Cost of Living in Toronto
Canada • Population: 2,731,571
Key Living Costs
Monthly Budget Estimates
Cost of Living Overview: Toronto
Toronto, Canada is 28% more affordable than New York City, making it a moderately affordable destination for expats and digital nomads in 2026. With a single person's monthly budget averaging around CA$2,858 (including rent outside city center), understanding the true cost of living in Toronto is essential for anyone planning to relocate or spend extended time in this North America city.
Key Cost Highlights
A one-bedroom apartment in Toronto's city center costs around CA$2,570 per month, while living outside the center saves you approximately 21% at CA$2,021.
Dining out in Toronto ranges from CA$25 for an inexpensive meal to CA$115 for a mid-range three-course dinner for two. Daily coffee runs will set you back CA$5 per cappuccino.
Public transit is a significant expense at CA$156 per month for unlimited travel. A single trip costs CA$3.
Basic utilities for an 85m² apartment (electricity, heating, cooling, water, garbage) average CA$172 monthly. Internet (60 Mbps+) adds another CA$75.
Purchasing power in Toronto is moderate compared to global averages, meaning your money stretches reasonably well.
Cost Breakdown
🏠 Housing (Monthly)
- 1BR City Center$2570
- 1BR Outside Center$2021
- 3BR City Center$4355
🍽️ Food & Dining
- Meal at Restaurant$25
- Mid-range Restaurant (2 people)$115
- Cappuccino$5.42
🚌 Transportation
- Public Transport (Monthly)$156
- Taxi Start$4.25
- Gasoline (1L)$1.42
Living in Toronto
Living in Toronto offers a very affordable lifestyle compared to other major world cities. A single professional can expect to spend CA$2,858 per month for a comfortable life, while families should budget approximately CA$6,129 monthly. Housing remains the biggest expense at 71% of a single person's budget. The Canada North American lifestyle in Toronto combines affordable dining with reliable transportation.
Who Should Move to Toronto?
Toronto is ideal for freelancers looking for affordable quality of life, young professionals starting their careers, families needing spacious housing, and those seeking international experience. The city's low costs make it perfect for those looking to stretch their savings. With Canada's business opportunities and infrastructure, Toronto attracts people from all walks of life.
Money-Saving Tips for Toronto
Money-saving tips for Toronto: Cook at home to significantly reduce food costs. Shop at local markets for fresh produce at better prices than supermarkets. Additionally, consider using local banking services to avoid international transaction fees, and research any tax treaties between your home country and Canada for potential savings on income earned abroad.
Frequently Asked Questions
How much does it cost to live in Toronto per month?
A single person can live comfortably in Toronto for approximately CA$2,858 per month, including rent outside the city center. This covers housing (CA$2,021), food, transportation, and utilities. Living in the city center increases costs to around CA$3,407 monthly.
What is the average rent in Toronto?
In Toronto, a one-bedroom apartment in the city center averages CA$2,570 per month, while the same outside the center costs CA$2,021. For a three-bedroom apartment, expect CA$4,355 in the center or CA$3,200 outside.
Is Toronto expensive?
Toronto is relatively affordable, with a cost of living index of 72 (New York City = 100). Your money goes further here compared to major US and European cities.
Is Toronto a good city for expats?
Toronto offers good purchasing power and affordable living costs for expats. The North America lifestyle, combined with reliable connectivity and transportation options, makes it an excellent choice for international residents.
How does Toronto compare to New York City?
Toronto is 28% cheaper than New York City. Rent is 32% lower, and groceries are 30% more affordable. Overall, significant savings are possible.
In 2026, Toronto remains a highly affordable destination in North America. Whether you're a digital nomad, expat, or simply exploring relocation options, understanding these costs helps you plan effectively. Compare Toronto with other cities to find your ideal match, or use our salary calculator to determine what you'd need to earn here.
Other Cities in Canada
Compare Toronto with Other Cities
Planning to move to Toronto?
Calculate how much you'll need to maintain your lifestyle
Use Cost CalculatorMoving to Toronto? Get Global Health Insurance
SafetyWing offers comprehensive health insurance perfect for expats and digital nomads in Canada. Cover medical emergencies, routine care, and more from just $45/month.
- • Works in Canada and 180+ countries
- • No home country restrictions
- • Monthly subscription, cancel anytime
- • Covers COVID-19 and pre-existing conditions
Trusted by 100,000+ nomads worldwide