There are a lot of things that make being single in Toronto pretty awesome. You get the whole bed to yourself, your Netflix algorithm is entirely curated to your taste, and you never have to share your fries. But when it comes to living expenses, a second income sure does come in handy.
Life is expensive — especially if you live in Toronto.
Toronto is a city bursting with life, culture and, unfortunately, a sky-high cost of living. So, if you’re determined to live your best single life in the 6ix, you’ll need to be smart with your money.
Let’s break down what it really costs to live in this urban playground and how you can survive on one income without having to resort to instant noodles every night.
Rent
Toronto’s rent is legendary — mainly in horror stories. According to Rentals.ca, as of August 2024, a one-bedroom apartment will set you back about $2,443 per month. And if you’re dreaming of a two-bedroom place to have an office for your side hustles, prepare to shell out around $3,198 monthly.
Yes, you read that right. Move to a suburb like Brantford, and you could save a few bucks — a one-bedroom there averages $1,764, and a two-bedroom is $2,024 per month. But then you’re dealing with the joy of commuting, and with the constant construction on the Gardiner and the 401, having to fight traffic on your commute in and out of the city might not be worth the savings.
Feeding yourself
We all have to eat, right? According to Currency Mart, singles in Toronto can expect to spend around $200 to $300 a month on groceries. This, of course, varies based on whether you’re hitting up discount stores or splurging at fancy organic markets.
Cooking at home can save you a bundle, so you might have to forgo those Sunday brunches and teach yourself how to make the perfect avocado toast at home.
TTC adventures
It costs big bucks to have a car in Toronto. Even if you inherit a vehicle or find one that’s affordable to buy, you still have to consider the cost of fuel, parking and insurance.
For most big-city dwellers, public transit is just part of the urban experience. In Toronto, a monthly public transit pass will set you back $156.
On the bright side, you get to experience the unique smells and delays of the TTC. Think of it as paying for a daily mystery adventure.
Living on a single income: Tips and tricks
Now, let’s talk about living on one income in Toronto. It’s tricky, but not impossible with a mid-range salary. Here are some tips.
- Create a budget: We know, budgeting is about as fun as getting a root canal. But much like a root canal, sometimes it’s essential. Track every dollar coming in and going out. Apps like Mint and YNAB can help keep your spending in check. Think of it as your financial diary — minus the teenage angst.
- Cut unnecessary expenses: Do you really need a $7 latte every morning? Or the gym membership you never use? Trim the fat and watch your savings grow. You can still find ways to make your DIY alternatives fun, like getting a bottle of your favourite coffee flavouring syrup and learning to make that caramel macchiato at home.
- Cook at home: Eating out is a quick way to burn through cash. Learn to cook a few simple meals. Your bank account will thank you. Plus, it’s a great way to impress dates — or at least not scare them off with your bank statement.
- Shop smart: Buy in bulk, look for sales and use coupons. Apps like Flipp let you see deals at all the stores in your area, and even cash in those deals at other stores that offer price matching. Every bit helps. Channel your inner extreme couponer and watch those savings add up. (Just try not to turn into one of those people with a basement full of toilet paper.)
- Start a side hustle: It may sound simple but, if you don’t have enough money, try making more! If your main gig isn’t cutting it, consider a side hustle. What are you good at? What do you do in your regular day job? Is there an opportunity to leverage that skill further and turn it into a freelance gig? Start an affiliate marketing channel, become a freelance copywriter, drive for Uber, or sell your homemade crafts on Etsy. Every extra dollar counts. And who knows, your knitting hobby could turn into a lucrative side business — because who doesn’t need more toques and sweaters?
- Move in with roommates: If you can tolerate living with someone else, getting a roommate can significantly cut your rent and utility costs (sort of like a spouse or partner). A good roommate is worth their weight in gold — or at least in saved rent money.
- Keep an emergency fund: Save for the unexpected. Having a safety net can prevent financial disasters in the face of surprise expenses or unexpected layoffs. Think of it as your “oh no” fund — because life loves to throw curveballs when you least expect it.
The bottom line
So, let’s go back to the original question — how much does it cost to live as a single person in Toronto?
According to the Wellesley Institute, the annual cost of “thriving” for a single, working-age adult in the GTA ranges between $61,654 and $83,680 after taxes — which comes out to a salary of roughly $83,000 to $115,000 before tax.
That’s well over double what a full-time minimum-wage worker earns, which is somewhere around $26,000 after taxes.
The biggest expenses are the essentials: shelter, transportation and savings. So, even if you cut back on personal spending, it won’t make much of a dent in the overall cost because the necessities are so pricey.
Living in Toronto isn’t cheap. But with a little planning, a lot of budgeting and a dash of creativity, you can make it work on a decent salary. It might mean making some sacrifices and being more mindful of your spending, but it’s definitely possible to live your best single life in this vibrant city.
Just remember to keep an eye on the latest reports and adjust your budget accordingly. Toronto’s cost of living can be a bit of a roller coaster, so staying informed is key. Good luck, brave Torontonian.
And if all else fails, there’s always ramen.
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