As with most big cities in the world, Toronto is expensive. As a matter of fact, it is one of the most expensive cities in the world; ranked as the 109th costliest city in the world by Mercer. If you are living alone, you could spend about $2,200 each month on groceries, utilities, rent, and transportation. You can budget an additional $400 per month if you have a child. Here is a breakdown of the expenses.
Rent – According to the City of Toronto, the average cost of rent in the city is $1600 per month for a studio apartment, $1900 per month for a one-bedroom apartment, and $3,000 per month for a two-bedroom apartment. The average for all rentals in Toronto is $1700 per month.
Utilities – Utilities include electricity, water, natural gas, and even cell phones. In Toronto, utility expenses can account for $150 each month.
Groceries – Toronto residents spend about $50 each week for groceries; this adds up to $200 in a month.
Transportation – An adult may spend up to $146.25 monthly on TTC Metropass. You can expect to spend about $500 each month on a vehicle payment, insurance and maintenance if you have a car.
Taxes – Income tax in Toronto is one of the highest in Canada. The federal and provincial taxes start at 15% and 5% respectively. In general, Canadian families spent up to 42% of their income taxes on taxes. Moreover, Ontarians pay a sales tax of 13% HST on nearly all purchases. To learn more about Toronto, click here.