Toronto is one of the most beautiful and multicultural cities on earth.  There’s nothing quite like the liveliness you can find in this city and the incredible people that call it home. But, unfortunately, it’s also very famous for being one of the most expensive cities in the country.

 

If you’re curious about living in Toronto and aren’t sure if it’s within your budget to do so: these are the top things you need to know.

 

Rent and Housing

The cost of your rent or housing will differ an extreme amount depending on where in the city you are.  The further away from downtown and city central: the better chance you’ll have at finding housing at affordable rates.  The cost of renting the average two-bedroom apartment in Toronto can range between $1,200 to $1,500 a month but can go lower if you don’t mind the commute.

Real estate in Toronto is also pricier, sitting at around $870,000 for a house, which is $150,000 more than the national average.  This can be a steep amount of money to pay, so if you’re not prepared for that, renting may be your best option. 

Food And Daily Expenses

The nice thing about Toronto is that it gives and takes how much groceries can cost.  If you shop in more high-end areas and at expensive stores: you’re going to find higher prices that make it impossible to survive.  Some smaller stores that are locally owned make it a lot better.  Unfortunately, Toronto’s cost of food and daily expenses are still more expensive than the national average, with a single person racking up around $980 a month in expenditures without rent.  

Entertainment and Fun

If you want to save money: this is the part of your budget that will let you do it in Toronto!  The entertainment and fun in this city are cheaper than anywhere else since so many experiences offer free or discounted options.  These savings can go even further if you’re a student in the town since many areas allow discounts for those with student IDs.

Car Insurance and Transit

Car insurance is a major expense people have to deal with if they want to avoid public transit.  For the most part, this insurance can cost just under $200 a month. However, if you pile a car payment on top of that, plus gasoline and services, it can feel like you’re paying double rent to have a mode of transit.

If public transit is more your style, you can find a monthly pass for adults at less than $160 a month, which means you’d be paying far less than all of the money that goes into owning a car.  Although this does mean you rely on the public transit’s timing, and you have to share your vehicle, it gives you the chance to help the environment while also saving money.

 

Toronto is an expensive city, there’s no getting around that, but with the amount, you can make by breaking into the incredible tech industries in the city: it can be worth it!