How Much Money Do You Need to Live in Toronto?

How Much Money Do You Need to Live in Toronto? 1

The liberal policies – such as free healthcare and legalization of Cannabis – often serve as motivating factor for much of the young population. Canada stands among the list of Top 10 countries Indians prefer to immigrate to for a better quality of lifestyle and living.

At a total of nearly 4% of its total population, Canada stands as one of the countries hosting the highest majority of members of Indian origin in comparison to the rest of the Western World. So much so, that in present-day it is commonly termed by many as ?Mini India?.

Home to the Toronto Blue Jays and the Toronto Raptors, the sights of CN Tower and the Great Ripley?s Aquarium and being the provincial capital of Ontario, Toronto is one of the most metropolitan cities of Canada. At a total of 10-12% of the Indian Population constituting total population area, Canada hosts a majority of Indo-Canadians, comparatively more as compared to other Canadian cities.

How Much Money Do You Need to Live in Toronto Every Year?

But how much money does one need in order to stay well and comfortable and survive in the city of Toronto? After extensive research, here is what I found.

  1. How Much Money Do You Need to Spend on Rent?

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Spending on rent in Toronto

Like any other metropolitan, location and demand and value plays a major significance in determining housing and rent value. Here is what you need to live in Toronto when it comes to rent.

  • How much do people spend on rent?

People often end up spending 50-75% of their total income on rent and mortgage payments. It costs around C$1,700 per month at an average to rent a minimally equipped and basic 1-Bedroom Apartment outside of Toronto Centre. Whereas the same apartment type and model in the City Centre can go as high as C$2,130 per month at an average.

  • Where do they rent?

To cope with such skyrocketing prices bachelors, singles and students often find it much more cost-effective to share apartment and living spaces, so as to ensure easy access to urban and utility facilities, without having to pay off heavy amounts from their wallets.

  • What does it cost?

According to Numbeo, in January 2020, a 3-Bedroom Apartment outside of Toronto Centre can cost around C$2,560 at an average per month. Whereas a similar apartment located in the heart of the City Centre can go as high as C$3,500 per month. Buying Apartments can entail catapulting rates as well. The Price per Square Meter outside of the City Centre can cost as much as C$8,295 at an average. The Price per Square Meter for a similar apartment in the heart of the City Centre can reach as high as C$10,742 at an average.

Like any other metropolitan, homelessness is one of the most prevalent social evils evident in the city. The most premier and predominant reason is the housing market. Rent has reached escalating prices over the past 10 years and the lack of affordable housing has contributed to the matter. Although most shelter users receive aid also known as Ontario works or Ontario Disability Support, it fails to serve as a permanent resolution.

  1. How Much Money Do You Need to Spend on Food and Grocery?

The cost of living in Toronto is more expensive than in 87% of cities in the world. The same goes for monthly food and grocery bills. With such escalating prices, a majority of Canadians, be it of any income and economic level, are finding it harder and harder to feed themselves and their families.

  • How much does it actually cost?

The statistics vary across different parts of the country. In Toronto, being a cosmopolitan, costs tend to go quite high. At an average it would cost a ?Torontonian? around C$250 – C$300 a month on grocery and food bills.