Many young professionals are seeking to live and work in one of Canada’s most exciting cities, Toronto, but one or the other might get discouraged to try their luck when they hear or read about the crazy real estate market in this city and the unbearable prices. Still, it’s not that bad as it sounds, and many young individuals manage their finances in Toronto pretty well, paying their rent and bills on time and having even money left to treat themselves or splurge on something they enjoy. Let’s not forget, paychecks in Toronto are on average not bad and they can support a comfortable lifestyle in the city. If you are wondering what would be the minimum income for an individual in their late 20s or early 30s to live in Toronto without any roommates or a partner, take a look at the average prices below.  

Let’s start with rent. Renting a one-bedroom apartment Downtown costs roughly $1.800, not including utility bills. This isn’t a shocker though, given that the high Toronto real estate prices were one of the most discussed topics this year. Still, with an average Toronto paycheck, the majority of young Torontonians who live alone are able to afford a place of this size.

The rent might be high, but basic utility costs are pretty much reasonable amounting to around $200 on average (internet included). This means that you’ll need at least $2,000 to afford a place with running water, electricity and internet. Condo fees may also cost you a couple of hundred dollars depending on the size of the apartment and the amenities the condo offers, so it’s hard to say how much you would have to lay aside for maintenance fees.  

Essentials, like food, household items and toiletries will cost you on average slightly over $400. If you want to treat yourself and a friend/partner/date to a nice dinner in a medium priced restaurant once a month, you’ll need additional $70, but you’ll get a three-course meal. Not bad, isn’t it? Also, if you want to go to a club/pub and have a drink, it will cost you $10 per drink on average. If you go out every weekend, and let’s say, have three drinks per night out, you will need to splurge $120 on that luxury every month.

Intermittent expenses, like clothes, cosmetics, presents, going to the hair dresser’s, a massage, repairs, etc. amount to $120 per month in Toronto on average.
Phone bills vary from individual to individual. For some, it’s $80, while others get through the month with a $30/$40 phone bill. Hitting the gym on a regular basis will cost you around $50, but many condos have their own gyms which are probably covered by the condo fees.

One of the biggest advantages of living Downtown is proximity to all amenities, and one can rely on cycling and walking, but still, most people opt for a monthly TTC pass which is nearly $150. If you add a cab ride here and then, you are looking at additional $40-$80 spent on transportation, since most Torontonians reported that they spend $80 on cab rides within a month.
When we take all these costs together, an average annual Toronto income of $57,696 is more than enough to take it up with the Toronto prices, and you can even earn somewhat less than the average and still make it. For example, you don’t have to go out to a bar every single weekend, or you can skip the gym and work out on your own, etc. There are different ways to live on a budget in Toronto and still experience the city to the fullest.

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