Understanding the Cost of Living when Moving to Toronto

Toronto is a major city that has attracted people from far and wide. The city has a number of different features and amenities to offer, making it effortless to move there alone or with your whole family. It is important to remember that city living is typically more expensive for families than living in more secluded and rural areas. However, what you pay for housing and utilities, you make up for in a reduction in fuel and transportation. Understanding the cost of living in Toronto can help you to make your decision when considering moving there.

Housing

Housing varies within the Toronto area, and it's a smart idea to be aware of different options available to you before choosing any one choice. For a one-bedroom apartment within city limits, you can expect to pay roughly 2,000 CAD a month. A three to four-bedroom apartment will cost anywhere from 3,000 to 4,000 CAD monthly. These prices are lowered the further out of the city you move, which is why many people moving to the area are looking into suburb options to save a bit of money. Purchasing a home on the outskirts of the city can provide you with a larger property for a reduced amount of money.

Transportation

The beauty about living in a city like Toronto is that you can save money on transportation. Fuel is typically 4.50 CAD a gallon, but you won't need to fill up as often as you might when living in a more rural area that requires additional driving. Likewise, you might want to consider taking a bus or taxi, which will cost you roughly 3.25 CAD per mile. There are also monthly pass options that will enable you to save even more money long-term. It's not uncommon for individuals living within the area to bike wherever they need to go, since this can save a significant amount over time.

Entertainment

Entertainment options vary widely from one part of the city to another. For an inexpensive meal at a typical dine-in restaurant, you can expect to pay about 20 CAD per person. A monthly gym membership may cost anywhere from 30 to 50 CAD depending on the specific gym that you're choosing to sign up for to lose weight and get fit. Movie theater tickets are comparable to most other areas, since these are set specifically to the theater being used. There are many free and low-cost entertainment venues available to help you save some cash while living within the city.

Utilities

Utilities are typically cheaper within the metropolitan area because they are more readily available, providing you with company alternatives in order to compare rates. Some apartments even have utilities included, which means that you'll only need to worry about paying the rent in order to have these services made available to you. For basic electricity, you can expect to pay roughly 125 CAD a month and internet access will cost about 80 CAD depending on the specific internet provider you choose. You can easily pay all of your utilities online to save time.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.