Cost of Living
According to recent international cost-of-living comparisons, living in the Greater Toronto Area is affordable when compared to other major metropolitan areas and offers a high quality of life.
Expenses for goods and services are moderate in Toronto compared to other metropolitan areas. For instance, a basket of 111 goods and services is $774 U.S. less expensive to purchase in Toronto than in New York, and is $633 U.S. less expensive than in London.
Housing costs in the Toronto region are competitive and less expensive than major economic centres worldwide. For example, rental costs for an unfurnished 3-room apartment in Toronto average $1,270 U.S. per month. In Chicago the costs is $2,350 U.S. per month and $1,970 U.S. in Paris. (Source: UBS, Prices and Earnings, 2003)
When it comes to costs for food, living in Toronto region is affordable:
| Tokyo |
723 |
129.4 |
| Hong Kong |
716 |
128.2 |
| New York |
612 |
109.6 |
| Chicago |
521 |
93.2 |
| Los Angeles |
498 |
89.2 |
| Paris |
453 |
81.1 |
| Dublin |
417 |
74.7 |
| London |
387 |
69.3 |
| Miami |
377 |
67.4 |
| Sydney |
349 |
62.6 |
| Frankfurt |
348 |
62.3 |
| Toronto |
340 |
61 |
Source: UBS, Prices and Earnings, 2003.
Methodology: Cost of a weighted food basket containing 39 items.
The cost of living index of Toronto compares favorably with other international urban centres:
Source: Mercer Human Resource Consulting, Cost of Living Survey 2004.
Note: Index (New York = 100)
The survey measures the comparative cost of over 200 items in each location. These include housing, food, clothing and household goods, together with transport and entertainment.
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