LifestyleView Lifestyle CategoryTorontoView Toronto Category

This is How Much Money You Need to Make to Afford Living in Toronto in 2018

Thinking about moving to Toronto or rethinking your budget? This is, on average, how much money you need to make to afford living in Toronto.

By Alina Prajapati

By Alina PrajapatiView Author PostsJan 30th 2018

While Toronto is, undeniably, one of the safest and most comfortable cities to live in, when it comes to saving money, the struggle is real.

According to proprietary data and consulting industry experts in their field, this year Torontonians need to make at least $39,000 before tax (or $33,440 after tax) to make ends meet in Toronto, which is $400 a month more than in 2017.

LowestRates.ca recently broke down the average cost of living for 20-something-year-olds in the city. Categorizing payments by housing, phone and internet, transportation, groceries, and health and fitness, they considered a number of factors and found an average price for each. Here’s what they came up with:

Housing: $1,672.13
Phone and Internet: $127.50
Transportation: $176.25
Groceries: $283.60
Entertainment: $354
Fitness: $75
Insurance: $52

Among other categories, housing has seen the biggest increase since the past year. In 2017 the median cost of an average unit in Toronto a single person would have to pay stood at $1,334.75. This year, the rental rate has gone up by more than $300. The average total spent per month is now $2,740, while last year it was $2,350.

Even though provincial and federal officials are doing their best to make Toronto more affordable, the cost of living in the city is still rising. And while there’s nothing we can do to combat rising prices, there are still spendings that we can control. If you want to learn how to save more money this year, check out some of the articles below.