Average salary to live comfortably in Toronto?

Question

How much does one need to make to have a moderately comfortable lifestyle in Toronto? For renting? For owning a home? Preferably in the St.George area or a "good" safe area.

Also, how much does the TTC cost (i.e. a monthly pass, etc.)? Is it cheaper than owning a car?

Thanks!

Answer 1

It really depends on what type of experience you want. I've lived in Toronto and have been considering returning and for what I want it costs at least $4000/month for rent. Now if you are willing to live more like a student you can find stuff in the $800/month range that is nice.

With respect to buying again it depends on if you are willing to live in a 650sq foot closet or if you want something normal size. www.mls.ca has everything that is available to buy. You can search it based on area and other criteria. MLS also has rental listings but generally only the upmarket stuff with some but limited more affordable rentals

I own a car and when in Toronto I never use it mostly because of parking issues. It is cheaper or relatively the same price to just take a cab. The subway is very convenient There really is no need to own a car unless you plan to leave the downtown core.

Answer 2

I'll guess around $50Gs/year minimum. Everything's expensive, let alone to rent, but I just read on the Star that the national housing market is going down so if you want to buy a home, later on is going to be better. There's no such place as a "safe" area in Toronto. If you want safe, go to Newmarket or Holland Landing.

We also have a mayor who can't seem to budget, but makes stupid financial decisions like giving homeless more booze with our tax dollars. He also wants a nation-wide ban on handguns when there are already federal laws in place and a total ban in Toronto; meaning NO guns in the city, with the exception of police officers. Little hard to enforce considering people smuggle in guns from 'Sauga, York region, and Pickering all the time using the 401, don't you think? Oh, and this guy has a masters in law. Makes you really think: is he really that stupid or is he playing his own people because he thinks that WE are that stupid for falling for his proposals?

Metropasses are $109 per month max, but I think someone already told you of other discounts. Owning a car will always cost more, but it's worth it if you like to be punctual. TTC is a joke and a half when it comes to being on time, quality of service, etc, etc, etc. Quality of people are still the same whether you're driving or taking the TTC though: we're all the bottom feeders of the human race in the cesspool of Canada that is Toronto.

Answer 3

Roughly 40-50 K per year.

Or about $3000-4000 a month. The rent depends on the location and the size of the house/apt. They are roughly 1100 for a two bedroom apt. More or less...

On top of that, food, transportation, bills....it adds up.

Answer 4

i  said $60,000 a year, well that is all relative based on whether you spend approx $450 a month on a car, $180 on car insurance and $1200 a month rent.

But if you cut down your normal living expenses (for instance if it is just you) then you can find a great place to live in the beaches area of Toronto (tones of rentals right by the water!) where you can get a nice one bedroom for approx $800 - $1000 a month.

You can purchase or lease a smaller car then an average size and only spend about $320 a month or better yet, take transit.

This will also make your car insurance payments lower.

how much does the TTC cost.?

TTC Fares - Effective November 4, 2007

Adult

   Cash $2.75

   Tokens/Tickets 5 - $11.25

  

10 - $22.50

Metropass - Transferable $109.00

Metropass Discount Plan (MDP) $100.00

Weekly Pass - Transferable $32.25

Senior / Student

   Cash $1.85

   Tickets only 5 - $7.50

     

10 - $15.00

Metropass - Transferable $91.25

Metropass Discount Plan (MDP) $84.00

Weekly Pass - Transferable $25.50

Child

   Cash $0.70

   Tickets 10 - $5.00

Day Pass $9.00

Downtown Express $32.00

GTA Pass $47.00