If you’re looking to buy a detached home, the average price of a house in Toronto is just under $1.2M.Īs with a rental unit, it’s important to remember to budget for additional costs that aren’t included in your purchase price or mortgage payments. Buying a condo or townhome in the big city will cost you a whopping $12,800 per square metre, with prices dropping only slighting in the more residential neighbourhoods. How much is it to own in Toronto?Īlongside Vancouver, BC, Toronto is one of the most expensive places to purchase real estate in Canada. However, it will not include additional expenses like your renter’s insurance. When it comes to calculating your rent, remember that some places will include utilities and parking in your monthly payment. Outside of the city centre, the cost doesn’t drop much for approximately the same size unit, with the average rent ringing in around $1,800 per month. If you want to live in the city, the price to rent a one-bed apartment will be over $2,000 per month on average. In this section, we break down how much you’re likely to spend on rent or mortgage payments when living in the GTA. Regardless of whether you’d like to rent or own your home, housing costs typically play a large part in most people’s monthly budgets.
Whether you’re a single person or part of a family of four, below you’ll find information on the cost of living in Toronto, based on statistics provided by Numbeo. In this article, we break down the monthly costs of: And with so many people choosing to live here, it’s clearly a desirable place to call home.īefore you pack up your things and rent moving trucks, however, you may want to know a bit more about the average cost of living in Toronto. It offers an abundance of employment opportunities, and relatively easy access to the downtown core of Toronto. But what does it cost to live there?įrom Mississauga to Markham, the Greater Toronto Area – commonly referred to as simply the GTA – is one of the most densely populated regions in Canada. As a globally recognized city, Toronto is a vibrant and exciting place to call home.
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