Living In Toronto

How Expensive is Toronto? Cost of Living in Toronto for Families in 2023 

How much does it cost to live in Toronto? This question is always relevant, whether you’re part of a family planning a move or just want to get a sense of how much it will cost to settle down comfortably in an area with great schools and amenities. You may have heard a lot about the high cost of Toronto, and to be fair, it is the most expensive city in Canada. However, the cost is only one side of the story. There are also many advantages to settling down in Toronto. Let’s dive in!

According to statistics, Toronto is the most expensive city in Canada, where the cost of living in is higher than in 58% of cities in North America and 84% of cities in the world. Other Canadian cities have a cost of living that averages about 15 to 20% lower, with the exception of Vancouver. However, there are many reasons that people still choose Toronto, regardless of the expenses. Let’s take a look at the cost of living versus the many benefits Toronto offers. Taxes, home prices, utilities, groceries, transportation, and the cost of education are a few categories to consider.

As a model, we will take a family of four (two adults, and two kids) and see how much an average family might spend every month. Most Toronto families live in houses. It can be a condo townhouse, a row townhouse, a semi-detached home, or a detached house. Depending on location, type of home, its size – the cost of owning this property will differ. 

Example 1: A Family in Lawrence Park

To start, let’s imagine a condo townhome on Lorindale Avenue in Lawrence Park. It is an outstanding option for a young family that aims to settle down within the boundaries of highly ranked public schools – Bedford Park Public School which serves from junior kindergarten to grade 8, and Lawrence Park Collegiate for high schoolers. 

The property is over 2 thousand square feet with 4 bedrooms, 4 washrooms, and 2 parking spots. The monthly payments will be as follows: $801.41 maintenance fee plus $677,74 property taxes plus utilities (in this case hydro only as water, heating, and air conditioning are included in maintenance fees.) 

Every homeowner needs to arrange home insurance. In this case, it will be approximately $350-$400 per year. New owners paid $1,570,000. Assuming they arranged a mortgage with a 20% downpayment and a 3-year fixed mortgage rate with 25 years of amortization, their monthly payment will be approximately $7,200. So in total, this type of housing will cost around $9,000 per month. And $108,000 annually. 

Are you thinking about finding your dream home in Toronto? The resources below will help you begin your journey:

Example 2: Living in Rosedale-Moore Park

Now let’s look at a family living in a beautiful home in Rosedale-Moore Park. The kids will attend the highly-ranked Deer Park Junior and Senior Public School or North Toronto Collegiate Institute if they are high schoolers. Their housing expenses will consist of property taxes and utilities, with no monthly maintenance fees for detached homes. 

Property taxes are $13,731.90 annually, and the average monthly utility bill is $450. The mortgage payments with the same terms as in the previous example will be $16,501 per month. So the cost of living in this home will come to approximately $217,143, not including any home improvements or repairs which happen during the year. It’s always smart to account for these other expenses which can add up. 

Other Expenses to Consider

Now that you know about the costs associated with owning a home in Toronto, let’s talk about some of the other expenses you might expect each month. 

Car Expenses

If a family owns a car it means expenses on car insurance, fuel, and maintenance. Car insurance in Toronto is on average annually $2,000. Fuel per month $300 – $400. This will add up another $5-6K to the family’s annual budget. Food, clothes, entertainment, vacations, and hobbies are very individual matters. However, they will add another $40 – $50 thousand. 

Cost of Education

While public and catholic schools are free in Canada, many parents send their children to private schools. Kids may start their education in the private system as early as junior kindergarten. The average cost for a junior kindergarten in Toronto is in the range between $17K and $35K. Private day schools from Grade 1 to Grade 12 will cost between $20k and 40K. Boarding private schools will cost up to $70K.

It will be fair to say that the cost of living in Toronto will greatly depend on the lifestyle a family would like to accommodate. 

Now let’s discuss why the cost of living in Toronto is high, in particular the cost of housing. What are you getting should you decide to settle down in a city like Toronto?

Is Living in Toronto Worth It?

Many people argue that the prices in Toronto are inflated. Let’s dig a little deeper to find out if this is true. First, we’ll look at Toronto’s outstanding public education system. There are 473 public elementary and 110 secondary schools, which makes the Toronto District School Board the biggest in Canada. 72 schools are ranked 8 out of 10 or higher, and don’t forget that public schools are free for Canadian residents. 

Toronto is also home to the best private schools in North America – Upper Canada College, Crescent School, Havergal College, Bishop Strachan, The York School, University of Toronto Schools, and more. Plus, there are many great catholic schools with high academic achievements, schools with special programs, and more. In addition, post-secondary education has many options for Universities and Colleges. 

The University of Toronto is Canada’s top university and 22nd in the world. It is also placed in the top 10 globally in eight subjects: sociology, medical technology, psychology, pharmacy and pharmaceutical science,  education, finance, public health, and statistics. 

Are you looking for a side by side comparison of Toronto with other cities? The following posts will give you some fresh insights?

Advanced Healthcare in Toronto

A study by Statista Inc in partnership with Newsweek, evaluated 2,000 hospitals from 25 countries, including the United StatesUnited KingdomGermany, and more. They considered medical facilities for their consistent excellence, including distinguished physicians, top-notch nursing care, and state-of-the-art technology. Several of Toronto’s hospitals were featured in these rankings, with theToronto General Hospital coming in fourth.  Sunnybrook Health Science Center was ranked 22nd, Mount Sinai Hospital 30th, and North York General Hospital 59th. Toronto has outstanding healthcare, and most of it is publicly funded.

Is Toronto Safe?

Safety in the city is very important too, especially for relocating families. Just like in all major cities, violent crime does happen in Toronto. However, according to the Economist, Toronto placed second on a list of the world’s top 60 safest cities, directly behind first-place winner Copenhagen and ahead of Singapore, Sydney, and Tokyo. 

Toronto is safe, scenic, and offers an incredible standard of living in terms of education and healthcare. Do you want to know more? Contact me today at (647) 294-3039 or by email at for more information.

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