According to several articles, Toronto is one of the best cities in the world to live in. However, it is also true that the cost of living in Toronto is high. In general, the price of housing, food and other expenses are higher than the average for cities in Canada. But, at the same time, Toronto offers an excellent quality of life and a wide variety of opportunities for work and study. While it can be expensive to live in Toronto, many people find that the benefits the city offers outweigh the additional cost.

Toronto is one of Canada’s largest and most vibrant cities, and as such, the cost of living can be high compared to other Canadian cities. However, in general, the cost of living in Toronto is comparable to other major cities around the world.

The cost of living in Toronto can vary depending on the individual’s lifestyle, but some of the most common expenses include:

• Housing: The price of rent varies depending on the location, size and quality of the flat or house. On average, the cost of renting a one-bedroom home in the city centre is around CAD $2,000 per month, while in the suburbs the cost can be around CAD $1,500 per month.
• Transport: Public transport in Toronto is efficient and has a large network of buses, trams and subways. The cost of a trip on public transport is CAD $3.25. There are also private transportation options such as Uber and taxis, which can be more expensive.
• Food: Food prices can vary depending on whether you shop in supermarkets or restaurants. In general, it is estimated that a person spends around CAD $300-500 per month on food.
• Entertainment: Toronto has a wide variety of entertainment options, from museums and art galleries to theatre shows and live music. Tickets to these events can vary in price, but on average it is estimated that a person spends about CAD $150 per month on entertainment.
• Utilities: Utilities such as electricity, water and heating can vary depending on the size of the flat or house and the individual’s consumption. On average, it is estimated that a person spends around CAD $100-150 per month on utilities.

It is important to note that prices can vary depending on location and individual consumption habits. Overall, Toronto is an expensive city, but it also offers a high quality of life and a wide variety of unique opportunities and experiences that can make it well worth the cost.

Why is living in Toronto so attractive?

There are many reasons that make Toronto an ideal place to live and to answer this question we turn to the rankings, as the city tops some well-known lists.

For example, the famous World Best Cities portal, in its 2023 ranking includes Toronto, stating that Canada’s largest city is poised for great things, highlighting its economic growth, driven by immigration as almost half of its population is foreign-born, and global investment, plus last year it was crowned the fastest growing metropolitan area in all of North America by a study by the Centre for Urban Research and Land Development.

It has also been on the list of the world’s top cities for well-being, ranking fourth, and has been ranked sixth in the world’s top 20 cities for innovation, well-being and wealth. And if we talk about education, this Canadian city is ranked 15th in the QS Best Student Cities Ranking 2023- Ranking of the Best Cities for Students.