How much does it cost to live in Toronto as a young person? Well, definitely more than it did in 2017, despite efforts to make the city more affordable.
By curating proprietary data and speaking with industry experts, LowestRates.ca investigated how much it costs to live in Toronto in 2018. The study also considered basic needs of modern life. Given the findings, another basic need of modern life these days is a job that pays well. Because the average cost of living has risen nearly $400 a month since last year.
LowestRates.ca estimates to live in Toronto, you need to make at least $39,000 — before tax (or $33,440 after-tax). But this amount would allow you to pay the bills with very little frills. Total monthly bills? That will be $2,740.48, please. Here's the cost-breakdown:
Housing: $1,672.13
Phone and Internet: $127.50
Transportation: $176.25
Groceries: $283.60
Entertainment: $354
Fitness: $75
Insurance: $52
Clearly, housing — or rent, as it were — is the main contributor to the financial woes. And even with the latest efforts for rent control, it appears rent is still out of control in Toronto, as the city becomes less and less affordable.
