Cost of Living for a Young Person in Toronto
For people coming to Canada, Toronto is one of the most thought-of cities in terms of wanting to work and settle down. Be it a student wanting to study in a college in Toronto or be it a permanent resident wanting to find a job and settle down on a long term basis, the cost of living is always the most discussed topic. While there are cities that offer cheaper options to the factors that contribute to your standard of living, Toronto is considered as one of the most expensive cities to settle in. How expensive is it in reality? How much is the cost of living in Toronto?
Let’s take a look at factors like housing, phone or internet, transportation, groceries, entertainment, health and fitness and insurance to determine how expensive Toronto actually is in terms of the cost of living for a young person.
The Recurring Factors
Housing rent, phone bills and grocery cost is something that cannot be avoided and is an essential aspect of living in any city. While your housing cost could start from $2000 minimum, your phone bills would cost you from somewhere in the range of $150 to $160 per month. Depending on how frequently you go to the supermarket grocery, be rest assured that it’ll cost you somewhere in the range of $250 to $300 for sure.
Transportation, Health and Fitness and Entertainment
Depending on how you choose to travel and how frequently you wish to travel, the transportation costs will be $250 or thereabouts minimum. Also, you will need medicines (we hope you don’t) but everyone needs those at some stage and if you are someone who loves to hit the gym, that cost is additional.
All of us love to consume means of entertainment, be it dining out, having drinks, going for outings or getting subscriptions to Netflix or Spotify, that’s going to add more to the cost, around $400 at least per month.
How much cost are we looking at in reality?
Basically, you are looking at an overall expenditure of around $3400 per month and approximately $40,000 per year. Now, there are cheaper ways to stay and travel and you can always decide to eat less and consume fewer groceries and have lesser means of entertainment, but not many people do that. We are talking about the average cost of living in Toronto for a young person.