It’s no secret that living in Toronto comes with the downfall of some pricey living costs. Have you ever wondered what it would cost on a single income to be considered “thriving” in the city? Wellesley Institute has put together a “Thriving in the City” report outlining the costs required to reach a state of physical, social and psychological well-being when living in Toronto.

Let’s dive in!

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Costs for the report were identified from research referencing sources including Statistics Canada, the City of Toronto Nutritious Food Basket and market data.

The findings represent a renter of a one-bedroom apartment in the City of Toronto who does not own a car.

According to Wellesley Institute’s findings, “the annual cost of thriving for a single, working-age adult in the GTA is estimated to range between $61,654 and $83,680 after taxes.”

The estimated costs exceed the earnings of a minimum-wage full-time worker making $16.55 per hour working 35 hours per week, which is $25,994 after taxes.

Here’s a breakdown of the highest costs:

Shelter

$21,008 per year

  • Rent: $1,750.70 per month
  • Equipment: $363
  • Furnishings: $768
  • Tenant insurance: $203

Savings & debt

$15,483 per year

  • General savings: $4,617. 10% of annual expenses less debt.
  • Retirement savings: $9,234. 20% of annual expenses less debt. Adjusted upwards from 10% to account for lack of home equity.
  • Debt repayment: $1,632. Average re-payable Ontario Student Loan debt at the time of leaving school at the current average interest rate of 2.3%.

Transportation

$2,877 per year

  • Transit Pass: $1,741
  • Car share: $481
  • Regional travel: $547
  • Taxi: $108

Social participation 

$7,356 per year

  • Books: $66
  • Newspaper or magazine subscription: $141
  • Occasional social outings: $628
  • Gifts: $510
  • Home internet: $949
  • Streaming services: $373
  • Provincial travel: $142
  • Domestic travel: $598
  • International travel: $1,904

Food & nutrition 

$5,310 per year

  • Groceries: $5,052 or $421 per month
  • Food preparation supplies: $258

Professional development

$3,198 per year

  • Conference: $400
  • Certification or license update: $429
  • Professional or trade association memberships: $450
  • Continuing education or professional development course(s): $1,000
  • Software: $79
  • Computer upgrade or repairs: $269
  • Networking: $571

Healthcare

$2,436 per year

  • Extended health coverage: $2,056
  • Over-the-counter drugs and other health products: $380

Personal care & hygiene

$2,049 per year

  • Clothing: $743
  • Toiletries: $1,068
  • Laundry: $80
  • Household cleaning supplies: $158

Physical activity

$603 per year

  • Membership with a local recreation centre: $453
  • Bicycle maintenance: $150

There you have it! After seeing these costs are you considered “thriving” in Toronto?

Curiocity Staff

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