Learn the Cost of Living in Toronto

Learn the Cost of living in Toronto

Toronto, the capital of Ontario province in Canada runs along the north-western shore of Lake Ontario. This beautiful city is known for its CN Tower that dominates the waterfront view and soaring skyscraper free-standing skyline of the city leaving you mesmerized with its stunning aura. Besides this, there are many reasons why people want to live in Toronto. Living in Toronto Canada is a dream for many out there as the city is the centre of attraction because of its dynamic metropolis and iconic buildings. Apart from gorgeous views and dynamic towers it also offers cultural diversity which makes this extraordinary city Toronto the world’s top most liveable city. Even though Toronto city is amongst the most liveable cities in the world, it is also highly-priced in every other manner. And here we have gathered all the information regarding the cost of living in Toronto and how you can smartly save your money while living in such a metropolitan city. 

Cost of Living in Toronto

Living in Toronto

Life in Toronto is very fast and full of lively energy, residents of Toronto get amazing opportunities in every sector. And, with most of Toronto’s population having been born abroad, it is a city with diversified folks around the world.  But as the city is welcoming enough for everyone due to their humble nature and friendly culture that people love to call it their other home.

But then people wonder about the kind of life that Toronto has to offer, such as the way of living and cost of living in Toronto. And even people sometimes compare the city with other cities of Canada before shifting there. 

This article will help you to guide your way towards easy settlement in Toronto. We are going to talk about some easy tricks that will help you manage your cost of living in Toronto. Living in this posh city is probably everyone’s dream but having a dream home in your dream city could be the best thing that can happen to anyone.

Being the centre of attraction and hugely popular among the settlers who are interested to get settled abroad, Toronto is surely an expensive option but you can still manage to buy a home here by managing your monthly expenses whether you are there on rent or buying a home on the mortgage. 

Rents are high in the whole Canada, therefore we suggest you choose the best location from where the local market is within 10 minutes. For instance, the grocery stores, chemists, and other essential stops. But just make sure you choose a location with running traffic from where you can easily get public transit. 

A rough analysis of monthly expenses to live in Toronto is mentioned below to help you make a pause in your wallet. As per suggestions, a person requires to earn about $40,583 (excluding the tax) to meet the living costs requirements of the city.

Here are a few average monthly expectancy bills for the one who is living alone in Toronto:

Housing $1672.13
Phone & Internet $127.50
Transit & Taxis/Uber/Lyft $176.25
Groceries $283.60
Entertainment $354.00
Health & Fitness $75.00
Total 2688.48

Fortunately, the salary structure in Toronto is quite good and rated among the better in the world. The minimum wage in Ontario per hour is $14.25 according to October 2021, with a little lower wage in place for liquor servers or students.

The cost of a beer pint in Toronto can range somewhere between $7 and $10, and this totally depends on the place where you wish to have your beer. Besides the beer and eateries, the tip is something obvious and expected which is around a dollar per drink. These are some decent tips if you buy a beer from the bar, else, 15 or 20 percent is a norm on the overall bill. 

It is also worth keeping in mind that if you save a lease on your flat or apartment, you will probably get an unfurnished portion. It means you will have to gather furnishing stuff on your own which will cost you some more at your expense. 

Well, no worries, below we have discussed some easy tricks and tips for how to live comfortably in Toronto even with a low budget. The guide will guide you to make some little changes in your daily life which affects a lot in your monthly expenses. 

How-to live-in Toronto with a Low Budget?

live-in Toronto with a Low Budget

If you are residing in Toronto city as a student, it is quite common to get short of money even at the very beginning of the semester. It is very common to find students working part-time and selling their possessions to meet their needs. Being broke is not the ending of things in Toronto. You can still hold out on a tight budget in Toronto city, but then you must follow the below-mentioned tips.

Try to Avoid Highly-Priced Food Outlets

Toronto has a beautiful cultural diversity which means you will get all types of food in the city itself. The food includes the New York Fries and the Pita Nutso as well. There are several budget-friendly dining options available to satisfy your hunger. 

In case you do not get any time to make your morning sandwich, no worries because you can still eat at cheap spots around your office or university campus. Thus, always take a rental apartment or buy a flat near a running marketplace to keep yourself in a safe zone in every manner. 

Make Your Budget and Stick to It

Not keeping a budget or failing to stick to a budget you made is the major reason why most people struggle to survive in Toronto or even any part of the world. If you look out for apartments or flats near your college or office, still you need to draw a monthly expenditure line in your mind and not just this, but you also need to follow the same for comfortable survival.

Do not spend much on rental apartments because you are not owning the property. Instead, you must prepare yourself to keep the same amount every week and hold on to your urge to utilize your debit card unless you badly require it. This practice will help keep a track of your weekly expense.

Get Thrifty

If you are a shopaholic then this is for you, you need to tighten your hands while shopping especially at a thrift store. You need to be choosy when shopping, doing this you will end saving a lot of money, so only buy stuff that is required. 

Need not be trapped in deals or offers and stay stick to your shopping list and shopping budget. You can visit the kind of exchange stores where you will get great options of clean and lightly worn clothes. This way you will find fashion on a low budget. Also, you can save your money by selling your old clothes at the same store. 

Try to Avoid Visiting Salons

Taking care of your skin and hair is not as hard as you think. You will be shocked by how much money you can save when you start to cut out this monthly expense. Maintaining an apartment is much more important than wasting your hard-earned money on things you can do by yourself. 

Take an Apartment Near Your Workplace

The trick always works magically for those who are working somewhere or for students. This means if you must go to the same place daily then commuting is the thing that increases your monthly expense so why not cut it out. Thus, try to take an apartment near your college, university, or workplace so that you can save your money.

Go for Free Gallery Openings

To enjoy yourself, you need not spend your hard-earned money. You can simply enjoy your time by checking out free gallery openings in your area. Free gallery openings are one of the best ways that offer you a free visit to cool places. 

Every now and then you will find an open bar and apart from this, you will also get several cultural and social events in Toronto. The residents of Toronto get access to enjoy free event nights which are open for all the public out there. 

Not just the free access these events sometimes also offer you a free glass of wine to compliment your happiness. Also, there are some wonderful gallery campuses around your area that provide free admission which includes Gallery Arcturus, Ryerson Image Centre, and a Free Night at the Art Gallery of Toronto.

Cheap Rental Apartments in Toronto

Cheap Rental Apartments in Toronto

Here are a few cities listed below where you can find the cheapest rental apartments in Toronto:

  • South Parkdale: $1,647
  • Cabbagetown- South St at James Town: $1,655
  • Dovercourt Park: $1,657
  • North St. James Town: $1,692
  • Humewood- Cedarvale: $1,706
  • Wallace Emerson: $1,718
  • Little Portugal: $1,743
  • Yonge-Eglinton: $1,745

Expensive Transit in Toronto

Transportation is our daily life expense, thus, keeping in mind it is advised by many to live without a car if you want to live comfortably in Toronto. It is much easier for people to manage their daily commute without owning a vehicle. 

But fortunately, the public transport system is so smooth that none faces the issues related to traveling from one part of the city to the other. Cost of living in Toronto is highly affected by the commute. Wait, take it positively because the TTC (Toronto Transit Commission) runs public transit in the city and its service is very comprehensive that takes you everywhere in the city, no matter where you want to go. 

After real estate, transportation is the next big thing which is the major concern among most of the people who live in Toronto. Therefore, there are two main sources i.e., subway lines, wherein Line 1 covers the north and south area whereas Line 2 covers the east and west area of the city. 

The subway line runs frequently and covers all the areas no matter where you buy an apartment. The transit system in Toronto is a full package for one who wants to live in Toronto with a cheap budget. The subway lines are frequent by every two minutes even in the rush hours of the day. With the help of this facility, you can buy or rent your apartment where you get the best cost of living in toronto, also you need to spend on your vehicle as this daily transit helps you get where you want with no traffic hustles. 

Conclusion

Toronto is a beautiful and multicultural city with all the modern aspects that are growing day by day. Be it industrialization, education, cultural diversity, or something near to nature, Toronto is a one-stop place for all the seekers. 

Being the capital of Ontario Province in Canada, the city is much more demanding now than ever before. Every other person from the complete world wants to shift to Toronto, thus, the price of everything in the city is crossing new heights every day. Especially, the real estate market in Toronto is getting highly-priced day by day due to the scarcity of land and their higher demands. 

But still, no one can stop you from building your dream from scratch, above we have given some easy tricks to help you live in Toronto with a low budget. You can seek and save your future by landing your struggling present in the city by managing your daily routine a little. 

FAQs

What salary do I need to live in Toronto?

A single person requires around $2,771 CAD on average to manage their monthly expenses, and for a family of four, it is necessary to earn around $5,230 CAD monthly.

How expensive is it to live in Toronto?

As per the numbers, an online portal that cross-checks the cost of living amongst different cities of the world, the monthly average cost of living in Toronto for a single person is $1,226.62 before rent.

How much does rent cost in Toronto?

The rent costs equal to 80 percent of AMR are general and due for this reason, concluded in the table below.

The monthly occupancy cost- 

– Average market rent in 2021 for Hostel is $942 

– Average market rent in 2021 for Bachelor apartment is $1,211

– Average market rent in 2021 for 1 bedroom apartment is $1,431

– Average market rent in 2021 for 2 bedroom apartment is $1,661

How can I live cheap in Toronto?

Here are a few tips to live cheap in Toronto:

– Try to avoid overpriced food outlets.

– Get thrifty, buying stuff from the thrift stores.

– Always keep a budget and try to stick to it.

– Take care of your skin and hair on your own.

– Keep a check on free gallery openings.

– Make sure you take apartments near your college or office.

Is Toronto worth living in?

Living in Toronto is perhaps the best introduction to Canada. Toronto is Canada’s biggest city in all aspects be it industrialization, population, or cultural diversity, the city is most diverse. Also, it is possible to get a token of different cultures throughout the world. In case you are wondering about the entertainment, clubs, and Bars are there to fulfill your wish. Toronto is a city worth living in as it comes with everything on another level.