Cost of Living in Toronto
The cost of living in Toronto in 2022
Disclaimer: These numbers represent an estimate of what it costs to live in Toronto based on LowestRates.ca data, external sources as well as our writers' personal experiences. It’s entirely possible for people to live in the city for much less, while others may need much more to fund the sort of lifestyle they prefer.
Grand total:
$3,427,96 month
$41,135.52 year
Housing: $2,067.99
Homeowners aren’t the only ones facing higher living costs.
According to a March 2022 report from Rentals.ca, the average cost of a one-bedroom rental unit in Toronto was $2,044/month in February. This represents a 12.68% year-over-year increase. The average cost of a two-bedroom rental was $2,778, representing a 15.13% year-over-year increase. For our monthly calculations, we are using only the average cost of a one-bedroom unit.
If you’re a renter, you may want to purchase renters insurance to protect your belongings. Using our tenant insurance quoter, we ran a test quote for a 30-year-old and their family renting in the Bloorcourt Village area of Toronto and found that tenant insurance would cost them $23.99 a month, which represents a roughly $13.51 decrease from 2021.
Housing: $5,417.12
It’s no secret that the Greater Toronto Area (GTA) housing market is on fire, increasing the average cost of living in Toronto. According to the most recent market data from the Toronto Regional Real Estate Board, the average selling price for all home types in the GTA in March 2022 was $1,299,894.
In Toronto specifically, the average price for all home types was $1,218,546.
Let’s assume you have a down payment of 20% ($243,709), the minimum down payment required for a $1-million home. Since the home is worth $1 million or more, mortgage insurance through Canada Mortgage Housing Corporation isn’t available, so you won’t need to factor in the cost. That gives you a total mortgage of $974,837.
Going with a 25-year amortization period and a five-year fixed interest rate of 2.79%, which was the lowest rate on our site at the time of this writing, monthly mortgage payments for such a home in Toronto would cost about $4,509, according to the LowestRates.ca Mortgage Payment Calculator.
Then, of course, buyers must also consider home insurance. While it isn’t mandatory, most lenders won’t give you a mortgage without it. Using our home insurance quoter, we determined that home insurance for a 30-year-old and their family living in the Bloorcourt Village area of Toronto in a two-storey detached home would cost around $287.67 a month.
Homeowners must pay property tax, which is determined based on the following factors: Toronto’s municipal tax rate, the education tax rate (determined by each province), the city building fund, and the value of your property. Using the City of Toronto’s Property Tax Calculator, on a $1,218,546 home, you’d be paying $7,445.48 a year in property tax, which works out to about $620.45 a month. It’s important to know that your property taxes will be based on your MPAC assessment.
Don’t forget about land transfer tax, either — both municipal and provincial. Using the LowestRates.ca Land Transfer Tax Calculator, we see that a home that sells for $1,218,546 would produce $41,691.84 in land transfer tax, which is paid in a lump sum at the time of the transfer. As such, we haven’t included this in our monthly total.
- Mortgage payments: $4,509
- Home insurance: $287.67
- Property tax: $620.45
That gives us a monthly total of $5,417.12
Transportation: $279.00
Despite the Toronto Transit Commission (TTC)’s plan to restore service to pre-pandemic levels and enhance infrastructure, fares will remain frozen in 2022 — that’s without an increase for two years in a row.
Here’s a list of the latest TTC/Presto fares.
- Single adult cash fare: $3.25
- Presto adult fare: $3.20
- Presto one-ride ticket: $3.25
- Presto two-ride ticket: $6.50
- Presto day pass ticket: $13.50
- Monthly TTC Pass (adults): $156.00
- Monthly TTC Pass (youth, seniors, and post-secondary students): $128.15
- 12-month Pass (adults): $143.00
- 12-month Pass (youth and seniors): $117.45
Cabs/Uber/Lyfts: Maybe transit’s not your thing. If that’s the case, there’s an abundance of ride-sharing services in Toronto.
One UberX ride from Midtown to the Yonge-and-Dundas area costs about $34 per round trip. Since some people never take Uber and others take it often, we’ve gone with four trips a month for our calculations.
Using the adult 12-month Pass ($143.00) as our transit option, in addition to four $34 Uber trips a month (for a total of $136), our average monthly transportation cost works out to $279.00.
Transportation: $641.13/month
The top-selling car in Canada in 2021 — and for the last 24 years, for that matter — was the Honda Civic Sedan.
The mid-level trim for this car is the 2022 four-door Honda Civic Sedan EX. We use the Honda finance payment calculator to determine the monthly financing costs for this vehicle, which has a manufacturer’s suggested retail price (MSRP) of $27,770.
Financing rates vary from dealership to dealership. At Honda, a 60-month (or five-year) term comes at an interest rate of 4.19%. Considering that and including a down payment of $2,777 (the recommended 10%), our monthly car payment is $454.55. Note this does not include freight and pre-delivery inspection (PDI) costs, sales taxes, or other levies and fees.
We looked at data from the LowestRates.ca car insurance quoter to determine what it would cost to insure a 2022 Honda Civic Sedan EX as a 30-year-old male driver in Toronto with a clean driving record and insurance history. Our total monthly payment, including financing and insurance costs, would be $641.13.
Other monthly expenses in Toronto to consider that are't included in the total:
- Parking permit: If you own a home, you might have a garage or laneway, but if not, you might need to park on the street. For your first residential on-street parking permit, where you have no access to on-site parking, it will cost you $103.26 every six months. (This works out to $17.21 monthly but is paid as a six-month lump sum twice a year.) The costs rise if you want to park off-street, such as on your front yard or city boulevard.
- Maintenance:This line item is tricky. Essential maintenance is usually done only a few times a year and depends on the vehicle’s specifications. But to offer an example, one of our writers spends about $467.98 a year on basic maintenance.
- Gas: Gasoline prices hit record highs this year and continue to climb. As a result, the Ontario government will provide temporary relief, cutting the gas tax in time for summer. However, at the time of this writing, the average Honda Civic owner can expect to pay anywhere from $2,374 to $2,442 annually in fuel costs, or about $197-$204 per month, according to the Natural Resources Canada fuel consumption ratings search tool.
Note: As of March 13, 2022, the Ontario government eliminated the licence sticker renewal fee, so we’ve removed it from our list.
Food: $694.36/month
According to the City of Toronto’s Nutritious Food Basket Calculator, a single male between the ages of 19 and 30 spends $340.23 a month on groceries, and a single female between the same ages spends $264.48, giving us an average of $302.36. This total did not change from last year, so there’s a chance the calculator’s data has not yet been updated to reflect the increase in food costs shoppers are seeing reflected on grocery store shelves due to ongoing supply chain issues and inflation.
In fact, the latest Canada Food Price Report from the University of Guelph and Dalhousie University forecasts that overall food prices will jump by about 5% to 7% this year, which will increase the cost of living in Toronto for a single person.
Food costs have also continued to increase for families, pushing the cost of living in Toronto for a family of four even higher. The Canada Food Price Report predicts that the average Canadian family will spend $14,767 on groceries (or about $1,230.58 a month) in 2022 — an increase of a little more than 6%, or $966 more a year, from 2021.
Last year, we adjusted the average cost of dining out (whether that’s buying your lunch, getting takeout, going out for dinner, or even buying yourself a latte a couple of times a week) due to the lockdown restrictions preventing much of the city’s residents from dining indoors. This year, however, we’ve reintroduced several options because capacity limits and vaccine mandates have been lifted.
Since many restaurants have adapted how they do business due to the pandemic, pivoting to designated delivery counters or, in some cases, altering their menus, we’ll assume the majority of dining is still takeout.
However, many Torontonians have yet to return to the office. Presumably, a person in a work-from-home environment might buy lunch once a week, so we’ve kept the cost lower than in previous years.
- Buying lunch once a week: $10 each time = $40/month
- Getting takeout for dinner twice a week, or eight times a month: $20 each time = $160/month
- Visiting a restaurant twice a month: $80 each time = $160/month
- Buying a latte twice a week: $4 each time = $32/month
Dining out: $392/month
Groceries: $302.36/month
While grocery costs have increased, there are still ways to save money at the supermarket. Earn free groceries or cash back on your produce and everyday essentials using a rewards credit card.
Phone and Internet: $192.63/month
Unlimited data is still a hot commodity in the cellphone space. The most economical plan option available right now from Bell, Rogers, and Telus is 20GB of data at maximum speed, with anything after running at a slower rate.
The pricing remains competitive on this type of plan, with each major cellphone provider charging $80 a month, the same as last year. However, while service providers maintain their prices, the maximum data speed for this type of plan decreased by 10GB from the year before.
On the high-speed home internet front, however, things have gotten pricier again. Not only has the cost of basic internet increased, but many of us have also opted for plans with boosted download speeds to cope with a work-from-home or hybrid model, or perhaps purely to improve the quality of our streaming services.
Like last year, we compared plans from two of the city’s larger providers, Bell and Rogers, and one smaller one, TekSavvy. We looked at comparable plans from each provider with healthy download speeds of 500 Mbps and anywhere from 20 to 500 Mbps maximum upload speed. (Note: We don’t include one-time installation fees in our calculations.)
- Bell: $114.95
- Rogers: $114.99
- Teksavvy: $107.95
That gives us an average of $112.63 a month for internet and $80 for a phone plan, for a total of $192.63.
Entertainment: $132.39/month
Most public health restrictions have been lifted, and the city is open for entertainment. More people are venturing out to movies, grabbing drinks, and attending events again. However, many people have varying degrees of comfort in crowds or group activities. For some, returning to normal will be a slow progression, which is why some forms of entertainment may stick around — we’re looking at you, streaming services.
We’ve tweaked this category to include one trip to the movies, one outing for drinks, one night of drinks at home with friends, and select at-home entertainment options.
Restaurant/drinks: $40/month
Going out for drinks with friends once a month: $20/month
Having drinks at home/friends’ house once a month: $20/mont
Miscellaneous Outings (movies, events, shows, data, etc): $19.95/month
One regular movie ticket costs around $19.95 at Cineplex, for example. However, a VIP ticket costs more. This price doesn’t include concessions.
- Netflix subscription (standard): $16.49/month ($1.50 more than in 2021)
- Apple TV+: $5.99/month
- Disney+: $11.99/month
- Crave: $19.99/month ($9.99 if you want to watch strictly on mobile)
- Amazon Prime Video: $7.99/month
- Apple Music/Spotify subscription: $9.99/month
The pandemic had us spending a lot of time indoors and in front of our screens this past year. For this reason, we’ve upped the number of streaming services in our living expenses calculation in Toronto for 2022.
The chances are good that most people pay for at least one streaming service. Of course, many people take advantage of their friends’ and family’s subscriptions as secondary users, so this may not reflect everyone’s streaming situation.
Note: we aren’t averaging the streaming services because it’s highly likely that people have more streaming services now than they did before and pay for more than one.
The cost of at-home and in-person entertainment is about $132.39 a month.
Some rewards credit cards now offer cash back or points for subscription purchases and streaming services. Earn rewards as you binge-watch your favourite shows or catch up on the latest flick with the right credit card.
Health and fitness: $61.59/month
Most gyms and fitness studios closed their doors at the beginning of the year to comply with public health measures; however, at the end of January, restrictions eased to allow capacity limits of 50%. As of March 1, gym patrons were no longer required to provide proof of vaccination, and facilities could run at full capacity.
While some people view the gym cautiously, preferring to sweat at home to online classes, others are itching to return to their typical in-person fitness routines. Either way, many facilities offer virtual and physical options.
While some people view the gym cautiously, preferring to sweat at home to online classes, others are itching to return to their typical in-person fitness routines. Either way, many facilities offer virtual and physical options.
Where people prefer to get fit could change later in the year, but no matter what, gym traffic likely won’t reflect pre-pandemic levels. So we’re doing our best to estimate what fitness looks like in a hybrid world.
Here are the prices of popular in-person and virtual gym and fitness memberships in the city:
- Goodlife Fitness: $59.98/month for its “essential” membership (plus a $99.99 joining fee). While the membership fee remains the same, the joining fee costs $15 more than last year.
- YMCA: $59/month (plus an $85 joining fee) for GTA-wide gym access or $14.99/month for unlimited virtual classes via its app.
- Modo Yoga: $159/month unlimited membership (with a 12-month commitment or $199 without).
- Planet Fitness: $15/month for a classic membership or free virtual classes via its app or Facebook page.
We averaged these costs at $61.59 (excluding taxes) — a $1.73 decrease from 2021. This drop may be due, in part, to virtual classes, as most cost significantly less than in-person memberships.
This is what it costs to live in Toronto in 2022
- Total: $3,427.96 month, or $41,135.52 annually (for renters who commute)
- Total: $3,790.09 month, or $45,481.08 annually (for renters who drive)
- Total: $6,777.09 month, or $81,325.08 annually (for homeowners who commute)
- Total: $7,139.22 month, or $85,670.64 annually (for homeowners who drive)
Based on the current tax rate in Canada and Ontario, renters who commute will need to be making at least $52,850 before tax ($41,142 after tax) to make ends meet in Toronto.
Renters who drive will need to be making $59,500 before tax ($45,490 after tax.)
Homeowners who commute will need to make $114,870 before tax ($81,331 after tax.)
And homeowners who drive will need to make $122,550 before tax ($85,677 after tax.)
Do you live in Toronto or want to move there? Check out the home and auto insurance quotes we offer.
Toronto car insurance
Avg. savings for Toronto drivers under 25: $1,477/yr
Avg. savings for Toronto drivers 25 and up: $754/yr
Compare auto insurance from more than 30 insurance companies serving Toronto and find your lowest rate. You’ll be glad you did, especially if you’re under 30: The average LowestRates.ca user in Toronto 25 and under saves up to $123 a month on car insurance, or $1,477 a year.
Toronto home insurance
Avg. savings for Toronto homeowners: $400-$600/yr
Did you know that the average LowestRates.ca user in Toronto saves up $50 a month on home insurance? That’s $600 a year. And that’s the benefit of comparing rates from 15 companies serving the GTA.
Fill in your address and we’ll pull add information you might not know offhand: your square footage, distance to the nearest fire hydrant, and even when the roof was last replaced. Our process is quick and easy — and accurate.
Toronto mortgages
Avg. annual savings: $1,165/yr
Avg. lifetime savings: $28,471
Buying a home in Toronto is expensive enough. A savings of a few decimal points are worth tens of thousands of dollars over the years.
Our five-year variable rate mortgages are half a percentage point lower than our fixed-rate mortgages. On a mortgage of $400,000, that amounts to savings of $97 a month, $1,165 a year, and $28,471 over 25 years.
Connect with LowestRates.ca and instantly access to the best rates from lenders and mortgage brokers serving the GTA. Whether you’re looking short or long term, open or closed, fixed or variable, the best mortgage rate is at your fingertips.
Toronto renters insurance
Generating income from property is a popular investment strategy in Toronto. You may be renting the basement of your home to offset housing costs. Maybe you bought a condo as an investment — or maybe even a whole apartment building. Whatever the case, you need renter’s insurance to protect you from loss, damage and liability. Comparing quotes on LowestRates.ca makes the job of finding coverage faster and more efficient.
Toronto condo insurance
Condos are great options for younger people to get into Toronto’s hot housing market. They’re also an excellent choice for traditional homeowners looking to downsize. No wonder they’re one of the fastest growing real estate sectors in the GTA. Just remember: Condo insurance is different than home insurance. Shop for the best coverage at LowestRates.ca.
About the author
The LowestRates.ca writing team focuses on telling original stories and bringing you the latest news in the world of personal finance.
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