Living In Toronto Actually Costs More Than What An Average Canadian Is Making
You might want to start saving.
It's no secret that living in the 6ix is expensive. Most Ontarians have to hustle just to afford Toronto's living costs. According to a new study by LowestRates.ca, the average Torontonian renter needs to be making an upwards of $94,000 to afford a spot in the city. However, according to Statistics Canada, the average Canadian makes only $46,700.
In Statistics Canada's latest stats from 2017, the average Canadian is making $46,700 annually, which is needed toand a variety of other expenses.
However, if you're looking to own a home in the city, you need to be making way more than the average Canadian.
According to the study, GTA homeowners who rely on public transit need to make $88,000 and those who drive have to earn at least $94,000.
So, you need to make almost $100,000 a year to own a house and live somewhat comfortably in Toronto.
However, if you are looking to rent, it does get a little better, but still unaffordable for those on average salaries.
who drive need to make a whopping $61,000, while those who take public transit need to make $55,500.
"It's common knowledge that Toronto is a very expensive city to live in," explained Justin Thouin, CEO of LowestRates.ca in news release.
"With this index, we crunched the numbers to actually determine what kind of salary the average individual in a number of different circumstances needs to earn to afford to live in Toronto."
It's worth noting that this study caters specifically to, as in people who don't have roommates or partners to help them share their financial load.
The study also notes that it is crucial to consider all the other costs that haven't been included.
"This cost breakdown doesn't include things like debt repayments, the cost of pet ownership, clothes, haircuts, or other one-time fees associated with moving to a new city," Thouin added.
"It's clear that the high cost of living in this city should be of serious consideration to any person thinking about moving to Toronto."
The National Bank of Canada reportedthat renting had become cheaper than buying in Toronto.