It’s a hate-love relationship with Toronto – The unaffordable city we can’t live without. 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 $3,942.43. And the majority of that cost goes towards rent, or housing.
Here’s a breakdown of the cost as per the data LowestRates provided.
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Well, for renters, the average cost of rent, according to an April 2023 report from Rentals.ca, of a one-bedroom rental unit in Toronto was $2,506/month. But that’s just the cost of rent. Many renters require tenant insurance, which LowerRates estimated to cost about $15.75 per month.
Total cost for renting: $2,521.75
If you’re a transit rider, the cost of a monthly pass or loading up your PRESTO card is another thing you need to worry about. A TTC ride now costs $3.35 (or $3.30 on PRESTO). And for those who use rideshares like Uber or Lyft, according to the data, it estimates a roundtrip ride from Midtown to the Yonge-and-Dundas area to be about $34.
LowerRates estimates the average monthly transportation cost to be $279, which could include the adult 12-month Pass ($156.00) as well as four $34 Uber trips a month (for a total of $136).
Total cost for transit: $279
The report states that the average cost of grocery trips in Toronto is $341.41 per month. Factoring in some take-out coffees, as well as dinners out, this adds an additional $408.
Total cost for food/dining: $749.41
Phone & internet
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 hitting an average of $97.65 a month.
Total cost for phone & internet: $177.65
The cost of entertainment will certainly vary – but this is all averaged out. The report breaks down the cost of entertainment, like movie trips, night outs, and streaming services at home. They estimate the cost of at-home and in-person entertainment is roughly $151.43 a month.
Total cost for entertainment: $151.43
And last but not least, Toronto loves working on their fitness. LowerRates looked at the cost of fitness memberships in the city, analyzing the average cost of gyms such as Goodlife Fitness ($67.98 per month, along with a $49.99 joining fee), as well as unlimited memberships at yoga studios, the report says the cost is about $159 per month. YMCA is about $59 a month with an $85 joining fee and Planet Fitness for about $15 a month.
Total cost for health and fitness: $63.19
The bottom line
So what is the total cost of living in Toronto alone as a renter?
LowerRates breaks it down to $3,942.43 per month, or $47,309.16 annually for renters who commute, or $4,372.96 month, or $52,475.52 annually for 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 $62,500 before tax ($47,532 after tax) to make ends meet in Toronto, while those who drive will need to be making $70,000 before tax ($52,701 after tax).
Overall, it’s not getting easier out here for us in Toronto.
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