How Much Does It Cost to Live in Toronto 2021 | Expenses to Look Out For

How much does it cost to live in Toronto 2021? Know the cost of living in Toronto 2021 along with a detailed explanation of all the expenses you should look out for.

Being the largest city in Canada, Toronto is as expensive as it is exciting. However, it is smart to know some practically helpful cost-saving tips. There are many things to consider and add to your budget. Toronto Real Estate Pro explains how much does it cost to live in Toronto 2021.

0:00 - Intro
0:53 - Accommodation
3:15 - Internet and Phone Plans
3:38 - Groceries and Extra Costs
5:06 - Commuting
5:51 - Cars
9:11 - Gas/Petrol
10:58 - Entertainment
11:35 - Gifts
12:22 - Education
13:23 - Fitness
13:47 - Taxes
14:54 - Healthcare
15:15 - Seasonal Expenses
15:57 - Other Expenses
16:51 - Clothing
16:56 - Cost-Saving Tips
19:20 - Average Cost of Living in Toronto
20:50 - Contact Details

Resources:
Mortgage comparison: https://www.ratehub.ca/mortgages

Rent Report: https://rentals.ca/national-rent-report

Phone and internet plan comparison: https://www.comparemyrates.ca
https://www.planhub.ca

Insurance comparison: https://www.lowestrates.ca/insurance/...

https://www.ratehub.ca/insurance/best...

Budgeting: https://mint.intuit.com/how-mint-works

Ontario Government Tax details: https://www.fin.gov.on.ca/en/tax/

Toronto parking bylaws: https://bit.ly/3cAUoZj

Car sale deals: https://www.autotrader.ca/

Deal finder forum: https://www.redflagdeals.com/

Credits:
Talent: Adnan Feroz
Director/Camera operator: Harshit Patel
Assistant Director: Harsha Patil
Editor: Manish Malviya & Harshit Patel

I will briefly talk about pros and cons to moving to toronto.
Suggested watch: https://youtu.be/uJb9T8YJZws

Additional Footage & Music by : Storyblocks & Envato Elements

Adnan Feroz
A Serial Entrepreneur heading multiple businesses in Accounting, Coaching, Construction Consulting, E-commerce, Film Production, Marketing, and a Studio House. Also, crazy enough to be an Award-winning Real Estate Agent, a YouTuber, an International Bestselling Author, and a Podcaster.

Accounting: https://accountingdoc.ca/

Construction Consulting: https://adbinc.ca/

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Real Estate: https://torontorealestatepro.com/

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As per The cost of living in Toronto in 2021 report by lowestrates.ca
Here's a detailed breakdown of the expenses to look out for in Toronto:

Accomodation
If you are a renter you need $1900 for Housing
If you are a homeOwner you need $3800 / Month

Commute
Transit: $265,
Car: $580

Food $535

Phone and Internet: $172.63/month

Entertainment: $60.94/month

Health and Fitness: $63.32/month

This is what it costs to live in Toronto in 2021
Total: $3,008.74 monthly, or $36,104.88 annually (for renters who take the transit)
Total: $3,323.73 monthly, or $39,884.76 annually (for renters who drive)
Total: $4,886.57 monthly, or $58,638.84 annually (for homeowners who transit)
Total: $5,201.56 monthly, or $62,418.72 annually (for homeowners who drive)

Based on the current tax rate in Canada and Ontario,
renters who commute will need to be making at least $45,500 before tax ($36,280 after tax) to make ends meet in Toronto.

Renters who drive will need to be making $51,500 before tax ($40,199 after tax.)

Homeowners who commute will need to make $78,500 before tax ($58,709 after tax.)

And homeowners who drive will need to make $84,000 before tax ($62,522 after tax.)

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