There are 4 places in the GTA that cost more to live in than Toronto

When it comes to the cost of living in Canada, Toronto often takes the spotlight as one of the priciest places to call home. With its bustling downtown core, soaring condo prices, and ever-rising rent, it's no surprise many assume it tops the charts for affordability challenges, but this isn't quite the case. 

One would be forgiven for thinking that Toronto is the most expensive city in the Greater Toronto Area (GTA), but other cities in the region regularly top the 416 in average cost of living. 

A recent MoneySense report reveals four cities that surpass Toronto among the most expensive places to live in the GTA, and a couple of them don't come as a huge surprise to anyone paying attention to regional home prices and the increase in living costs. 

Richmond Hill

An aerial view of a residential street in Richmond Hill. Photo by liran finzi sokolovski/Shutterstock. 

According to the report, Richmond Hill leads the pack among the most expensive cities in the region, with an average annual income of $106,536 needed to live comfortably, and monthly living expenses averaging $4,439.

This figure reflects the city's in-demand housing market, an uptick in property taxes, and premium services, making it pricier than Toronto itself, where an average annual income of $98,880 is required to make ends meet.

Milton

Downtown Milton was once a quiet village that has transformed into a bustling hub. Photo by Mehdi Kasumov/Shutterstock. 

Milton follows closely behind, with a required income of $106,392 per year and monthly expenditures of $4,433. The city's rapid growth and rising demand for housing have pushed costs in Milton well beyond those in the 416.

Whitby

Known for its Port Whitby Marina, a single resident now needs an annual income of $105,624 to sustain a comfortable lifestyle in this town. Photo by Jen duMoulin/Shutterstock.

Up next on this list is Whitby, once considered a more affordable option for those seeking a suburban lifestyle. But now, this Durham Region town necessitates an income of $105,624 annually, with monthly costs totaling $4,401.

To put the demand into better perspective, the 2021 Census of Population for the Durham Region showed a 7.9% spike in Whitby's population from 2016 to 2021. The stat simply proves that more people are moving to Whitby, and its popularity is a catalyst for the rising costs of living. 

Mississauga

Mississauga has grown from a sleepy suburb to a full-fledged city. Photo by Sean Pavone/Shutterstock. 

Mississauga rounds out the list at $99,816 per year, with monthly living expenses of around $4,159. For a city that owes much of its growth to its proximity to Toronto, the mega-sized suburb has outpaced the cost of living of its neighbour to the east.

While the Bank of Canada's inflation projection through 2026 sits at a relatively stable two per cent, the cost of housing and essentials could outpace this rate in major urban centres like the GTA, adding to the already runaway living costs in the region.