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Introduction

Toronto, Canada's largest city, is often billed as one of the most livable cities in the world. As such, it comes as no surprise that many people, whether from other parts of Canada or from overseas, are choosing to make Toronto their home. The city's multiculturalism, vibrant job market, excellent health and education systems, and lively arts and entertainment scene are just a few of the many compelling reasons to live in Toronto. However, amid these attractions, it's important to consider the cost of living. This article aims to provide a comprehensive breakdown of the average cost of living in Toronto.

Cost of Housing

As with any city, housing is often the largest expenditure for residents in Toronto. Whether you're looking to buy or rent, prices can vary dramatically. As of 2021, the average cost for a one-bedroom apartment in the city center is around CAD 2,200 per month. If you're going for a three-bedroom apartment in the same area, you’re looking at an average cost of CAD 3,500. Outside the city center, these costs drop to about CAD 1,700 and CAD 2,600, respectively. Homebuyers can expect to pay an average of CAD 1 million for a detached home in the city.

Living Expenses

Toronto is not just about housing costs; you also need to factor in other living expenses. The cost of utilities (including electricity, heating, cooling, water, and garbage) for a medium-sized apartment, averages about CAD 150-200 per month. Internet services will likely cost another CAD 60-100.

Transportation Costs

When living in Toronto, you have various transportation options. A monthly public transit pass (TTC) costs around CAD 150 for adults. However, if you drive, gasoline costs around CAD 1.30 per liter, and city center parking rates can reach CAD 20 per hour.

Food Expenses

In Toronto, monthly food expenses can vary greatly, depending on how often you eat out and the types of groceries you buy. Expect to pay around CAD 300-400 per month for groceries for a single person. Eating out at a mid-range restaurant could set you back around CAD 30-50 per meal.

Healthcare

While Canadian citizens and permanent residents have health costs mostly covered by the Ontario Health Insurance Plan (OHIP), those without coverage should budget for private insurance or out-of-pocket health expenses. Costs can vary significantly and may reach several hundred dollars per month.

Conclusion

Although Toronto's cost of living varies somewhat based on personal habits, services selected, and the exact location within the city, the overall cost of living is high when compared to both national and global standards. However, many residents agree that the high quality of life, economic opportunities, and cultural diversity offered by this bustling city make it worth the cost. Prior to relocating, it is essential that prospective residents conduct a thorough assessment of their budget and the costs they are likely to incur in order to make an informed decision.