This is the shocking amount it actually costs to live in Toronto these days
People are really feeling the pain of inflation lately as prices for food and other everyday items rise, especially in and around big cities like Toronto, where the cost of rent continues to spike and homes get even less affordable to the average resident.
As the price of housing has increased at an exponentially higher rate than everything else over the years — in Ontario at large, the average home is now about 22.5x one's disposable income — housing is accounting for a larger and larger chunk of people's paycheques, pricing many out of the city or region completely.
While the province's $15 minimum wage is nowhere near the actual living wage you need to make to be able to get by here, a new report has revealed some damning numbers, showing the breakdown of how expensive the city really is.
cost of living in toronto is the same as the cost of living in LA but with snow…— M (@scumarcus) April 29, 2022
Please make it make sense
Insurance and lending quote website LowestRates.ca says that housing in the city now costs a whopping $2,067.99 per month for the average renter and $5,417.12 a month for the average homeowner in 2022.
While this is the largest cost, it is only one of many: transportation will run you an average of an additional $279 per month if you're a transit rider and $641.13 a month if you're a driver, and that's not even including the ridiculous price of gas, parking or car maintenance, just the typical car itself and insurance.
Then theres food, another $694.36 a month; phone and internet for an extra $192.63; $132.39 for a minimal level of "entertainment" that includes Netflix and Spotify subscriptions; and $61.59 for a gym membership to stay active and healthy.
The cost of living in Toronto is tooooooo high— $hahrukh (@shxhrxkh_) May 16, 2022
Altogether, it's a lot to swallow: $3,427.96 month/$41,135.52 a year at best (for renters who take transit), and $7,139.22 month/$85,670.64 a year at worst (for a homeowner who drives).
At best, with tax rates, the company suggests that renters who commute need to make at least $52,850 just to make ends meet in the city.
Renters who drive will need to be making $59,500; homeowners who commute will need to make $114,870 before tax; and homeowners who drive, $122,550 — and this is only with average prices.
Someone working full-time on minimum wage in a job without tips, with the requisite unpaid 30 minute break per shift, will earn $2,250 a month before taxes.
So @LowestRates_ca's Cost of Living Toronto page is updated today and finds double digit inflation YoY for everyone.— John Shmuel (@jshmuel) May 17, 2022
Renters who use transit costs up 15.5%
Renters who drive up 16%
Homeowners who transit up 34%
Homeowners who drive up 46% https://t.co/793ZvXS2BE
Given that these figures are just a baseline, it's no wonder that so many people are moving away or absolutely struggling to stay here, and so few are actually thriving.
Unfortunately, with so many making the move, even small towns in Ontario are getting too expensive.
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