Cost of living in Toronto — is your salary enough?
Toronto median rent exceeded C$2,400/month in 2023, the highest in Canada. Toronto's housing crisis compresses savings rates at all but the highest income levels.
Rent in Toronto
Other monthly costs
How different incomes stack up
At typical Toronto costs (C$2,400 rent)
See your personal verdict for Toronto
Cost figures are estimates based on reported median rents and typical spending patterns. Savings benchmarks from Statistics Canada SHS 2023. Figures in CAD.
Frequently asked questions — Living in Toronto
How much does it cost to live in Toronto?+
Core monthly costs in Toronto run about C$4,200 — roughly C$2,400 for rent and C$1,800 for other living expenses (food, transport, utilities, basics). Toronto median rent exceeded C$2,400/month in 2023, the highest in Canada.
What is the median rent in Toronto?+
The median rent in Toronto is around C$2,400 per month. Toronto is classified as a very high cost cost-of-living city in Canada.
What salary do you need to live comfortably in Toronto?+
Using the 70%-rule (core costs ≤ 70% of gross), you need roughly C$72,000 per year before tax to live comfortably in Toronto. That leaves room to hit the 8% savings benchmark for Canada.
Is Toronto expensive compared to the rest of Canada?+
Toronto sits in the very high cost tier within Canada. Toronto's housing crisis compresses savings rates at all but the highest income levels.
How much of your income should rent take in Toronto?+
The standard rule is no more than 30% of gross income on rent. At C$2,400/month in Toronto, that means a gross income of at least C$96,000 per year to stay under the 30% threshold.
Can you still save money living in Toronto?+
Yes — the Canada benchmark for mid-income earners is 8% of gross income. In a very high cost city like Toronto, hitting that rate is tighter but achievable with disciplined budgeting.
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