If you feel like it has gotten more expensive to live in Toronto, you’re not wrong.
According to data from LowestRates.ca, the cost of living for Toronto homeowners has risen 38% since 2021, while renters in the city have seen a year-over-year increase of 14%.
With record inflation driving up the price of everyday purchases from groceries to transit and interest rates on the rise, Toronto homeowners need to spend at least $6,700 per month to live in the city — roughly $1,800 more than last year.
Renters need to spend at least $3,400 per month to make ends meet in Toronto, a $400 increase from 2021.
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The site, which helps Canadians compare insurance, credit card, mortgage, and loan rates, found that costs have risen even more for Torontonians that drive instead of taking transit.
Homeowners who use a car must earn at least $122,550 before tax to live in Toronto, a staggering year-over-year increase of 34%. Renters who drive must earn at least $52,850 before tax, an increase of 16%.
In addition to housing, transportation and groceries, the cost of gym memberships, entertainment, and phone and internet bills are included in the new cost of living estimates.
“It’s never been more important for Canadians to comparison shop and save where they can,” said Justin Thouin, co-founder of LowestRates.ca.
“Decimal points on your rates can save hundreds or thousands of dollars over time. We know most people auto-renew their insurance policies, or sign onto financial products at their existing bank for ease or out of habit, but that may cost them more over time.”
Despite the ever-rising cost of living in Toronto, the city’s growing population shows no signs of slowing down.