Toronto Cost of Living 2026: How Much Does It Actually Cost to Live in the GTA?

Quick answer

Toronto is Canada's most expensive major city for renters in 2026. A single person needs roughly $4,800–$6,200 per month in after-tax income to live comfortably — covering a one-bedroom apartment, transportation, groceries, and modest savings. That translates to a gross salary of approximately $75,000–$95,000 in Ontario. A couple sharing costs can live more comfortably on a combined $100,000–$130,000 gross.

Toronto housing costs have plateaued from their 2022 peak but remain elevated — the average one-bedroom apartment in the 416 area code runs $2,300–$2,800 per month. The 905 suburbs (Mississauga, Brampton, Markham) are $300–$600 cheaper per month and are accessible by GO Transit, making them a cost-effective alternative for many workers.

Toronto housing costs in 2026

Rent includes utilities? Not usually. Budget an extra $100–$200/month for utilities (electricity, heat, water) unless your lease explicitly includes them. Purpose-built rentals are more likely to include heat than older condos converted to rentals.

Transportation costs in Toronto

One of Toronto's underappreciated financial advantages: car-free living is genuinely viable in the 416. The TTC plus occasional rideshare can replace a car entirely for many residents, saving $700–$1,200/month versus car ownership. This significantly offsets the higher rent versus smaller cities where a car is mandatory.

Full monthly budget — Toronto on $85,000 gross (single)

An $85,000 Ontario salary nets approximately $62,700/year — $5,225/month after tax.

Car-free living in Toronto dramatically improves financial flexibility at $85,000. Adding a car cuts discretionary spending nearly in half. Living in the 905 suburbs with a GO Train commute saves ~$400/month in rent but adds ~$200/month in transit — net savings of ~$200/month with a longer commute.

Toronto vs other Canadian cities

Bottom line

Toronto in 2026 is expensive but manageable with the right choices. A single person on $85,000 gross (~$5,225/month after Ontario tax) can live comfortably car-free — with $1,600+ in discretionary spending after rent, transit, groceries, and savings contributions. With a car, the same salary is tight. Couples sharing a two-bedroom on a combined $130,000–$150,000 gross have meaningful financial breathing room. The key levers: location (416 vs 905), car ownership, and housing type. Toronto's transit network makes car-free living more financially viable here than in Calgary, Ottawa, or Edmonton — a factor that favours lower salaries translating further than the tax row alone suggests.