Exploring the Cost of Living in the GTA

Posted by: Intercity Realty Wed, Mar 2nd / 16

Life in Toronto is great, but what will it cost you? Today, we explore and detail the cost of living in Toronto and several popular surrounding areas.

Here at Intercity Realty, we specialize in marketing, selling and leasing properties all over the Greater Toronto Area. From condos in the Downtown Toronto core to new home developments in Oakville, Brampton, Vaughan, Richmond Hill, Markham, New Market to New Seaton. We have the right home for you.  Depending on your age, income and other factors, you may prefer a certain area over another. One of the most important factors is the cost of living, and in Southern Ontario especially, these costs can drastically change depending on which area you are interested in.

In 2015, Toronto was ranked the best city in the world to live in by The Economist Newspaper, and for good reason. Its multiculturalism creates a diverse and unending supply of art, music, food and literature. Major events like the Pan Am Games, NBA All Star Weekend and Toronto International Film Festival had eyes around the world on Toronto. However, with this impressive status comes a cost. Let’s look at the rental market.  According to numbeo.com, a website that displays the costs of living in various cities around the world, the average monthly cost of renting a three-bedroom apartment in the city centre of Toronto as of February 2016 is $2,601.81. Utilities cost approximately $139.55 per month, a monthly transit pass costs $141.50 and the City of Toronto estimates that a family of four can be fed for $590.09 per month. While it may not be cheap to live in Toronto, it is still impressive that for a city that has been voted best in the world, the cost of living is still 34.3% lower in Toronto than it is in New York!

If Toronto is too pricey, it may be wise to look into living costs of other areas surrounding Toronto, otherwise known as the Greater Toronto Area. While you’d be located a bit farther away from all the activity of the downtown core, price of living would certainly decrease as a result. The cost of living in Brampton comes in at 2.94% lower than Toronto. The cost of renting a 3-bedroom apartment in Brampton is about $1660.00 a month, a whopping 36% lower than Toronto, a monthly transit pass is $100, and basic utilities will cost you about $276.89 each month. Brampton is a very popular city to live in the Greater Toronto Area. If you are interested in buying or renting a home, Brampton may be right for you.  Check out our website for lease and home buying opportunities.

Let’s explore the cost of living in the area directly north of Toronto, Thornhill. The rent per month for a 3 bedroom apartment in Thornhill is approximately $2200. Basic monthly utilities come out to $200, and a monthly transit pass will cost you $132. Like Brampton, Thornhill is a fantastic area that still has many new home developments both available now and coming soon. There are ample rental and buying opportunities available.  Located just minutes away from Highway 400, Canada’s Wonderland and Vaughan Mills shopping mall, there is so much to offer in Thornhill!

For more detailed information on our resale listings and new home projects, remember to visit our website at intercityrealty.com and be sure to follow us on Twitter and Instagram and like us on Facebook!

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