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Cost of Living and Inflation in Toronto, Ontario: What do you need to know?

35 local experts

Here's what 35 local experts had to say about prices and the cost of living in Toronto, Ontario.

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Good city to live with lots of diversity. It might be a struggle to get adapted at first. The rental costs are very high. Transit system is helpful and good for North America but not the best compared to Europe.

Best to find an apartment before moving in, since rental costs are high, and apartments are scarce. Buy a condominium if you can afford it, and best location would be just outside of Toronto – e.g.: in Mississauga. Prices of real estate in Mississauga are lower than in Toronto and the GTA – the Greater Toronto Area. Take with you summer clothing and winter clothing, since summers are warm and hot at times, but winters are snowy and with sub zero temperatures. Do not bring your car with you, cars in the Toronto area are less expensive than in places like Europe.

Theodor, says: 2023

If you move to Toronto you will need to know it is crowded and expensive. Great opportunities for work and cultural diversity. I would compare it a bit to New York. Good access to entertainment, dining, etc. Affordable housing limited.

Very expensive. Classy city with many things to do. Poor public transit and significant traffic issues.

Trevor, says: 2023

Toronto is a big city. Many in the GTA (greater Toronto area) call themselves Toronto so the population is approx 4 million. A great place to visit as it is very liberal and diverse. All walks of life are found here and are quite safe regardless of religion, gender, sexuality, race, colour, age or social economic status. It is is expensive to live here as housing has become unaffordable to most but to visit you can easily find a hotel for accommodation, great food from all over the world, see great museums, theatre, cultural pockets, sporting events and tons of shopping. Traffic will kill you so the ttc (Toronto Transit Commission) can get you around easily and Uber and Taxis are always available. Very good for those with mobility issues as business try to accommodate everyone. It is clean and safe. No one will know you are a visitor as everyone is from everywhere!

Toronto is cold and expensive, but Toronto has a good transportation system throughout the city. There’s lots of opportunity and it’s multicultural.

Jannet, says: 2022

Anyone considering a move to Toronto should be aware of two things. Firstly, Toronto is an expensive city. Finding an affordable place to live in the downtown area can be very hard, and looking outside of the city might be a better option. Toronto is also very diverse. There are people from various backgrounds living together and this contributes to the vibrant city life. The multi-cultural events, shops, and restaurants are some of the best parts of living here.

Toronto is a very beautiful city. Someone considering moving to Toronto should note that it is quite expensive. There is so much diversity among the people who live here. There are a lot of places to explore such as different restaurants and small little coffee shops. My favourite part about Toronto is in the winter there are many beautiful forests that one can walk through.

Toronto is a huge and diverse city. When you move here you will be exposed to enriching multicultural experiences. Downtown Toronto alone can feel like living in fifty countries in one due to the number of people from all walks of life that reside here. There are numerous sites to see and different ethnic foods to try. Living in the city may be expensive, but if you have an adventurous spirit, the immersive experiences you will have are worth every expense.

Sukhwinder, says: 2020

Toronto is a cosmopolitan city with incredible diversity – it is home to nearly all of the world cultures! For that reason, you are bound to find your niche here. Toronto’s diversity also extends to its food scene, with thousand of restaurants serving different cuisines all over the city. One downside to moving to Toronto is the cost of living; housing can get quite expensive. Further, the income and sales tax rates are higher in Toronto/Ontario than in many parts of Canada.

Toronto is a bustling and multicultural city with lots to do. The people are friendly, welcoming and always willing to lend a hand. The food in Toronto is very diverse and there is surely something enjoyable for everyone. In consideration of a long-term move to the city, it is important to keep in mind that rent prices are high and traffic during rush hour is a drag. That said, these might be the only downfalls of living in Toronto, Canada.

Cheyanne, says: 2020

Toronto is a wonderful city. I highly recommend it for its diverse food, fun international bars, and friendly locals. In Toronto you can find excellent cuisine from all over the world at almost any price point. I do caution, however, that newcomers might struggle with the steep housing prices. Toronto is not necessarily welcoming to those without an established career or some life savings who may look to settle down.

Parminder, says: 2020

housing prices in Toronto are quite steep, so they should prepare sufficient funds. They should also know that Toronto is a multicultural city, and the diversity of cultures is reflected in the cuisines and cultural landmarks available. Torontonians are known for being friendly and open-minded, which makes it easy to meet new friends.

Toronto is a city of contrasts, different nationalities and cultures, where everyone coexists as one huge family. What is really surprising is that even homeless people who ask for money, in case of refusal, wish you a successful day. Not to mention public transport drivers, who for the most part greet you and say thanks when you show your pass or pay for your fare. It is some sort of an unspoken tradition or just a tribute of respect, to wish a neighbor, a stranger in the park a good day or just say hi. Toronto is a place where you feel at harmony and peace.

Toronto is the largest city in Canada and one of the most culturally diverse in the world. In recent years, the federal and provincial governments have invested considerably in the technology sector through direct funding or tax savings initiatives. Consequently, there is unprecedented demand for skilled professionals in this sector.

I have often heard that Toronto is simply a laid-back version of New York. Although Toronto can initially appear cold and corporate, there is something here for everyone to love. From the logical, grid-like orientation of the streets to the colossal food scene and the growing presence of the arts, there is something here for everyone to love. Just like New York, however, Toronto’s rent prices are absolutely astronomical. The average price for a one-bedroom apartment downtown can range between $1600 and $2300 dollars, with most being on the higher end of that spectrum.

Cassandra, says: 2020

If someone moves to Toronto, it is very expensive, busy, and loud. It is also extremely beautiful, with many cultural sites and delicious food. My favourite places to visit in Toronto are the Harbourfront, St. Lawrence Market, and the trails in the Don Valley. There are, on average, more jobs in Toronto than other cities in Ontario.

Chandni, says: 2020

Toronto is Canada’s largest city with a population of almost five million. The living expense in Toronto is pretty high compared to other cities in Ontario. There are really great jobs in the city. During summer, there are attractions that can be visited like Central park, Canada’s Wonderland, Toronto Zoo, etc.

Lesley, says: 2020

As a Torontonian, people need to know it is a very crowded city. Although, it is not comparable to a city like New York in scale, the population is highly concentrated compared to other parts in Ontario. Due to the high concentration, the living cost in Toronto is quite expensive. You need to consider whether you are ready to pour half your salary into your rent or mortgage installment. But, as a big city, everything you need is within the walking distance, so it doesn’t hurt to consider living in the city when you weigh out the assets and faults.

To know Toronto is to know the diversity of cultures and religions, or at least become apt in an open, possibly never-ending, understanding of multiple groups. However, if know the fundamentals of the modern city Toronto, they simply know that there is a tenacity and ambitiousness with the people; everyone strives to know and be open to more and more knowledge. Other than the perseverance of Torontonians, as we like to call ourselves (we have a knack for dramatic flare), the not-so-simple truth know are those who are struck with poverty and inherently very low-income are high in number – which, ironically, goes hand-in-hand with the determination of others.

Crystal, says: 2020

Toronto is a thriving, safe and multicultural city that welcomes immigrants from all over the world. However, newcomers should know the obscenely high cost of housing here. The average family pays at least 50 % of their income towards rent or mortgage servicing costs. Many people are forced to move to the outskirts just to afford a roof over their head, and then require 3-4 hours daily to commute to work and back.

Hayley, says: 2020

To whomever decides to move to my city, please note that the rent is ridiculously high. There are more tourists than anything, being quite frank with you. You can distinguish the difference by those who visit the CN Tower and those who visit the Rogers Centre. Any true Torontonian knows the difference.

Immense, says: 2020

Toronto is the most multicultural city in the world. If you are moving to Toronto, there are few things which must know. Winter in Toronto is harsh. winter usually lasts from November to March. However, Spring, Summer and fall are beautiful. You will also find that the city is very lively during summer. Another aspect which you must consider is cost of living in Toronto is high. Apartments are expensive in downtown Toronto and same is the situation in midtown.

Vivian, says: 2020

Someone moving to Toronto should first look into whether he or she will likely be able to afford it long-term. Property values have increased significantly over the past few decades, and the cost of living is relatively high as well. The quality of life is certainly something to be considered, as the clean air, friendly people, and multiculturalism are significant pluses.

As beautiful as Toronto may be, something that should be taken into consideration before moving would be the cost of living. Toronto has been compared to cities like New York, not just due to the lifestyle and up-and-coming neighborhoods, but also due to the increasingly rising cost of rent. For those who are students or part-time workers, living by yourself is unheard of. research and compare the many price ranges in multiple parts of the Greater Toronto Area.

Dallas, says: 2020

If you plan to live in Toronto, Canada, know while this is one of the most expensive cities in Canada to live in, it is extremely liveable. in terms of crime and murder rates, it is quite low for a large city. Any type of global cuisine you desire, you can find it in Toronto. Toronto has restaurants that serve food from every corner of the world from Ethiopian to Colombian to Filipino to the usual Italian, Hakka Chinese and Japanese Sushi.

In Toronto the weather is tough, especially during winter. Summers could be really hot. Aside from the weather, it’s a beautiful city. The food is diverse and affordable. There is a strong focus on being healthy and lots of public amenities available for the general public. Since I live close to the lake, going down there for a stroll is a lovely and free activity year-round.

Mikayla, says: 2020

House prices are remarkable high in Toronto. Even rent prices aren’t cheap. For this reason, I would highly recommend that they consider living in the suburbs–the commute to and from work may be longer, but housing is way more affordable. That being said, traffic tends to be heavier in most major highways.

Rachel, says: 2020

Toronto is the capital of Ontario, Canada. It is a metropolitan city with a very large population. It will be harder to find a place with a low budget. The city is about 150 years old and a very fun place. The University of Toronto is here, which is older than the city of Toronto itself.

Meagan, says: 2020

they will hear a lot of talk about how expensive Toronto is to live in; however, they should not let that deter them from living there. Toronto is a city of neighbourhoods — that is, the city has its own particular character stemming from the collective history of the communities that have resided there.

Toronto is quite crowded, although this varies somewhat from neighbourhood to neighbourhood. Housing in the less crowded areas is expensive. That can be said for all Toronto housing, though. If you can afford to live in this beautiful city, I do heartily recommend it. The diversity of culture and design is wonderful to behold.

Gabrielle, says: 2020

If someone were moving to Toronto they should consider the cost of living. Cost of living, especially housing prices, is very high in Toronto. Another thing to consider is that Toronto is a very diverse city with many parks, restaurants, theaters and sports stadiums. Toronto also offers a good public transportation system.

Andrea, says: 2020

Finding affordable housing in Toronto might be tricky. In the last several years, rent and property prices have been increasing rapidly. It is recommended that you research the neighborhoods in Toronto to find something in your budget. The good news is that there are many safe and interesting areas from which to choose.

Aleksandra, says: 2020

Someone moving to Toronto should consider the elevated cost of items, due to it being a highly populated and sought-after area. Also, finding a home for an affordable price is hard, due to the booming real estate. Toronto in general is an extremely diverse place, and anyone living here is lucky to live in such a beautiful city.

Muhammad, says: 2020

Toronto is a lovely city but with a few problems. Due to a high population density in Toronto, the housing prices here are soaring each day. Those with financial difficulties should choose a more affordable city. Another problem is the weather, the sweltering summer and the freezing winter temperatures are something to worry about.

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