Toronto is one of Canada’s most vibrant and diverse cities, offering a high quality of life, excellent job opportunities, and a rich cultural scene. However, the cost of living in Toronto is significantly higher than in other Canadian cities, making salary expectations an important consideration. This guide will help you understand what qualifies as a good salary in Toronto based on expenses, lifestyle, and job market trends.

1. Understanding the Cost of Living in Toronto

Toronto’s cost of living is among the highest in Canada. Key expenses include:

• Housing: The average rent for a one-bedroom apartment in downtown Toronto is around $2,500 per month, while in suburban areas, it can be $2,000 per month or lower.
• Transportation: A monthly public transit pass costs $156, and car owners must factor in insurance, gas, and parking fees.
• Groceries and Dining: A single person can expect to spend $400 – $600 per month on groceries, while eating out frequently can increase this significantly.
• Utilities and Internet: Utility bills (electricity, heating, water) typically range from $150 – $200 per month, and internet services cost around $70 – $100 per month.
• Other Expenses: Entertainment, fitness memberships, and personal expenses add up, making financial planning crucial.

2. What is Considered a Good Salary in Toronto?

a. Low Income (Below $50,000 per year)

A salary under $50,000 may make it difficult to afford comfortable living in Toronto, especially for those paying high rent. Many people in this range opt for shared housing or live in more affordable neighborhoods outside the city.

b. Average Salary ($70,000 – $85,000 per year)

The median household income in Toronto is around $85,000. A salary in this range allows for a comfortable lifestyle for a single person but may be tight for a family, especially if they have children or additional financial obligations.

c. Good Salary ($90,000 – $120,000 per year)

A salary in this range provides financial stability and flexibility. It allows for comfortable housing, savings, and discretionary spending while managing living costs effectively.

d. High Salary ($150,000+ per year)

Earning $150,000 or more is considered a high salary in Toronto. It provides financial security, allowing individuals and families to afford a larger home, luxury expenses, and substantial savings.

3. How Kandor Can Help You Plan for Life in Toronto

Moving to Toronto for work or study requires careful financial planning. Kandor simplifies this transition by offering expert guidance on job opportunities, salary expectations, and managing living expenses in Canada. Whether you are an international student or a skilled worker, Kandor provides the resources and support needed to make informed financial decisions before and after moving to Toronto.

4. Conclusion

A good salary in Toronto depends on individual needs and lifestyle choices. While $90,000 – $120,000 is a comfortable range, financial security depends on personal budgeting and expenses. Understanding the cost of living and planning accordingly ensures a smooth and stress-free experience in one of Canada’s most dynamic cities.