How much does it cost to live in Toronto?

Typical monthly costs in Toronto are approximately C$2,400 in rent and C$1,800 in other expenses, totalling around C$4,200/month.

How much should I save in Toronto?

Based on Statistics Canada SHS 2023, people at mid-range incomes in Canada typically save 12–20% of gross income. In a very high cost city like Toronto, housing costs can reduce this, particularly for renters.

Toronto · CAD · very high cost city

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

BudgetC$1,800 – C$2,150/mo

TypicalC$2,400 – C$2,750/mo

PremiumC$3,100+/mo

Other monthly costs

Food, transport, bills, going out~C$1,800/mo

Total typical monthly spend~C$4,200/mo

How different incomes stack up

At typical Toronto costs (C$2,400 rent)

C$40,000 – C$55,000→ saving -37.8%

Critical

C$55,000 – C$75,000→ saving -12.4%

Critical

C$75,000 – C$105,000→ saving 18.8%

On Track

See your personal verdict for Toronto

Country

Annual income (gross)C$65,000

C$15,000C$232,500C$450,000+

Monthly rent or mortgageC$2,400/mo

C$0C$4,000C$8,000+

Other monthly expenses

Food, transport, subscriptions, going out — everything except rent

C$1,750/mo

C$0C$3,750C$7,500+

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Cost figures are estimates based on reported median rents and typical spending patterns. Savings benchmarks from Statistics Canada SHS 2023. Figures in CAD.

Check your savings rate in Toronto →

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Also in the Verdict suite

SalaryVerdict — Is your Toronto salary competitive?SpendVerdict — Is your Toronto rent too high?