The Price of Living in Toronto Is Making Headlines

Let’s just rip off the Band-Aid right now.

Living in Toronto in 2026 is expensive. Like, really, really expensive.

We’re talking about a city where a basic one-bedroom apartment can cost you more than some people’s entire monthly salary in other parts of the country.

I’ve watched friends move here with big dreams and decent jobs, only to have a minor panic attack when they see their first rent bill.

But here’s the thing.

Thousands of people still flock to Toronto every year, chasing careers, opportunities, and the energy of Canada’s biggest city.

So what’s the real deal? How much does it actually cost to not just survive but maybe even enjoy life in the 6ix right now?

I’m talking real numbers, not some fantasy budget where you never eat out or have any fun.

We’re about to break down every dollar and cent of what it takes to call.

Toronto home in 2026, from rent to groceries to that coffee you probably can’t afford but buy anyway.

Rent: The Budget Killer

Let’s start with the elephant in the room – or rather, the rent that’ll barely get you a room at all.

The brutal truth: According to the Toronto Regional Real Estate Board, the average rent for a one-bedroom apartment in Toronto hit $2,326 per month in the second quarter of 2025 – and it’s only climbing as we move through 2026. That’s nearly $28,000 a year just for a roof over your head. And we’re talking about a one-bedroom here, not some luxury penthouse!

Some people in desirable downtown locations are paying even more – current estimates put one-bedroom condos around $2,500 monthly or higher. That’s almost the price of a used car… every single month.

But wait, there’s hope! If you’re willing to get creative:

• Roommate life: Share a three-bedroom condo and you could pay around $1,200-$1,250 for your own room
• Student housing: Students are finding places for $850-$900 per month, though you’ll probably be sacrificing space and location
• Suburban options: Living outside the downtown core can save you hundreds, though you’ll spend more time (and money) commuting

The catch? Even with roommates, you’re still looking at a huge chunk of your paycheck disappearing before you’ve even bought groceries.

Here’s Where It Gets Really Scary

Ontario’s minimum wage hit $17.60 per hour in October 2025 and continues at that rate into 2026. Working full-time at minimum wage? That’s about $33,600 a year before taxes.

Do the math: According to the Toronto Regional Real Estate Board’s data showing average rent at $2,326 monthly ($27,912 annually), someone working minimum wage would need to spend 83% of their entire salary just on rent. And that’s before food, transit, phone bills, or anything else!

Even though the Toronto Regional Real Estate Board reported a 5.1% year-over-year decrease in average rents in early 2025, Toronto remains one of the most expensive cities in North America for housing heading into 2026. The “rent is too damn high” isn’t just a meme here – it’s real life.

The Other Bills That Keep Piling Up

Think rent is the only thing draining your bank account? Oh, sweet summer child. Let’s talk about everything else hitting your wallet in 2026.

Utilities (The “Fun” Surprise Bills):

• Electricity, heat, and water: Around $90-$100 per month for a one-bedroom
• Internet: $45-$65 monthly (and you’ll want the faster option if you work from home or game)
• Total utility damage: $135-$165 per month on top of rent

Your Phone Will Cost You: Toronto phone plans are notoriously expensive compared to most of the world. You’re looking at:

• Basic plan with decent data (3GB): $35-$40 per month
• Better plan for actual smartphone use: $50-$65 per month
• The painful truth: Even “cheap” phone plans here cost more than premium plans in other countries

Food: Where Your Money Vanishes Into Thin Air

Groceries: This is where things get wild in 2026. Monthly grocery costs can range from $350 to $800 depending on:

• Whether you cook everything from scratch or buy convenience foods
• If you’re a snack fiend (guilty as charged!)
• Your dietary restrictions or preferences

One Toronto resident shared: “I spend about $800 a month for 2 people, but I like to buy a lot of snacks.” That’s $400 per person – and that’s pretty standard if you’re not living on ramen and hope.

Money-saving grocery hacks:

• Shop at local markets and smaller grocers for cheaper produce
• Buy in bulk and meal prep like your life depends on it (because your budget does)
• Skip the fancy organic everything unless you’re made of money
• Hit up discount chains like No Frills or FreshCo

Eating Out: Hope you like cooking, because dining out in Toronto in 2026 will wreck your budget fast:

• Takeout: Around $15-$20 per person minimum
• Sit-down restaurant: $30-$40 per person and up
• One dinner date? Easily $70-$100 for two people with drinks

Getting Around: The TTC Tax

Public Transit:

• Monthly TTC pass: $156 for unlimited subway, bus, and streetcar rides
• Single rides: $3.30 each (so $6.60 per day if you’re going somewhere and back)
• Annual cost: $1,872 if you buy monthly passes

The good news? Toronto actually has decent public transit compared to most North American cities. You don’t need a car to survive here.

The bad news? If you do want a car in 2026, add insurance (easily $200-$300+ monthly for young drivers), parking ($150-$400 monthly downtown), gas, and maintenance. Suddenly that $156 TTC pass looks like a bargain!

The “Fun Money” Reality Check

After rent, utilities, food, and transit, you still need money for:

• Entertainment and social life: $300-$500 monthly if you actually want to enjoy living here
• Clothes and personal care: $100-$200 monthly
• Emergency fund: Because life happens (and it’s expensive in Toronto)
• Savings: (Ha! What savings?)

One Toronto resident budgets $400 monthly for “random stuff and having fun.” That might sound like a lot, but in a city with $15-$18 cocktails and $20+ movie tickets, it disappears fast.

So What Does It All Add Up To in 2026?

Bare minimum monthly budget (single person):

• Rent (with roommates): $1,250
• Utilities: $140
• Groceries: $350
• Transit: $156
• Phone: $40
• Total: $1,936

Realistic monthly budget (single person):

• Rent (one-bedroom): $2,500
• Utilities: $155
• Groceries: $500
• Transit: $156
• Phone: $50
• Entertainment: $300
• Miscellaneous: $200
• Total: $3,861

Comfortable lifestyle (single person):

• Rent: $2,600
• All other expenses: $2,200-$2,800
• Total: $4,800-$5,400+

For couples? You’re looking at $4,500-$7,500 monthly after rent and utilities, depending on your lifestyle.

But Wait – Why Do People Still Move Here?

Look, I won’t sugarcoat it. The cost is brutal.

But here’s what keeps people coming and why so many of us stay despite checking our bank accounts with one eye closed.

The job market is absolutely unmatched. Toronto has more office jobs than anywhere else in Canada, and it’s not even close.

Tech, finance, healthcare, media, consulting… if you’re trying to build a career, this is where the opportunities are.

I’ve got friends who tried moving somewhere cheaper like Calgary or Montreal. Six months later? They’re back, because their industry barely exists outside Toronto.

As one job seeker told me: “Toronto outnumbers the office jobs across Canada. I am applying everywhere in Canada and have only received a response from Toronto.”

Everything is actually here. World-class restaurants, concerts where artists actually show up, Raptors games, festivals every other weekend. I can get authentic ramen at 2 AM, catch a Bollywood premiere, and see a Broadway show all in the same city.

One resident nailed it: “I have everything I want (other than affordability) because I live where the money is.”

Plus, you don’t need a car. Yeah, the TTC has its issues, but you’re saving nearly $10,000 a year compared to living somewhere you’re stuck without wheels.

And honestly? It’s an international city in a way nowhere else in Canada comes close.

Over 50% of people here were born outside Canada. Indian food in Scarborough, Portuguese in Little Portugal, Korean in North York. Nobody blinks twice at anything.

You can be whoever you want to be. There’s always something happening, any day of the week.

Can You Actually Afford Toronto in 2026?

Here’s the honest truth from someone who’s been grinding it out in this city.

You need to be pulling in at least $55,000-$65,000 annually to live somewhat comfortably as a single person in Toronto.

And let me be clear – that’s with budgeting like your life depends on it and probably splitting a place with roommates.

For a comfortable lifestyle where you’re not checking your bank account before every purchase?

You’re looking at $75,000-$85,000+ if you’re solo, or $110,000+ combined if you’re a couple. Yeah, I know – it’s rough out here.

Smart strategies to actually make it work in 2026:

Find roommates – This isn’t college anymore, but honestly, it’s still the #1 way to keep your rent from eating your entire paycheck. A $2,400 apartment split three ways beats a $1,800 bachelor any day.

Live outside downtown – Look, I get it, living on King West sounds great. But Scarborough, North York, even Etobicoke? Way more affordable, and the TTC (when it’s working) will get you downtown in 30-40 minutes.

Cook everything – That $18 avocado toast will haunt your budget. I’ve watched friends blow $600+ a month on takeout without even realizing it. Meal prep on Sundays, buy in bulk at No Frills, and save restaurants for special occasions.

Budget ruthlessly – Download Mint or YNAB and actually look at where your money goes. The coffee runs, the Uber Eats at midnight, the impulse Amazon orders – they add up fast.

Negotiate your salary – Toronto wages need to match Toronto prices. Do your research on industry standards and push for what you’re worth. Your landlord isn’t giving you a discount, so don’t leave money on the table.

Use credit card rewards – If you’re spending money anyway, might as well get 1-2% back. That Tangerine or Simplii cash-back card can net you $400-500 a year on groceries alone.

Take advantage of free events – Toronto actually has incredible free stuff if you know where to look. Harbourfront festivals, free museum days, High Park concerts, beach days. Your Instagram feed doesn’t need to cost $50 per photo.

The reality? Toronto is expensive and getting pricier. But it’s still doable if you’re strategic and willing to make some trade-offs while you build your career and income.

Final Words

Living in Toronto in 2026 is tough, expensive, and often feels like you’re working just to pay rent.

The headlines about Toronto’s cost of living aren’t exaggerating – and data from the Toronto Regional Real Estate Board proves it. This city will test your financial limits.

But thousands of people make it work because Toronto offers opportunities, experiences, and a quality of life (beyond just affordability) that you can’t find anywhere else in Canada.

The key is going in with your eyes wide open. Know the costs, budget carefully, and make strategic choices about where to spend and where to save.

Maybe skip that $7 latte and make coffee at home. Cook most meals yourself. Find free entertainment. Hunt for deals.

Is it worth it? That depends on what you value. But one thing’s for sure – Toronto isn’t getting cheaper anytime soon.

The question is: are you ready for the challenge?