What is the minimum cost of living for Toronto in 2024?

apartments for Living for Toronto

The world is currently in the grip of a cost-of-living crisis that has extended beyond the utilities like gas, electricity and water we consume, and has instead taken everything in sight to a whole new level of inflation. Housing is no different, and while Canadians have it much better than some people (check out the housing in New York or California), its still quite a lot as compared to a few years back. Given that Toronto is one of the major cities of Canada and plays host to a large number of residents, the minimum cost of living for Toronto in 2024 has also ballooned. In this blog post, we’ll take a general overview of the minimum cost of living in Toronto and gauge whether Toronto is better off than its American counterparts or is it equally bad. 

It is important to note here that the cost of living isn’t just limited to rent and groceries. It also includes utilities and fares of public transport around the city. As such, Toronto occupies a special place in Canada as one of the few cities that is livable, still in 2024. Let’s start by looking at the minimum cost of living Toronto, including all the aspects of it. 

Minimum Cost of Living Toronto 

In this section, we will start by looking at the minimum cost of living in Toronto for different family types, and while Toronto is considered livable for the most part, this blog will further delve into the details of how much it costs to live in Toronto and provide a breakdown of the cost of living in Toronto. 

Toronto is by far the largest and most populous city in Canada, known for its booming economic and educational sectors. While it offers a modern urban lifestyle and endless opportunities to expatriates, it comes with its own set of financial considerations.

Overview of Minimum Cost of Living in Toronto

This section will provide you with a quick overview of the minimum cost of living in Toronto, and while some particulars may vary from person to person and family to family, considering that each family’s needs and requirements as well as situations are different, these will provide a ballpark estimate of the minimum cost of living in Toronto. 

Cost of living for an individual: The cost of living in Toronto for a single person is CAD 3539 month to CAD 42,468 per year. 

Cost of living for a family of 4: Toronto living expenses for a family of 4 is CAD 8079 per month and CAD 96,948 per year. 

Cost of living for students: The average cost of living in Toronto for students is CAD 1,800 per month and CAD 21,600 per year.

Now, lets look at some things you can do and shouldn’t do to ensure that living in Toronto does not burn a hole through your wallet, and that you get to enjoy the big city without worrying too much about budgeting. 

Do’s, Don’t’s for Cost-Effective Living in Toronto

Do the following if you want to live comfortably in Toronto without burning a hole in your pocket. 

Search for affordable accommodation: As mentioned above, the housing cost in Toronto is skyrocketing due to an acute home shortage. Accommodations, especially those within the city centre, are extremely expensive. If you want to save some money, then consider exploring different areas to find a cost-effective accommodation. Instead of renting out a room or an apartment within the city, check out those outside it. Moreover, if you are a student, then opt out for shared accommodation rather than renting out a separate space. 

Plan a monthly budget: Having a monthly budget is critical to living in an expensive city like Toronto. Without it, you will end up spending thousands of dollars without even realising it. So, create a budget according to your monthly income and expenses and follow it throughout the month. Of course, you can keep your budget flexible, but make sure not to exceed it beyond your financial capabilities. 

Use public transportation: If you are new in the city and haven’t found a good-paying job yet, then avoid buying a car. No doubt it is convenient, but the cost of maintaining a personal vehicle in Toronto is very high. Instead, use public transportation as much as possible. Else, you can also invest in a bicycle to save money on your daily commute. 

Have health insurance: Just like housing and rent, healthcare costs are also increasing furiously in Canada. Even a few minutes of a visit to a hospital/doctor can cost you hundreds of dollars. This is where it becomes important to have a health insurance plan. It can save you from potential medical debts. 

Explore free entertainment options: Instead of looking for paid entertainment options like clubs, cinemas, etc., explore free entertainment activities. There are plenty of free activities in and around Toronto, such as hiking, trekking, camping, attending local festivals, community events, and so on. 

Avoid online shopping: Online shopping is extremely convenient. However, it can lead to unnecessary expenses that can wreck your budget. So, consider shopping in the local markets. 

Consider second-hand options: Buying and selling second-hand products is very common in Toronto. From furniture and appliances to other household items, you can save a lot of money by purchasing used products. 

Here’s what you shouldn’t do if you want to live in Toronto cost-effectively.  

Rely on eating out: If you want to maximise your savings, then avoid eating out. Instead, buy cheaper groceries from local farmer’s markets and carry out meal prep for the entire week. This way, you will be able to save hundreds of dollars while also maintaining your health and fitness. 

Ignore emergency funds: It is crucial to build an emergency fund when living in Toronto, as you never know when you might get struck by an emergency. So, save a fixed amount each month and contribute it towards your emergency savings.

To Conclude, 

Toronto is a great city that offers incredible growth opportunities to international students and professionals. However, managing the cost of living in this Canadian city requires mindful budgeting and making informed decisions. Finding cost-effective accommodation and building a realistic budget are two of the most critical steps. Following the above-mentioned cost-saving tips will help you live in this vibrant city without facing any financial struggles.

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Toronto Boutique Apartments (TBA) has the best selection of one, two and three-bedroom apartment rentals across the beautiful greater Toronto area (GTA). Discover the most picturesque locations, the trendiest spots and the tourist attractions as Toronto Boutique Apartments puts you in the heart of the city, complete with a living experience unlike anything else. We have fully furnished apartments that will elevate your stay, and will help you discover the city of Toronto in style. 

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