‘It's common knowledge that Toronto is a very expensive city to live in’
Employees in Toronto who own a house in the city and drive a car will have to spend $5,714 per month or $68,576 annually to get by, according to the 2020 Cost of Living Index from Fintech company LowestRates.ca.
The index calculates spending on transportation, housing, food, phone, internet, entertainment, health and fitness. The estimated costs are tailored to employed people without dependants.
Working homeowners who use public transportation will spend a little less at $64,988 annually while renters who take public transit will spend $42,494 per year and renters who drive will spend $46,082.
This means that, based on current taxes, homeowners who drive to work will need to earn $94,000 before tax and homeowners who commute will have to make $88,000 before tax. Renters who drive will have to make $61,000 before tax while renters who commute will need $55,500 before tax.
"It's common knowledge that Toronto is a very expensive city to live in," says Justin Thouin, co-founder and CEO of LowestRates.ca. "It's clear that the high cost of living in this city should be of serious consideration to any person thinking about moving to Toronto."
On average, employees spend the following per month:
- homeowner housing: $4,223
- renter housing: $2,349
- public transit: $258
- driver: $557
- food: $533
- cellphone and internet: $155
- entertainment: $178
- health and fitness: $64
People in Canada spend an average of two hours per day worrying about their finances, with 18- to 35-year-olds worrying the most, finds a new survey from Scotiabank. And while 50 per cent of those with a household income of less than $50,000 are worried about their financial fitness, 20 per cent of those with a household income of at least $150,000 are also financially stressed.