Toronto is one of Canada’s most expensive housing markets, but a usable 2026 budget still depends on the type of home, where you commute and your household. This guide uses official GTA rent, TTC fare and Ontario tax sources rather than an unverified monthly-expenses total.
Toronto rent: use the GTA benchmark correctly
CMHC’s 2025 Rental Market Report records a 3.0% vacancy rate for purpose-built rental apartments in the Greater Toronto Area and an average two-bedroom rent of $2,034 per month. The report also records rental condominium apartments separately: their 2025 average two-bedroom rent was $2,904 and the vacancy rate was 1.0%.
Neither number is a quote for a particular Toronto apartment. Unit size, neighbourhood, building age, utilities and whether a tenant is new to the unit can materially change the price. Consult CMHC’s rental report and compare current listings for your intended location.
TTC and regional commuting
The TTC’s adult PRESTO fare is $3.30. Beginning September 1, 2026, the TTC introduced monthly fare capping: after 47 paid trips in a calendar month, subsequent eligible trips are free when using the same payment method. Check the official TTC fare-capping information before budgeting, particularly if your commute also uses GO Transit or another regional service.
Food: measure your household, not a generic Toronto total
Food costs depend on household size, diet and shopping choices. Statistics Canada’s Food Price Data Hub supplies official price and CPI context. Build a basket from the foods you actually buy and review it as prices change.
Ontario tax and take-home pay
Toronto residents generally pay federal and Ontario income tax. The result also depends on tax credits, CPP, EI and individual deductions. Ontario’s 2026 lowest provincial rate is 5.05% on the first $53,891 of taxable income, while federal and provincial taxes are calculated separately. Use the official CRA current-year rate tables for the complete calculation.
Build a Toronto budget step by step
- Price a specific rental type in your target neighbourhood.
- Decide whether TTC-only, GO Transit or car costs apply.
- Build groceries from your own shopping basket.
- Estimate net pay with federal and Ontario sources.
- Add utilities, tenant insurance, phone and moving costs separately.
FAQ
Is $2,034 the rent for every Toronto apartment?
No. It is CMHC’s 2025 GTA average for two-bedroom purpose-built rental apartments. Actual rent varies substantially by property and lease terms.
Where can I compare other Canadian cities?
See our Canada cost-of-living guides for source-based city comparisons.
Related Canada Cost of Living Guides
- Cost of Living in Canada 2026
- Cheapest City to Live in Canada
- Cost of Living in Montreal
- Cost of Living in Toronto
- Cost of Living in Vancouver
- Cost of Living in Calgary
- Cost of Living in Ottawa
- Canada Tax Calculator
Alex Wang is a financial content researcher and writer at Canada Tax Hub.
He focuses on researching Canadian taxes, cost of living, personal finance, and everyday financial topics to help readers better understand money-related information in Canada.
Alex creates educational content by analyzing publicly available information from reliable sources, including government resources and financial publications.
His goal is to make complex financial topics easier to understand through clear explanations, practical guides, and useful tools.
All content is created for educational purposes and should not be considered professional tax or financial advice.