comfortably in Toronto?" This article provides a comprehensive guide indicative of the cost of living you might expect.

Cost of Housing

The cost of housing is the most substantial expense in Toronto. According to the Toronto Regional Real Estate Board, the cost of a typical home in Toronto was about $886,200 in 2020, with condo apartments over $600,000 on average. Rent isn't cheap either, for a one-bedroom apartment in Downtown Toronto, you are likely to spend approximately $2,000 monthly. Thus, to live comfortably apply the rule of thumb that housing should constitute less than 30% of your income. Therefore, to cover housing costs alone, you might need to make in excess of $80,000 per year.

Cost of Food

Food prices in Toronto can be quite high, with monthly groceries for a single person being approximately $300, according to Numbeo. Dining out can also add significantly to your food budget, with the average cost of a meal in an inexpensive restaurant going for around $15 - $20.

Transportation Cost

In Toronto, annual public transit passes cost around $1,500. However, if you own a vehicle, the costs are significantly higher. After considering costs for car payments, insurance, maintenance, and fuel, CAA estimates it costs on average $8,500 annually to operate a car.

Healthcare and Fitness

In Canada, healthcare is publicly funded, meaning you won't need to budget for this if you are eligible. Gym memberships in Toronto can range from $30 to $100 per month depending upon the facilities.

Recreation and Entertainment

Recreation and entertainment are where you have the most control over your expenses. Toronto offers a wide range of activities, from free outdoor concerts and community events to premium sporting events and high-end dining. According to Statistics Canada, the average household spends about $2,900 annually on recreation.

Conclusion

In summation, to live comfortably in Toronto and afford housing, food, transportation, and leisure activities, a safe estimate would be an income of $60,000 to $70,000 for a single person. For a family, this number can be considerably higher. Remember, these are rough estimates and can vary depending upon your lifestyle and spending habits. The cost of living in Toronto might be high, but the city’s vibrant culture, diverse food scene and myriad work opportunities make it a desirable place to live.