Cost of Living in Toronto

Toronto is the most expensive place to live in Canada, though expats moving to the metropolis from major cities in the US or Europe may find the cost of living considerably cheaper.

The 2024 Mercer Cost of Living Survey ranked Toronto 92nd out of 226 cities surveyed worldwide, placing it ahead of Vancouver, Montreal, Ottawa, and Calgary.

Cost of accommodation in Toronto

The largest expense expats relocating to Toronto will likely incur is the cost of accommodation. For new arrivals looking to rent a property, prices vary considerably in Toronto, and there are many options to suit any budget. Generally, properties in the city centre will be the priciest, while those further out will cost slightly less. 

Buying a property in Toronto is fairly straightforward, even for expats. Those planning a long-term stay will find that it's worth looking into purchasing a home. However, prices have continued to skyrocket with no signs of letting up. Utilities are another expense for expats to consider in their monthly budgets.

Cost of groceries in Toronto

It's possible to maintain a good standard of living in Toronto without spending a fortune. The cost of groceries is cheaper in Canada than in Europe but steeper than in the US. Expats can also reduce their monthly grocery spend by shopping at discount supermarkets such as Costco and Freshco. Buying seasonal produce at farmer's markets is another fantastic way for expats to save money while supporting local businesses. 

Cost of entertainment and eating out in Toronto

It's also possible to eat out in Toronto without breaking the bank. Thanks to Toronto's diverse population, the city is home to plenty of wonderful restaurants serving delectable cuisines from all over the world.

Plus, as a vibrant cultural hub, Toronto offers many low-cost entertainment and nightlife options to entice revellers without breaking the bank. Nature lovers will also find plenty of free outdoor activities to engage in.

Cost of transport in Toronto

While the public transport network in Toronto is extensive, it is also one of the priciest in the world. That said, commuting with a monthly pass can bring down costs. Expats who choose to buy a private vehicle must budget for the considerable (and rising) costs of running a car. Insurance premiums are notoriously high in Toronto, while petrol (gas) prices continue to increase.

Cost of healthcare in Toronto

Although the Ontario government offers free basic health insurance to Toronto residents, the conditions for eligibility state that recipients must have lived in the province for at least three months. It's therefore best to purchase a comprehensive health insurance policy before moving to Toronto.

Additionally, the province's basic health insurance does not cover services like dentistry or optometry, so most expats will likely have to purchase supplemental private health insurance to cover these costs. Fortunately, most expat employers will sponsor this. Those who must secure their own coverage are encouraged to conduct comprehensive research into the different plans available.

Cost of education in Toronto

Expats relocating to Toronto with children may need to factor in the cost of schooling. While expat students with a residence permit can attend public schools in Toronto at no cost, those without this permit will be required to pay fees, which can be pricey.