So you’re eyeing Ontario, Canada, an Instagram-worthy location known for its bustling cities and picturesque landscapes, as your next place of residence.
But how much does it actually cost to live in this province?
According to Numbeo, it costs between $1,320 to $1,550 without rent for a single person to live comfortably in major Ontario cities, such as Toronto, Ottawa and Kitchener.
This article covers the average cost of living in Ontario, including the rental, food, and transportation costs you can expect when living in this province.
Key Takeaways
- Major Ontario cities like Toronto, Ottawa, and Montreal have different cost of living dynamics, with Toronto having higher living expenses of $1,532 monthly without rent.
- Rental rates in Ontario vary depending on location, with major urban hubs like Toronto having higher prices.
- The average salary in Ontario is $78,440 annually or $40.23 per hour.
Cost of Living in Ontario
Ontario reigns supreme as Canada’s most populated province, with its impressive count of over 15 million residents and a vast array of more than 440,000 businesses. Not to mention its famously exorbitant city known as Toronto, widely recognized as a top financial stronghold for all of Canada.
For those wondering what expenses they’ll encounter when moving to this region, this section will help break it down for you.
Rent
Rental rates vary throughout different regions across Ontario, depending largely on various factors such as whether your property resides in a big city versus a small town or falls under a specific housing category.
For example, finding affordable rentals might prove difficult if you look for them primarily among major urban hubs like Toronto and Ottawa, which tend to have elevated rental prices overall.
In addition, within individual city boundaries themselves, there can be substantial disparities between similar properties up for rent.
Food
Grocery expenses in Canada are rising, and Ontario is no exception. It experienced a 10.4% increase in food prices in 2022, according to the latest issue of Canada’s Food Price Report.
Considering that the Consumer Price Index, or CPI, increased 4.3% from a year earlier, it shouldn’t come as a surprise.
The CPI, by the way, measures how much the prices of the goods and services people buy change over time. It helps us understand what is getting more or less expensive with the basic necessities we purchase.
A higher CPI indicates that more and more families in and around Ontario are allocating a larger portion of their daily expenses to food and groceries.
Transportation
Ontario offers a well-connected transportation system. These include public transit, highways, and intercity travel options. Your daily commuting cost depends on factors like distance, mode of transport, and frequency of travel.
Average Cost of Living in Ontario, Canada for a Couple
For a couple residing in Ontario, the cost of living can be influenced by shared expenses and lifestyle choices.
To give you an idea, Numbeo has estimated that the average cost of living for couples in Toronto is $2,919, excluding rent.
Average Cost of Living in Ontario for a Family
Raising a family in Ontario involves additional considerations. Childcare, education, and healthcare expenses play a crucial role in determining the overall cost of living.
According to an estimate from Numbeo, the average cost of living for a family of four in Toronto is $5096.5, excluding rent.
Average Cost of Living in Major Ontario Cities
Ontario is home to vibrant cities like Toronto and Ottawa, each with its own unique cost of living dynamics.
Cost of Living in Toronto
Toronto stands out as an epicentre for economic growth and cultural diversity. Despite its many advantages, let’s not forget that living expenses here are relatively steep when measured against other destinations within Ontario. This reality traces back largely to exorbitant housing costs along with various daily expenses residents contend with.
It typically costs $1,532 without rent to live in Toronto.
Cost of Living in Ottawa
In Canada, the city of Ottawa is the one that hosts the federal government and gives its inhabitants a sense of balance with housing prices that are lower than Toronto’s. Factors like healthcare, schooling, and transportation influence the cost of living here, which is currently at around $1,551 without rent monthly.
Cost of Living in Montreal
For those seeking to maintain their lifestyle without breaking the bank, a more affordable alternative to Toronto is Montreal. This city in the province of Quebec offers many Ontario workers access to an equal array of amenities at a lower cost of living of $1,320 without rent per month.
Average Salary in Ontario
Let’s delve into another aspect of how much it costs to live in Ontario by examining the average salary in this province. According to talent.com, the average salary in Ontario is $80,025 annually or $43.60 per hour.
FAQs
Residing in Ontario typically comes with a higher cost compared to Alberta. But, the ongoing rush of Ontarians searching for more affordable alternatives in Alberta has resulted in higher rental rates in that region too, along with other repercussions.
Ontario’s comfortable living expenses hinge on various elements such as where you are, your way of life, and how big your household is. To provide some perspective, a family of four with a modest standard of living in Toronto would need a $5,540 monthly budget.
A decent monthly salary in Canada varies by industry, location, and experience. On average, earning between $4,000 and $8,000 per month is a reasonable salary to afford a comfortable lifestyle.
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