Renters who take public transit will spend $3,541.24/month, or $42,494.88 annuallyRenters who drive will spend $3,840.23/month, or $46,082.76 annuallyHomeowners who take public transit will spend $5,415.73/month, or $64,988.76 annuallyHomeowners who drive will spend $5,714.72/month, or $68,576.64 annuallyBased on the current tax rates in Canada and Ontario, in order to get by in Toronto:Renters who take public transit will need to earn $55,500 before tax ($42,584 after tax)Renters who drive will need to earn $61,000 before tax ($46,376 after tax)Homeowners who take public transit will need to earn $88,000 before tax ($65,056 after tax)Homeowners who drive will need to earn $94,000 before tax ($68,971 after tax)These figures are meant to serve as guideposts. It's possible to live in Toronto on less than this, especially with a partner or roommates. It's also important to keep in mind that there are other costs not accounted for in this index which could make living in Toronto more expensive."This cost breakdown doesn't include things like debt repayments, the cost of pet ownership, clothes, haircuts or other one-time fees associated with moving to a new city," says Thouin. "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."Some highlights from the report show that the average Torontonian can expect to budget the following amounts for key expenditures:Homeowner housing costs average $4,223.56/monthRenter housing costs average $2,349.07/monthPublic transit costs average $258.55/monthDriver costs average $557.54/monthFood costs average $533.95/monthCell Phone and Internet costs average $155.96/monthEntertainment costs average $178.96/monthHealth and fitness costs average $64.75/monthHomeowner housing costs: $4,223.56/monthThe average selling price for homes in Toronto in 2019 was $883,520. Assuming a down payment of 15%, and including mortgage insurance, that would equal a total mortgage of $772,020. With a 25-year amortization period and a 5-year fixed rate term at an interest rate of 2.94%, mortgage payments for such a home in Toronto would cost $3,630. Furthermore, for a four-storey detached home in Toronto's Bloorcourt Village, home insurance would cost $140.92. For this Bloorcourt home, property tax would cost around $452.64 monthly. In total, monthly housing for the average Toronto homeowner costs $4,223.56.

Renters who take public transit will spend $3,541.24/month, or$42,494.88 annuallyRenters who drive will spend $3,840.23/month, or$46,082.76 annuallyHomeowners who take public transit will spend $5,415.73/month, or$64,988.76 annuallyHomeowners who drive will spend $5,714.72/month, or$68,576.64 annuallyBased on the current tax rates in Canada and Ontario, in order to get by in Toronto:Renters who take public transit will need to earn $55,500 before tax ($42,584 after tax)Renters who drive will need to earn $61,000 before tax ($46,376 after tax)Homeowners who take public transit will need to earn $88,000 before tax ($65,056 after tax)Homeowners who drive will need to earn $94,000 before tax ($68,971 after tax)These figures are meant to serve as guideposts. It's possible to live in Toronto on less than this, especially with a partner or roommates. It's also important to keep in mind that there are other costs not accounted for in this index which could make living in Toronto more expensive."This cost breakdown doesn't include things like debt repayments, the cost of pet ownership, clothes, haircuts or other one-time fees associated with moving to a new city," says Thouin. "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."Some highlights from the report show that the average Torontonian can expect to budget the following amounts for key expenditures:Homeowner housing costs average $4,223.56/monthRenter housing costs average$2,349.07/monthPublic transit costs average $258.55/monthDriver costs average$557.54/monthFood costs average $533.95/monthCell Phone and Internet costs average$155.96/monthEntertainment costs average $178.96/monthHealth and fitness costs average$64.75/monthHomeowner housing costs: $4,223.56/monthThe average selling price for homes in Toronto in 2019 was$883,520. Assuming a down payment of 15%, and including mortgage insurance, that would equal a total mortgage of $772,020. With a 25-year amortization period and a 5-year fixed rate term at an interest rate of 2.94$3,630. Furthermore, for a four-storey detached home in Toronto's Bloorcourt Village, home insurance would cost $140.92. For this Bloorcourt home, property tax would cost around$452.64 monthly. In total, monthly housing for the average Toronto homeowner costs $4,223.56.