If you want to begin a different life in another state, Toronto is a great choice. However, you don’t have to read the news, we bring all the essential information to you. Our guide brings you some facts about Toronto cost of living, including work wages, costs of accommodation, and utilities. Because if you’re thinking about moving internationally to T-Dot in 2021, it’s crucial to analyze how much money you need to make to ensure a comfortable life in this city.
What Is Considered a Good Salary in Toronto?
If you don’t have a job position waiting for you, we recommend you start looking for jobs in Canada as soon as possible. The average salary is $93,700 per year. Also, the average wage per hour is $48.70. A single person between the ages of 25 and 40 will have to earn between $46,000 and $55,000 to live a decent life in this city after subtracting taxes.
Taxes You’ll Face When Living in Toronto Canada
Canadian residents are taxed at levels of government as well as levels of provinces on their worldwide income. The people who are not residents pay taxes on the income from Canadian sources and the profits from Canadian taxable assets. Furthermore, additional payments will go to the Canada Pension Plan and Employment Insurance.
How Expensive Rents Impacts the Toronto Cost of Living
Rents can be pricey if you’re looking for a home around downtown or pretty much anywhere. A significant amount of your salary will be spent monthly on rent, so we recommend searching for some cheaper housing options around Toronto neighborhoods. The average monthly rent is $2,300 for a one-bedroom apartment. On the flip side, for houses, the average selling price is $880,000. If you have a 15 percent down payment and mortgage insurance, $768,500 would be the total mortgage.
Tenant Insurance Policy
Many landlords request this type of insurance, which goes around $30 a month, so it shouldn’t break your bank if you opt for it. Even though this is not obligatory when living in Toronto, since it is affordable, many individuals who rent choose to invest in insurance for tenants. Look for some insurance companies in Ontario, and select the best solution for you.
How Much You’ll Spend on Basic Utilities Every Month?
Are basic utilities expensive when we consider the average cost of living in Toronto, Canada? Well, it all depends on the size of your new home. You shouldn’t calculate your Toronto Canada cost of living without considering utilities so keep that in mind. If electricity and other costs are added, the basic utilities can cost around $120 a month for a 914 square foot apartment.
The TTC is a public transport system that runs streetcars, subway systems, and buses, and the monthly pass for adults is $156.00. Taking a taxi will be significantly more expensive than public transportation. The starting price is from $4 to $7.00, from $0.60 to $2.30 per mile. The average price of gasoline per 1/4 gallon is $0.89. If you have a car, you should think about shipping a car overseas since it could be convenient to have a car in T-Dot.
The Healthcare as Another Essential Part of Cost of Living Toronto Canada
Via the federal and territorial programs of publicly funded health care, informally called Medicare, healthcare in Canada is provided. It is regulated by the regulations of the 1984 Canada Health Act, and it is universal. That means that Canadians have access to health services that ensure national health care insurance for everyone living in the country. If you want to know more about Canada’s Healthcare System, watch the video below.
The Prices of Food
When you start living overseas, one of the most important things is to get familiar with the prices of groceries. Check out the following table to see some of the prices:
|Beef Round||1 lb||$5.80|
|A loaf of Bread||1 lb||$2.03|
We Hope You’ll Be Enjoying Great Meals in Restaurants Around the City
With many top-ranked restaurants, Toronto has an exceptional food scene. The diverse population of the city ensures it has an infinite supply of multicultural restaurants with dishes from almost everywhere in the world. While meal costs may differ, the typical price per meal when you are dining out is around $20.
Is it Expensive to Live in Canada?
Is Toronto expensive to live in? It can seem quite expensive when we look at all the prices, but why is living in Toronto so expensive? Well, it is a metropolitan city with many young professionals who are constantly raising the bar. Besides the high quality of lifestyle, it is one of the world’s most diverse places since many expats are moving to Canada to live and study overseas.
If you are thinking about moving to Toronto soon, look for a reputable international moving company. You’ll need an overseas shipping company that offers services like international moving by air, and can help you with packing, storage, and provide boxes and moving supplies. If you choose the right overseas moving company, you will have an easy transition and you will be able to start a new life in one of the world’s friendliest countries.