Ah, Toronto. The city we love at all times, despite its brutally cold winters, or the loss of our beloved Toronto Maple Leafs during playoffs. This is our home. And just like everything else around us, our city is getting expensive. But just how much does it cost to live alone in Toronto?
According to data by LowestRates.ca, which also used external sources as well as personal experiences, the current cost per month is roughly $3,427.96. Yikes. And the majority of that cost goes towards rent, or housing. Let’s break down the cost as per the data LowestRates provided.
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For renters, the average cost of rent, according to a March 2022 report from Rentals.ca, of a one-bedroom rental unit in Toronto was $2,044/month in February (this has remained the same in April as of the latest data). But that’s just the cost of rent. Many renters require tenant insurance, which LowerRates estimated to cost about $23.99 per month.
Total cost for renting: $2,067.99
So depending on where you live and work, you may need to transit on a regular basis. One TTC ride now costs $3.25 (or $3.20 on Presto). And for those who use rideshares like Uber or Lyft, the data estimates a roundtrip ride from Midtown to the Yonge-and-Dundas area costs about $34.
LowerRates estimates the average monthly transportation cost to be $279, which could include the adult 12-month Pass ($143.00) as well as four $34 Uber trips a month (for a total of $136).
Total cost for transit: $279
Using the City of Toronto’s Nutritious Food Basket Calculator, the report states that the average cost of grocery trips in Toronto is $302.36 per month. Factoring in some take-out coffees, as well as dinners out, this adds an additional $392.
Total cost for food/dining: $694.36
Next up, LowerRates looked at the cost of internet and phone – two necessities especially now that many work and study from home. The average price for cellphone plans in the city is $80 per month, with internet prices ranging from $107 to $114, or an average of $112.63 per month.
Total cost for phone & internet: $192.63
Ok so for this one, the cost will certainly vary – but this is all averaged out. The report breaks down the cost of entertainment, such as trips to the movies, night outs, and our streaming services at home. They estimate the cost of at-home and in-person entertainment is roughly $132.39 a month.
Total cost for entertainment: $132.39
And finally, LowerRates looked at the cost of fitness in the city. Averaging out the cost of gyms such as Goodlife Fitness ($59.98 per month, along with a $99.99 joining fee), as well as unlimited memberships at yoga studios, the report says the cost is about $61.59 per month. This doesn’t factor in studios such as those for spin, which average almost $270 per month downtown Toronto.
Total cost for health and fitness: $61.59
So what is the total cost of living in Toronto alone as a renter?
LowerRates breaks it down to $3,427.96 month, or $41,135.52 annually for renters who commute, or $3,790.09 month, or $45,481.08 annually or renters who drive.
Additionally, they add that based on the current tax rate in Canada and Ontario, renters who commute will need to be making at least $52,850 before tax ($41,142 after tax) to make ends meet in Toronto, while those who drive will need to be making $59,500 before tax ($45,490 after tax.)
So basically, no avocado toast anymore. Ever. And here’s a list of free & cheap things to do this month.