Studying in Canada is one of the best decisions you can make for your career. The education system is excellent and costs far less than most commonwealth countries. If you’re planning to study here, Toronto will be on your list of places to study. So, how much do students spend in Toronto?
International students in Toronto will spend around $40,000 annually. This includes the cost of housing, food, transportation, entertainment, insurance, miscellaneous, and tuition. The cost is usually lower for local students due to subsidized school fees and access to universal healthcare insurance.
Understanding the cost of living in Toronto can help you prepare for your time studying there. Citizenship and Immigration Canada requires that international students provide proof of sufficient funds for their study duration. That said, we examine the cost of basic expenses during your study.
This is the most expensive thing you’ll be spending on in Toronto as a student apart from your tuition. The amount you pay for rent will depend on where you stay and whether you share the place with someone or many people. Splitting rent is one of the best ways to reduce the cost of housing while still living in a good neighborhood. Of course, You can choose to stay in the school dorms, and some universities even make it compulsory for first-year students. School dorms usually have limited space but cost less. So, if you apply on time, that might be a bargain for you.
The cost of on-campus housing for the university of Toronto varies based on which campus you are on. But it ranges between $7,360 for Graduate House to $21,567 at Chestnut Residence for a full academic year which is about eight months. Generally, any price below $12,000 means no meal plans, but your meal plan and the room will determine how much you have to pay. If you choose to stay outside, the cost of rent varies wildly, but the average rent for a one-bedroom apartment in Toronto is $1,989.86 . You can surely get it for less depending on your neighborhood or even split the bill with roommates.
You should also note that the facilities you have in your home, such as dishwasher, cable television, WiFi, etc., will also affect the overall cost of the rent. You can use several platforms to find apartments and roommates when schooling in Toronto. You can also visit the school’s housing department, where the staff will be willing to assist you.
If you’re living off-campus or don’t have a meal plan, you should be ready to spend on food. This will include grocery shopping, eating out at restaurants, takeouts, and the likes. Even if you live on campus and have a meal plan, you will still find yourself spending some change on food once in a while. The average cost of food and food items in Toronto include:
- 1 litre of Milk – $2.93
- 1kg of White rice – $3.15
- Loaf of white bread – $2.92
- 1 dozen regular eggs – $3.57
- 1kg of Beef Round – $15.85
- 1kg Local Cheese – $16.62
- 1kg of Groceries and Fruit – ranges from $1.54 for bananas to $3.72 for tomatoes.
- 1kg of Chicken Fillet – $13.92
If you’re considering eating out, the cost of food will vary based on quality:
- Meal at an inexpensive restaurant cost $20
- Three-Course Meal at a mid-range restaurant cost $40 for one person
- McDonald’s meal cost about $12
For those who drink:
- 0.5 litre bottle of domestic beer costs $3.12
- 0.33 litre of imported beer costs $3.54
- A midrange bottle of wine costs $15
These same items cost much more in a restaurant.
When all these costs are considered, the Toronto Nutritious Food Basket (NFB) calculates that an adult male between 19 – 30 spends $65.48 weekly on purchasing healthy food while a woman in the same age gap spends $50.90
Another thing students will have to pay for is transportation. Again, the cost will likely depend on whether the student lives on-campus or off-campus. If you’re living on campus, you’ll surely pay less on transport as your commute is only limited to when you have to do something off-campus. But living in town means a regular commute almost every day. The cost of a monthly pass is usually around $156. Other transport costs include:
- Local transport one way ticket – $3.25
- Normal tariff for Taxi (start) – $4.25
- Normal tariff for taxi (1km) – $2
If you’re a regular commuter, getting the monthly pass is the best way to reduce your cost. Apart from public transit and taxi, you can also use ride-hailing services like Lyft and Uber, which usually costs more than regular transit. If you live near the school, you can consider getting a bike. There are several places to rent a bike in Toronto. Another option is to have a car, but this is not A good option for those living in Toronto. The heavy traffic and high cost of gasoline make it unnecessary since the public transit system is sufficient.
4. Entertainment Cost
There are several lovely spots to check out in Toronto for entertainment. Some of these costs, such as visiting a museum or park, are free for students at some times. Others such as going to the cinema, restaurant, ice skating rink, etc., will cost you money. But it’s rare for entertainment to cost you more than $100 per night, and that’s even if you’re paying for someone else.
5. Insurance Costs
Canada had a universal health insurance plan That didn’t cover international students. So, you have health insurance through your school or a specialized health insurance provider. This will cost you some money. If the school offers health insurance, it’ll be part of your tuition.
6. Tuition and Hidden cost
The average cost of tuition for an international student is about $29,714. The course of study will influence how much you pay, and there are other hidden costs you have to consider. This includes the cost of clothing, phone plan, sales taxes, etc.
A student in Toronto spends around $40,000 in the minimum to cover the cost of education and all the necessary living expenses. This is quite high by many standards.