How Much Does It Cost to Live in Toronto?

Toronto is a dynamic city attracting individuals and families. Its appeal often corresponds with a higher cost of living. This article explores the financial considerations residents encounter, offering a perspective on managing expenses within this metropolis.

Housing Expenses

Housing is the most substantial financial commitment for Toronto residents, with costs varying by unit type and location. As of early 2025, the average monthly rent for all apartment types was around $2,632. A one-bedroom apartment ranges from $2,239 to $2,650 per month, while a two-bedroom unit is between $2,926 and $3,525. Three-bedroom apartments can exceed $3,478 monthly.

Rental prices are influenced by proximity to the city center and public transit. Downtown Toronto often sees one-bedroom apartments exceeding $2,500 per month due to their central location. Areas further from the downtown core may offer lower rates. Shared accommodations are a more affordable option, averaging around $1,194 monthly for a room as of late 2024.

Beyond monthly rent, additional housing expenses require consideration. Renter’s insurance is a prudent investment to protect personal belongings and provide liability coverage. If a rental unit includes parking, a separate monthly fee may apply, adding to costs. These supplementary costs contribute to the total financial outlay for accommodation.

Daily Commuting Costs

Navigating Toronto involves various commuting expenses. Public transit, operated by the Toronto Transit Commission (TTC), offers subways, streetcars, and buses. Many residents opt for weekly or monthly passes via a PRESTO card for regular commuters.

Owning a personal vehicle in Toronto is costly. Car insurance premiums in the Greater Toronto Area average around $2,391 to $2,400 annually. Rates vary based on driving history, vehicle type, and location. Fuel expenses also contribute significantly, as gas prices fluctuate.

Parking fees add to expenses for vehicle owners. Ride-sharing services like Uber or Lyft provide on-demand transportation. Bike-sharing programs, such as Bike Share Toronto, offer an eco-friendly option; an annual membership costs approximately $105 for 30-minute trips or $120 for 45-minute trips.

Food and Household Necessities

Food and household necessities are a significant expense for Toronto residents. For a single individual, average monthly grocery bills range from $297 to $400. Weekly grocery costs for a family of four are estimated at $150 to $200.

Grocery expenses depend on shopping habits. Discount grocery chains provide more budget-friendly options. Dining out also contributes to food costs; a casual fast-food meal might range from $12 to $14, while drinks can be $10 to $15 each. Home cooking is a common strategy for managing food budgets.

Basic household necessities include cleaning supplies and personal hygiene products. These items add to recurring monthly expenses for a functional home. They are a consistent part of essential daily living.

Utilities and Communication Services

Utilities and communication services are essential household costs. For a typical household, average monthly utility expenses, including electricity, water, gas, and internet, can total approximately $675.51. Electricity for a one-bedroom apartment is around $70 per month. Heating and cooling expenses can range from $75 to $100 monthly.

Water bills for an average household were about $81.60 per month in 2024. Waste management fees also apply, with monthly rates between $15.75 and $47.00. While some rental agreements may include certain utilities, tenants are often responsible for electricity, internet, and sometimes heating.

Internet services are necessary, with various plans available. Mobile phone plans also represent a regular communication expense. For homeowners, home insurance is required.

Personal and Leisure Spending

Discretionary spending on personal and leisure activities adds to living costs. Entertainment options include movie tickets, concerts, and museum entries. Average concert ticket prices are around $121.

Fitness pursuits, such as gym memberships or specialized classes, are another expense. Personal care services, including haircuts and beauty treatments, also add to budgets. A standard men’s haircut costs between $25 and $50. Clothing and other personal items are ongoing expenses.

Health-related out-of-pocket costs not covered by OHIP require consideration. These include prescription medications, dental care, and optometry services. Many residents opt for private health insurance to cover these gaps, with basic plans starting around $100 per month for individuals and family plans exceeding $200 per month.