Every day, a new depressing statistic about Toronto's affordability crisis is born - and they never get any less shocking. LowestRates.ca recently calculated the average monthly total that young people now have to spend to afford life in the city. This time last year, that total was a lot less. Hundreds of dollars less.
The report measures the average cost of rent, transportation, groceries, phone and Wi-Fi plans, and gym memberships in Toronto. They've also factored in the cost of entertainment in the city because, after slaving away all week just to meet your basic needs, entertainment is just as necessary for survival as anything else.
As of January 2018, the grand monthly total to afford life in Toronto is $2,740.48 CAD. LowestRates also conducted the same report the previous spring, in April 2017. That total came to $2,350 per month. Which means that, in less than a year, the amount has skyrocketed by an extra $400 per month.
According to LowestRates, the main culprit is the spike in monthly rent. Last April, tenants in Toronto paid $1,334 per month on average. Today, that number has jumped to $1,672. The only way to save is to live with a roommate, which could bring your rent down by several hundred dollars a month.
LowestRates' report also calculates the average cost of eating out, getting drinks and activities in the city. Just for a few nights of modest drinking with friends, young adults in Toronto spend about $100 monthly. On dinners and takeout a few times a month, the total is $154.
In general, this report is helpful for anyone trying to create a reasonable monthly budget. Until you have the figures laid out in front of you, it's hard to keep track of how quickly all those little expenses add up.