average monthly cost for 1 bedroom apartment

If you're planning on raising a family in Toronto, it will be important to plan in advance for what are the highest single family home rental rates in Canada. All of these would add up to the housing cost for 1 person in a bachelor style apartment being ~ $1,490 per month.

Telecommunication services, including TV, phone, and internet cost an average of $169 per month in Ontario, according to the CRTC at year end 2019. Howe Institute, the average monthly cost for Toronto Hydro is $104. ~$3,542 for a single family detached homeĪnother cost for housing is utilities, which include electricity and communication services and are usually not included in the rent.Depending on the property size, the average Toronto rental rates are as follows: Regarding housing, the average Toronto rent will make up your largest cost of living expense. This guide is here to help you determine what these costs could look like for you within some of Canada's largest cities. Single family detached houses designed for 4 or more peopleįor food & grocery costs, this includes the average amount of money needed to feed you and your family, including food from restaurants.įor transportation costs, since gas and insurance are the most variable between provinces, this part will include different gas prices and insurance premiums for each city, along with the cost of maintenance.įinally for childcare, it includes the cost of care for infants ages 0-2, toddlers ages 2-3, and preschoolers ages 3-4.3 bedroom apartments designed for a small family of 3 or 4.2 bedroom apartments designed for 2 people.Bachelor style apartments designed for 1 person.

The type of homes we will cover in this guide are: Renting is also impacted by the type of home you rent. Housing costs include rent, electricity costs and communication service costs, all which vary depending on your province. Your cost of living can include the costs of key necessities such as: If the cost of living is high, an individual will not be able to save as much money, which will lead to a decrease in net worth growth. It is important to understand how much it costs to live in a certain area compared to how much is earned in that area because the cost of living may affect the net worth of a person over time. Understanding how much it will cost you to live in certain cities and provinces compared to the average and median income in that city or province is a key factor in determining where to live. With current levels of inflation the cost of living in Canada is rising throughout the country.

Average monthly cost for 1 bedroom apartment