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Many newcomers are drawn to Toronto, Canada’s largest city and the most diverse in the world, for its exciting atmosphere. However, the cost of living in Toronto is high. Making the right choice about where to live is crucial for your career and finances. You’ll need to compare Toronto’s job market, career prospects, housing options and costs, and quality of life with other locations in the Greater Toronto Area (GTA) and across Canada. Discover what to know about living in Toronto to help you make an informed decision.
Toronto is the financial capital of Canada and the second-largest financial services center in North America. About 40 percent of Canada’s business headquarters are here, including the country’s largest banks. Toronto is the capital of the Province of Ontario and is located on the north shore of Lake Ontario.
It was settled in 1750 as Fort Rouille, established as York in 1793, and incorporated as Toronto in 1834. The city amalgamated with neighbouring towns in 1953 as Metro Toronto. In 1998 it amalgamated as the City of Toronto with much great development since then.
Known as the ‘city of neighbourhoods’ Toronto has more than 240 neighbourhoods across six local boroughs: : East York, Etobicoke, North York, Old Toronto, Scarborough, and York.
The population of the City of Toronto topped 3 million in 2024. The Greater Toronto Area (GTA) population is approximately 7.1 million.
The GTA includes the City of Toronto and four regional municipalities:
Halton Region includes: Burlington, Oakville, Milton, and Halton Hills.
Peel Region includes: Brampton, Mississauga, and Caledon.
York Region includes: Aurora, East Gwillimbury, Georgina, King, Markham, Newmarket, Richmond Hill, Vaughn, and Whitchurch-Stouffville
Durham Region includes: Pickering, Ajax, Whitby, Oshawa, Clarington, Uxbridge, Scogog, and Brock.
Toronto, a multicultural city with world-class amenities including education and healthcare, provides ample opportunities for career advancement. However, the high cost of living and traffic congestion might deter those who prefer a slower pace or smaller community.
Toronto is the most diverse city in Canada with a strong support system for newcomers, including settlement services. You will have access to resources, local ethnic communities, and services to ease your transition to Canada. This makes it an ideal city for newcomers.
It’s expensive to live in Toronto. But, it offers more job opportunities than other cities in Canada. It is an ideal location for career-focused individuals. There are many business opportunities, and the city is economically stable. However, you have to earn a high salary to live comfortably.
Toronto’s diverse economy offers business and professional opportunities in everything from technology to green energy, film, retail, and financial services. It is Canada’s business and financial capital and the second-largest financial services centre in North America.
Toronto-based businesses export over $70 billion in goods and services to every corner of the globe with retail sales of $62 billion annually. The city’s economy relies on innovation and new ideas to create economic wealth.
Key industries are:
This city is home to major employers in many industries. Some of the top employers in the region are:
The city is also home to 9 of Canada’s 10 largest law practices, 9 of the top 10 accounting firms, and all 10 top human resources and benefits firms.
Approximately 35% of jobs are in downtown Toronto across all sectors including finance, technology, retail, and service. Toronto is North America’s fastest-growing tech market, offering unique career opportunities.
Toronto’s thriving tourism industry accounted for $9 billion in 2024. With hundreds of conferences, concerts, and events, there are many hospitality and customer service jobs.
While wages are higher than anywhere else in Canada, so is the cost of living in Toronto. Research the cost of living, salary estimates for your occupation, and housing prices to ensure you can live comfortably.
Local recruitment agencies such as Randstad Canada, IQ Partners, and Motion Recruitment, can help you when you arrive in Canada.
Where you live is one of the biggest decisions you’ll make when you move to a new city. It’s important to consider cost and availability. Because it’s expensive to live in Toronto, given the high cost of housing, many people choose to live in surrounding cities in the GTA.
While many newcomers want to live in Toronto for convenience and lifestyle, it comes with higher rental and home-buying prices. Living further from the downtown core means you’ll likely be able to afford a larger home in a quieter setting. But, if you work downtown, your daily commute will be longer.
Searching for your first home in Canada? Join this exclusive session for key insights on housing market conditions, affordable options, and renting without credit history. Tailored for newcomers settling in the next six months, register now for valuable tips and a free guide!
REGISTER FOR THE WEBINARRentals for Newcomers and other websites can help you search for rentals and research current prices in Toronto. As of February 2025, the average cost to rent an apartment or condo in Toronto is $2,364 for a 1-bedroom, $3,084 for a 2-bedroom, and $3,642 for a 3-bedroom.
Buying a home in this city is expensive and prices continue to rise. Toronto has always had some of the highest real estate costs, and low housing supply is increasing prices.
| Type of Home | Average Price | % Change from Jan 2024 |
|---|---|---|
| Single-Family Detached Home | $1,377,430 | + 2% |
| Semi-Detached Home | $1,047,728 | +0.9% |
| Townhouse | $983,856 | + 2.1% |
| Condos | $970,675 | -1.7% |
Source: WOWA, January 2025
When buying a home, consider these first-time home buyer tips for newcomers.
Toronto has the busiest roadways in North America. It is the main hub for road, rail, and air transportation. It has an extensive highway system with over 400,000 vehicles using Highway 401 and roughly 2.5 million daily commuters.
There are six major highways:
Drivers must know how to drive safely in winter and on highways with high traffic volumes.
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Toronto residents can travel within Toronto and to other GTA cities using public transit including subways, Rapid Transit (RT), buses, streetcars, and GO trains.
The Toronto Transit Commission (TTC) operates the transit system. The Toronto Streetcar system is North America’s largest and busiest light-rail system.
GO Transit operates a regional transit service within the GTA. Public transit offers a great alternative to buying and operating a car in Toronto. Many people in Toronto prefer public transit to reduce travel time and avoid road congestion.
Public transit costs vary based on the mode of travel and distance. Learn more about Public Transit in Toronto.
Pearson International Airport (YYZ) located in Mississauga along Highway 401 is one of the busiest in the world. Toronto is also home to Billy Bishop Toronto City Airport (YTZ). All airports are accessible using public transit.
Many settlement agencies can help newcomers adapt to life in Canada and Toronto. Settlement agencies can help you find a house, job, childcare, and get information about healthcare and social services.
There are hundreds of settlement agencies in the Greater Toronto Area. To find one close to your home, click here. Learn more about services in Canada to help newcomers settle.
The city is a mosaic of more than 150 languages spoken daily. Over 30% of Toronto residents speak a language other than English or French at home. There are hundreds of ethnocultural organizations, including professional associations and community centres in the city.
3-1-1 is a special telephone number for non-emergency municipal services and offers information in more than 180 languages. The City of Toronto website provides information in more than 50 languages.
All banks in Toronto have programs to help new immigrants open a bank account get a credit card, or mortgage, and learn about financial services and products. You can open a bank account before arriving in Canada.
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The City of Toronto offers many education options including licensed child care centers, public, Catholic, francophone, bilingual, language immersion, private, and religious schools.
Toronto also has threee universities and five colleges that offer training for almost every profession and skill. If you are looking for child care services, click here to find licensed child care centres.
Education in Canada is mandatory for children between five and 16 and they can attend public or private schools.
There are 583 public schools within the Toronto District School Board and 195 schools in the Catholic District School Board. French-language public education and private schools are also an option. Discover more about schooling in Canada and how to register your children.
Toronto is a Canadian leader in the number of post-secondary schools and graduates with more than 15,000 medical/ biotech researchers, two top-ranked MBA schools, and excellent engineering, computer sciences, and multi-media programs.
Universities include Ryerson University, York University, University of Toronto, and OCAD University. Colleges include Centennial College, George Brown College, Humber College, and Seneca College.
There are over 30 hospitals located across the city. Toronto General Hospital is ranked as one of the top hospitals in the world. Toronto has one of the highest standards in the world for healthcare and medical services. The city has world-class hospitals, medical communities, and research facilities.
In case of an emergency call 9-1-1. This number is the same no matter where you live in Canada.
Toronto residents are eligible for Ontario Health Insurance Plan (OHIP). This provincially-funded medical plan supplies free, essential hospital and medical care to permanent residents in Ontario.
Applying for the OHIP card is one of the first things you do when you arrive to ensure you and your family receive vital health care. You can buy private health insurance to cover the waiting period for the provincial healthcare program, or for medication and services that Ontario Health does not cover. Some people have third-party health insurance through their employer benefits packages.
Finding a family doctor is a crucial step to ensuring your health and well-being. Register with Health Care Connect to search for a family doctor. You may be put on a waiting list.
If you are unable to find a family doctor, you can go to one of many non-emergency walk-in clinics in the city. Get more information about health care in Canada: Steps to Access Free Health Care in Canada
As the biggest city in Canada, Toronto has something to offer everyone. Whether you are a foodie, or sports fanatic, love art, music, theatre, or the outdoors, you’ll find many things to do in the city. There is always something going on. And, you can often find many free events or low-cost activities.
There are many world-class attractions in the city. Some top places to visit include Ripley’s Aquarium of Canada, CN Tower, Royal Ontario Museum, Art Gallery of Ontario, Toronto Zoo, and Eaton Centre.
The city is also home to events such as the Toronto International Film Festival (TIFF), Canadian National Exhibition, Luminato, Nuit Blanche, Caribbean Festival, Toronto Pride, and many more.
Toronto has restaurants galore. Some of the best places to eat are in the Distillery District, Dundas Square, and Queen Street West. You can wander through Kensington Market and St. Lawrence Market to sample food, shop, and more. The Entertainment District, King West, and many other locations throughout the city offer you all types of bars, pubs, and clubs.
Even though it’s an urban city, there are still a lot of outdoor activities. You can walk along the Harbourfront, visit Toronto Island, High Park, Scarborough Bluffs, and many other parks throughout the city. It offers ample green space, over 1,600 parks to explore, and beautiful beaches on Lake Ontario.
Toronto is a sports city. It is home to the Maple Leafs of the National Hockey League, the Raptors of the National Basketball Association, the Blue Jays of Major League Baseball, Toronto FC of Major League Soccer, and the Argos of the Canadian Football League. And, it’s home to the Hockey Hall of Fame.
The city is also a music hub. From small gigs in bars to concerts for 50,000 people, it has it all. Roy Thompson Concert Hall is home to the Toronto Symphony Orchestra. You can also enjoy outdoor concerts by the lake at the Budweiser stage, see top artists in Scotiabank Area, and local acts at music clubs throughout the city.
Toronto is the most culturally diverse city in Canada. Each year tens of thousands of newcomers move here from around the world. In 2021, there were 1,286,140 immigrants, or 47% of the population.
The top represented ethnicities are: China (10%), Philippines (9%), India (6%), Sir Lanka (4%), Italy (4%), and Jamaica (4%). United Kingdom, Hong Kong, Portugal, and Guyana are 3% each. The top three countries for recent immigrants are the Philippines, China, and India. More than 23,000 residents identify as Aboriginal, 86% are First Nations, and 14% are Metis.
As a diverse city, there are many places of worship in Toronto to practise your religious beliefs. Though all Toronto neighbourhoods have sacred spaces for believers to gather, certain city regions have a larger number of religious communities than others. The main religions that people follow in the city include Christianity, Muslim, Hinduism, Judaism, and Buddhism.
Toronto has a moderate climate because of its location on the shores of Lake Ontario. The area has four distinct seasons:
Spring is a rainy season. The average temperature is about 12°C in March, April, and early May.
Summer begins on June 21, but July and August are the warmest and most humid months with daytime temperatures usually above 20°C and often rising above 30°C.
Fall has cooler weather and it rains often. Average temperatues are about 10°C to 12°C.
Winter is cold and it snows often. The snow stays on the ground for weeks or months. The t From December to February, the temperature is usually below 0°C, day and night. Temperatures can drop below -25°C.
Toronto’s public transportation system is operated by the Toronto Transit Commission (TTC). The TTC operates subways, buses, and streetcars in Toronto and some of its surrounding municipalities. These three modes of transportation, are enough to serve all your transportation needs in Toronto. In fact, some even prefer to use the public transportation system in Toronto over owning a car for cost and convenience. Toronto also offers a bike service known as Bike Share Toronto.
Toronto is Canada’s most populated city, and that includes vehicles. Traffic congestion can make it difficult to travel by car. If you plan to live in Toronto, public transit is a fast and cost-effective way to get around. Fortunately, Toronto is aware of its traffic problems and has an extensive public transportation system to make up for them. The public transit system is one of the fastest and most convenient ways to get around Toronto and its surrounding municipalities.
There are many advantages of using public transportation in Toronto. The biggest public transportation advantage is the practical cost-savings of not owning and operating a car. Depending on where you live and work in Toronto, the TTC can likely meet your transportation needs.
Another advantage of public transportation in Toronto is time. The TTC can save you a lot of time that would have otherwise been spent stuck in a traffic jam. This is especially true if you are trying to get through downtown Toronto. Even though the city of Toronto is trying to improve traffic congestion, it is still an issue.
The TTC subway is one of the fastest ways to get around Toronto. Subways run every few minutes from 6 AM to 1:30 AM on weekdays and Saturdays. On Sundays, subways run from 8 AM to 1:30 AM.
The TTC subway system is made up of lines and stations. When you enter a station, you need to follow signs to your boarding location and pay the fare. One of the best things about Toronto’s subway stations is that the signs are easy to follow and you will not have to waste time trying to find your way around. Remember, you can always ask someone if you are confused about where to go. Frequent station announcements let you know when you arrive at your stop.
Toronto’s subway system has 70 km of track with 70 stations spread over 4 lines. As of 2024, three new lines and 60 stations are under construction. When completed, 19 km will be added to the total track distance of 96 km. Fortunately, the government is expanding Toronto’s subway system so you can expect more lines and stations.
Even though buses don’t travel as fast as subways, Toronto’s bus system is extensive and you can get almost anywhere by bus. The TTC bus system has 141 routes covering every corner of the city. If travelling across the city, you might have to change buses but the process is quick as wait times are usually short.
Buses run every few minutes from 6 AM to 1 AM on weekdays and Saturdays. On Sundays, buses run from 8 AM to 1 AM. You likely have multiple bus stops near your residence in Toronto. If you are not sure where the nearest bus stops are, you can always check Google Maps. Just open Google Maps and search, ”bus stops”, to find all the bus stops near you.
Streetcars provide most of the transportation needs in downtown Toronto. That is why most of the streetcar routes are located in downtown Toronto.
Searching for your first home in Canada? Join this exclusive session for key insights on housing market conditions, affordable options, and renting without credit history. Tailored for newcomers settling in the next six months, register now for valuable tips and a free guide!
REGISTER FOR THE WEBINARYou can travel by bus and streetcar. But, streetcars can be a better option. Streetcars are generally faster than buses, because of speed and they make fewer stops. Streetcars are more spacious and comfortable than buses. They provide a smoother ride because the rails are embedded in the street. Streetcars will probably be your first choice public transportation choice.
One of the great things about TTC streetcars is that most of them run 24 hours a day. There are 13 streetcar routes in Toronto with stops every few hundred metres. These routes cover almost every corner of downtown Toronto, even extending to areas outside downtown.
If you plan to use the TTC regularly, it’s helpful to know about the two-hour transfer period. Using PRESTO, a contactless payment system, will automatically apply the two-hour transfer period. If you transfer to another mode of transportation within those two hours, you can do so for no extra charge. If you are paying for your ride with cash, you have to get a transfer ticket which will also last you two hours. During these two hours, you can enter and exit the TTC as many times as you want with your transfer ticket.
The two-hour transfer period is useful if you want to make multiple short trips to run errands, pick up groceries, or stop for a coffee. If you are unaware of the two-hour transfer period, your trip will be more expensive. Making use of the transfer period will reduce your transportation costs.
You can pay by cash, credit, debit, or a PRESTO fare card. Youth (13-19) and seniors (65+) pay discounted fares and children under 12 ride for free. PRESTO is a contactless smart care that give you access to the TTC.
To access the full pricing chart, click here. Below is a brief overview of the fare system for Toronto’s transportation system.
| TTC Fares | Adults | Youth (13-19) | Seniors (65+) |
|---|---|---|---|
| Debit or Credit Card | $3.35 | $2.40 | $2.30 |
| PRESTO | $3.30 | $2.35 | $2.25 |
| PRESTO Day Pass | $13.50 | $13.50 | $13.50 |
| TTC Monthly Pass | $156.00 | $128.15 | $128.15 |
PRESTO saves you money each time you use the TTC, and it’s convenient if you travel a lot in the Greater Toronto Area (GTA). You can use PRESTO in Mississauga (MiWay), Brampton, Hamilton, and York, among others. You can use PRESTO in 10 other municipalities outside Toronto. Visit the PRESTO website to learn more.
The City of Toronto has resources for those struggling financially to access Toronto’s public transportation system. The Fair Pass Transit Discount Program is available to low-income families or individuals. If eligible, you get a discount on single-ride fares and a 21% discount on your monthly pass.
Compared to owning a car in Toronto, PRESTO is more affordable. According to the Canadian Automobile Association, car costs can be $8,900 – $12,000 per year in Toronto.
Another cost-effective way to get around Toronto is by bike. And, you don’t need to own a bike to get around the city.
Toronto has a bike rental program called Bike Share Toronto. Bike Share Toronto has over 800 stations and 9,000 bikes all across Toronto. Most subway stations also have a Bike Share station nearby. All you need to do is go to a station and rent a bike for as long as you need it. Once you are finished using your bike, return it to the nearest station.
Bike Share Toronto has a mobile app called PBSC, available on both iOS and Android. The app maps all stations and the number of available bikes. You can even unlock a bike from the app before you reach the station for a quick and convenient experience.
Toronto’s public transportation system is a great way to get around the city and avoid traffic congestion. The transit system can help you save time and avoid getting stuck in traffic jams around the city. Knowing how the public transportation system works in Toronto will let you make the best use of the convenient and cost-effective services.