cost of living in toronto

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.

Insurance and lending quote website 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.

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.

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.

Lead photo by

Jack Landau

Latest Videos

Join the conversation Load comments

Latest in Real Estate

Someone is trying to sell a small fraction of their Toronto condo for $20K

Almost half of renters in Canada have accepted that they'll be renting forever

Condo towers and new park to replace luxury auto dealership in Toronto

This Ontario city has the most overvalued real estate market in Canada

A body was found after a fire at this Toronto site that's now on sale for $4 million

The locally famous Toronto 'Rexi House' is on sale for $4 million

This is what the founder of Toronto Fashion Week's condo looks like

Average Toronto rent prices just climbed by a staggering 16.5% amid a wave of inflation