Toronto Cost of Living | Country Guides | I Love Moving

Everything You Need to Know About Toronto Cost of Living

Posted Country Guides / October 30, 2020
Blake Shaw

Bostonian and residential moving and packing expert. Blake Shaw enjoys bar-hopping, music, and writing insightful content.

Around 73,000 Americans live in the largest Canadian city, and if you want to become one of them, you should go over Toronto cost of living first. This way, you will know just how much money you need for basics like food, groceries, and accommodation long before you hire an international moving company to help you relocate.

Moving to Toronto will put you in a place that is a commercial, financial, and industrial center of the country, and therefore ideal for career chasers. Furthermore, with more than 8,000 restaurants, 1,600 parks, and 200 historical monuments, this is the spot for more than just work. Becoming a Torontonian should be an easy decision. To help you handle finances while relocating, we broke down all the essential costs you are expected to pay once you settle in.

Is the Average Cost of Living in Toronto Canada More Expensive Than in Other Cities

When figuring out how to live abroad, you should first consider how the location you picked to settle in will affect your overall budget. Relocating to Canada and living in Toronto will bring you many benefits, but to be absolutely sure you reached the right decision, and compare this metropolis with other cities in the nation.

If you are not afraid of breaking the language barrier and considering relocating to Montreal instead of TO, know that residents there have 30% lower average monthly net salaries than Torontonians. Even though the TO housing is more expensive, groceries are cheaper.

Furthermore, if you are thinking about living in Vancouver, know that you will require more money to become a homeowner or to rent a three-bedroom apartment. Vancouver is also pricier when it comes to shopping for groceries and clothes.

Ottawa might be the best place to live in Ontario, but if you consider settling there, be prepared to have a lower salary and pay more for sports activities than Torontonians. You might be saving up on groceries when relocating to Ontario, more precisely to Ottawa, but the prices of dining out are almost the same as in TO.

You might not be moving overseas, but you are still relocating to another country, which is why you should be completely sure about your decision. Comparing cities in CA with one another will clearly show you the exact benefits of staying in one of them.

How Do Housing Prices Affect Toronto Cost of Living

When moving internationally, you have to think about gathering all the necessary documents to travel abroad, going over the steps for acquiring a work visa, and finally looking for a roof over your head. Relocating to TO will put you in a spot with 140 officially recognized neighborhoods, and depending on your wishes, needs, and desires, any one of them can be your next home.

Keep in mind that residential communities will more likely than not be very distinct from the commercial core in Downtown. From Victorian and Edwardian era residences to studio lofts and modern apartments, TO has a very diverse housing market.

However, becoming a Torontonian comes with a price. The metropolis is notoriously famous for its high housing prices, and it is not for every pocket. If you want to avoid dipping into your savings, the answer is in finding affordable neighborhoods.

If you are relocating for love and plan on rooming with your partner, you might want a more spacious apartment. However, if you are moving alone and want to try being on your own, looking for a studio or a one-bedroom condo is the way to go. Whatever the reason there might be, you can opt for renting or buying a property. Suppose you decide to buy a place, know that, according to the website Numbeo, the price per square foot in the center is around $800, while the same footage on the outskirts is around $610.

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Get a Roommate if You Hope to Lower Your Overall Housing Cost in the City

TO might be one of the best places to live abroad, and that can be seen in a variety of housing options it offers to its residents. Data from the website AreaScore shows that most homes, around 27.30%, in TO have three bedrooms, while around 53% have two or less.

Having many spacious units means you can share the home with somebody, and finding a roommate is one of the best tips for lowering overall expenses. To avoid making one of the most common moving mistakes – looking for accommodation at the last minute, check out some of the best areas for renters in TO:

  • Rexdale-Kipling is located in northern Etobicoke, and its housing mainly consists of single-family residences, but there are also high rise apartment towers. What makes it a renters paradise are some of the lowest rental prices in the metropolis. Here you will need around $970 for a one-bedroom and $1,950 for a three-bedroom apartment. This slow pace, suburban-like location is ideal for families and seniors that like spending time with friends and family away from big city noises.
  • Keelesdale-Eglinton West is located in the Silverthorn region, and it is known for its family-friendly vibe and diversity. There are plenty of single-family houses and low rise apartments to choose from. If you are looking for a one-bedroom place you will need $930 a month for rent, while those in need of a bigger residence like two-bedroom flats will pay on average $1,265. If you are relocating with dogs, keep in mind that there are more than a few friendly spaces such as Black Creek River and Keelesdale South Park, where your furry friends can run around.
  • Rockcliffe-Smythe has undergone a fair share of development over the years. Recent additions were York Community center and Open Mall. However, the location is known for its vast open spaces that include Smythe Park and Black Creek, so if you are relocating to Canada with pets, this is one of the places where you can settle in. Besides plenty of outdoor activities, Rockcliffe-Smythe is known for affordable rents. A one-bedroom here, on average, is $1,015.

How Much Do Utilities and Food Cost Every Month

Finding a home in TO is just the beginning. When you choose the right spot to settle in, you have to think about all the monthly bills you’ll be expected to pay. According to Numbeo, basic utilities like garbage, heating, water, electricity, and cooling will be around $115 a month. If you want to add up unlimited internet data, you’ll need an extra $55. Furthermore, until you unpack and actually have the time to get a mobile plan, you might use a prepaid tariff that is around $0.35 a minute.

The next thing on the list of unavoidable expenses should be food. When getting groceries, be prepared to pay $8.80 for a gallon of milk, $2.60 for a carton of eggs, and $2 for a loaf of fresh bread. Buying a domestic beer will knock $2.50 out of your wallet, while getting an imported one will leave you without $2.90. If you are a smoker, know that a pack of Marlboro is around $11.50.

Adjusting to a new country means you’ll have to accept some forms of behavior the residents have, and if you want to be true Canadian dining out is a must. According to the website StatCan around 54% of residents eat out at least once a week, and the meal most often eaten out is dinner. Since this is one of the best vegan cities in the world, you can expect plenty of plant-based menus, not only those that include meat. A meal in an inexpensive eatery will be around $15, while a three-course dinner for two people in a mid-range restaurant can be up to $70.

What Are the Other Expenses That Go Into Toronto Canada Cost of Living

When you pay for food, utilities, more than one insurance, and housing, there are still things you can spend the money on. Depending on your lifestyle might want to create a weekly or monthly shopping budget or a driving one. After all, TO is a huge location where you will surely find a new way to spend some cash.

Those Enjoying Shopping Should Write It Down as a Part of Overall Living Expenses

TO has many shopping malls all across the metropolis, including five luxury ones, meaning here you can buy anything you desire. If you haven’t packed shoes for moving, or at least not enough, you can buy a pair for $100. Additionally, if you plan on working out, getting running shoes will set you back for $85. A pair of jeans is around $60, while you will be expected to pay around $35 for a summer dress in one of many chain stores.

Driving a Car Can Also Affect Your Costs

Have you hired an overseas moving company to ship your car to CA? If you did, think about what that means for your budget. Because when the international car shipping is done, you’ll probably want to use your vehicle in everyday life, meaning you will have to pour some gas in it. A gallon of gasoline in TO is around $3.25, which shows that drivers spend, on average, $560 a month on the car.

If you want to spend less, consider using TO public transportation that consists of heavy-rail rapid transit, a streetcar system, and buses. A one-way ticket for local transport is $2.47, while for a monthly pass you’ll need $115. Keep in mind that there are some more affordable prices for different age groups.

What Are the Overall Costs of Moving Abroad to CA

You figured out how to move to another country this year, and you didn’t hesitate to call and hire an overseas shipping company to help you. While professionals that offer services like shipping overseas as well as packing are handling your stuff, you can sit back and relax. However, professional help comes with the price, and it will depend on the amount of stuff you have, as well as on the additional services you chose to use or not to use. To be sure just how much money you will require for the relocation to CA, contact the Toronto international movers and ask for a free quote.

Should You Get Insurance When Moving to Canada

When you are figuring what to pack when relocating, you will see just what kind of stuff you are bringing along. If there are some valuables, like jewelry, precious family heirlooms, having insurance is a must. Usually, a reliable international moving company already has some basic coverage, but you can consult with them and get additional insurance if you want to be extra sure. When relocating, it is always best to be safe than sorry. Even though the insurance costs can be an extra expense on your list, it is worth all the trouble.

Is Becoming a Torontonian Worth Moving Internationally

Making a relocation checklist, going over all the things you must do might scare you, but don’t let it deter you from becoming a Torontonian. Relocating to the most populous Canadian city brings many benefits. You will be able to access not only top-notch educational institutions but also vast employment opportunities and entertainment suitable for every taste. When you get a good grasp of the cost of living in Toronto, Canada, there will be nothing you can’t achieve. Pack up your bags, and head to the Great White North because becoming a resident there is worth all the trouble.

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