Cost of living in Toronto

 

 

 

Toronto is known as one of the expensive cities to live in. However, according to The Economist list of most liveable cities in 2016, Toronto ranks as the fourth most livable city in the world, so the standard of living that you get in this city is on par with the cost of living you pay for.

Accommodation

Unlike Vancouver, Toronto still offers real estate properties that are affordable. Apartments located in Summerhill, Forrest Hill, Rosedale, Moore Park, Lawrence Park, East York, Harbourfront, The Annex, Midtown and Yorkville costs a monthly rent from C$1,916 for 60 square meter apartment to C$3,400 for a 120 square meter apartment.

Sharing an apartment is a good idea in Toronto. A room costs about C$600 monthly. Monthly rent for one bedroom in a flatshare with attached bathroom costs C$5189 – 450 while the monthly rent for two bedrooms furnished flat costs C$8,950 – 450. Monthly rent for three bedrooms furnished flat costs C$ 49,000 - 2,367.

Buying a property

Foreigners can easily buy properties in Canada with a very simple process. With the help of a real estate agent, an Offer to Purchase will be sent to the seller with a deposit (no less than 10% deposit of the purchase price). Once an agreement is formed, the signed agreement will be sent to the lawyer for examination. The lawyer will then prepare a Statement of Adjustment to confirm the selling price, the amount of the initial deposit and the balance which will be paid in total to the lawyer in trust. The lawyer pays the seller and provides the necessary documents in the buyer's name.

Expats who wish to live in one of the hottest areas for real estate in Toronto can check the Beaches. A cost of a property is about C$571,000 which is considerably cheap as the area has a lake view of Toronto's Lake Ontario. The average home price in Riverdale is C$480,000, while the average home prices in the Leaside area is C$650,000.

Utilities

Electricity is distributed by Toronto Hydro Corporation through its affiliates. The current price for electricity is 6.5 cents per kilowatt per hour for the first 600 kilowatt hours used per 30 days and 7.5 cents per kilowatt hours for the remaining kilowatt hours.

Some major service providers of Toronto's competitive telecom industry, wireless and broadband services are Bell Canada, Rogers Cable, and Primus Telecommunications. Monthly packages of cable television can start at C$29.99. Having a landline or home phone can have a monthly plan of C$33.95. Rogers is a famous cable television and telecommunications provider in Toronto. The cost of a monthly internet connection is C$49 – 60.

Food

Dining in restaurants costs approximately C$25.00 for a three-course meal. A fast-food meal is about C$5.00, with 1 Big Mac Meal costing C$8 - 9. Drinking in bars costs C$3.50 for coffee while beer costs C$4.50. 1 Daily menu in the business district will cost C$19 while a dinner out for two in Italian restaurant with wine and dessert costs C$103.

Onions and tomatoes cost a dollar per kilogrammes each. Buying 500 grammes of ground coffee costs C$6.00 while instant coffee costs C$5.00 for 125 grammes. A dozen of large eggs costs C$2.25, milk per litre is C$2.30, butter costs C$4.80 per 500 grammes, cheese costs C$6.00 and plain yoghurt costs C$1.50 per 18 grammes.

Fruits like oranges, apples, bananas, pears, and grapes per kilo all cost less than a dollar each. A kilogramme of lamb chops, pork loin, and cooked ham costs C$11.00 per kilo each.

Transport

Metered taxi flag down costs USD$3.00 and one needs to add USD$1.50 per additional kilometre. Taxi companies include Crown Taxi, Diamond Taxicab and Royal Taxi.

Toronto subway, streetcars and bus system are operated under North America's largest public transit, Toronto Transit Commission (TTC)One can live in Toronto without owning a car without any inconveniences thanks to TTC. Single fares start at C$0.75 for a child, C$2.00 for seniors and students, and C$3.00 for adults. A monthly ticket public transport costs C$129 while one inner city bus ticket costs C$ 3.00.

A driver's license certified by the Province of Ontario is required for expats who want to drive in Toronto. The certification is needed within 60 days of arrival in the city. Buying a pre-owned car can start at C$13,900. One can spend approximately C$6,000 per year for the additional cost of having a car includes car insurance, maintenance, and gas. 1 litre (1/4 gallon) of gas costs C$1.05 - 1.39.

 

 

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