$40,000 is $22,050 less than the average yearly salary of $62,050 in Toronto. A salary of $40,000 per year means that you would be taking home about $32,417 per year after taxes, or $2,701 per month to pay for things like housing, transportation, groceries, and entertainment. The average household income in Toronto is $121,200.
Updated: January 1, 2024
Average Cost of Living per Month in Toronto
The average cost of living in Toronto is $4,332/month for a single person who rents.This average is based on many factors including the cost of housing, transportation, groceries, and entertainment.
Average cost of living
$4,332/month
Monthly net income of $40,000/year
$2,701/month
Average total income in 2020
$62,050
Average total household income in 2020
$121,200
Average Salary in Toronto
The average salary in Toronto is $62,050, which is 14% higher than the Canadian average salary of $54,450. A person making $40,000 a year in Toronto makes 35.5% less than the average working person in Toronto and will take home about $32,417.
Cost of Living Calculator
Below are the details used to generate the average Cost of Living for Toronto. Change the inputs to match your lifestyle and see how it compares to the average cost of living and a salary of $40,000.
Renter
Homeowner
Housing
The average monthly cost of rental housing in Toronto is $2,297.
$0$5,000
Transit
Driver
Transportation
The average monthly cost for a driver in Toronto is $644.
$0$1,000
Groceries
The average person spends $498 on groceries per month in Toronto.
$0$1,500
Utilities
The average monthly cost of utilities in Toronto is $165.
$0$600
Leisure & Entertainment
The average person in Toronto spends $179 on leisure & entertainment per month.
$0$1,000
Clothing
The average person in Toronto spends $41 on clothing per month.
$0$500
Restaurants
The average person in Toronto spends $358 on restaurants per month.
$0$1,000
Other
The average person in Toronto spends $150 on miscellaneous goods and services per month.
$0$2,000
General Disclaimer: This tool is designed for approximation purposes only and should not be used to replace a legal or accounting authority. To simplify the process, some variables are assumed to calculate the numbers included on this page. The results of this calculator should not be relied upon to determine career or tax decisions.
Your Results
Disclaimer: These numbers estimate what it costs to live in Toronto based on Numbeo data. People can live in the city for much less, while others may need much more to fund their lifestyle.
Your cost of living
$4,332/month
Monthly net income of $40,000/year
$2,701/month
Jobs in Toronto
Paladin Security - 79 Jobs
Toronto, ON
$25.50 / hour
Full-time - Permanent
20 days ago
Paladin Security - 79 Jobs
Toronto, ON
$23.25 / hour
Full-time - Permanent
12 days ago
Browse more salaries in Toronto
Most affordable cities in Ontario
Avg. Salary$81,800
Avg. Monthly Net pay$5,073
Avg. Cost of Living$3,381
Affordability Index
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Affordability Index
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Avg. Monthly Net pay$4,001
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Affordability Index
116.06%
Avg. Salary$61,300
Avg. Monthly Net pay$3,909
Avg. Cost of Living$3,436
Affordability Index
113.76%
Avg. Salary$61,000
Avg. Monthly Net pay$3,893
Avg. Cost of Living$3,438
Affordability Index
113.23%
Avg. Salary$54,050
Avg. Monthly Net pay$3,522
Avg. Cost of Living$3,111
Affordability Index
113.21%
Avg. Salary$62,050
Avg. Monthly Net pay$3,950
Avg. Cost of Living$3,490
Affordability Index
113.17%
Avg. Salary$55,450
Avg. Monthly Net pay$3,597
Avg. Cost of Living$3,201
Affordability Index
112.36%
Avg. Salary$55,100
Avg. Monthly Net pay$3,578
Avg. Cost of Living$3,203
Affordability Index
111.71%
Avg. Salary$68,900
Avg. Monthly Net pay$4,329
Avg. Cost of Living$3,877
Affordability Index
111.65%
Avg. Salary$59,950
Avg. Monthly Net pay$3,837
Avg. Cost of Living$3,438
Affordability Index
111.61%
12. Milton, Ontario
Avg. Salary$60,900
Avg. Monthly Net pay$3,888
Avg. Cost of Living$3,548
Affordability Index
109.57%
13. Kenora, Ontario
Avg. Salary$55,100
Avg. Monthly Net pay$3,578
Avg. Cost of Living$3,299
Affordability Index
108.46%
Avg. Salary$60,050
Avg. Monthly Net pay$3,842
Avg. Cost of Living$3,563
Affordability Index
107.84%
Avg. Salary$49,680
Avg. Monthly Net pay$3,271
Avg. Cost of Living$3,056
Affordability Index
107.05%
Avg. Salary$53,400
Avg. Monthly Net pay$3,487
Avg. Cost of Living$3,286
Affordability Index
106.12%
17. Cobourg, Ontario
Avg. Salary$52,000
Avg. Monthly Net pay$3,406
Avg. Cost of Living$3,267
Affordability Index
104.26%
Avg. Salary$60,250
Avg. Monthly Net pay$3,853
Avg. Cost of Living$3,696
Affordability Index
104.25%
19. Ottawa, Ontario
Avg. Salary$64,500
Avg. Monthly Net pay$4,081
Avg. Cost of Living$3,917
Affordability Index
104.19%
Avg. Salary$53,750
Avg. Monthly Net pay$3,506
Avg. Cost of Living$3,392
Affordability Index
103.36%
Avg. Salary$41,280
Avg. Monthly Net pay$2,769
Avg. Cost of Living$2,706
Affordability Index
102.33%
Avg. Salary$53,550
Avg. Monthly Net pay$3,495
Avg. Cost of Living$3,438
Affordability Index
101.66%
Avg. Salary$52,900
Avg. Monthly Net pay$3,458
Avg. Cost of Living$3,418
Affordability Index
101.18%
Avg. Salary$54,450
Avg. Monthly Net pay$3,543
Avg. Cost of Living$3,514
Affordability Index
100.83%
25. Dryden, Ontario
Avg. Salary$52,850
Avg. Monthly Net pay$3,455
Avg. Cost of Living$3,438
Affordability Index
100.51%
Avg. Salary$51,450
Avg. Monthly Net pay$3,374
Avg. Cost of Living$3,370
Affordability Index
100.12%
Avg. Salary$49,720
Avg. Monthly Net pay$3,274
Avg. Cost of Living$3,280
Affordability Index
99.81%
Avg. Salary$50,480
Avg. Monthly Net pay$3,318
Avg. Cost of Living$3,389
Affordability Index
97.9%
Avg. Salary$49,160
Avg. Monthly Net pay$3,241
Avg. Cost of Living$3,323
Affordability Index
97.53%
Avg. Salary$47,160
Avg. Monthly Net pay$3,130
Avg. Cost of Living$3,223
Affordability Index
97.13%
Avg. Salary$47,160
Avg. Monthly Net pay$3,130
Avg. Cost of Living$3,251
Affordability Index
96.29%
32. Hearst, Ontario
Avg. Salary$53,850
Avg. Monthly Net pay$3,511
Avg. Cost of Living$3,652
Affordability Index
96.15%
33. Thorold, Ontario
Avg. Salary$46,000
Avg. Monthly Net pay$3,059
Avg. Cost of Living$3,185
Affordability Index
96.05%
Avg. Salary$49,400
Avg. Monthly Net pay$3,255
Avg. Cost of Living$3,393
Affordability Index
95.94%
Avg. Salary$49,720
Avg. Monthly Net pay$3,274
Avg. Cost of Living$3,414
Affordability Index
95.89%
Avg. Salary$49,920
Avg. Monthly Net pay$3,285
Avg. Cost of Living$3,438
Affordability Index
95.56%
Avg. Salary$47,560
Avg. Monthly Net pay$3,155
Avg. Cost of Living$3,321
Affordability Index
95%
Avg. Salary$49,560
Avg. Monthly Net pay$3,264
Avg. Cost of Living$3,443
Affordability Index
94.81%
Avg. Salary$51,950
Avg. Monthly Net pay$3,403
Avg. Cost of Living$3,591
Affordability Index
94.77%
Avg. Salary$49,440
Avg. Monthly Net pay$3,257
Avg. Cost of Living$3,438
Affordability Index
94.75%
41. Barrie, Ontario
Avg. Salary$51,550
Avg. Monthly Net pay$3,380
Avg. Cost of Living$3,581
Affordability Index
94.38%
Avg. Salary$51,000
Avg. Monthly Net pay$3,348
Avg. Cost of Living$3,555
Affordability Index
94.18%
Avg. Salary$47,880
Avg. Monthly Net pay$3,175
Avg. Cost of Living$3,384
Affordability Index
93.82%
Avg. Salary$53,750
Avg. Monthly Net pay$3,506
Avg. Cost of Living$3,805
Affordability Index
92.14%
Avg. Salary$49,520
Avg. Monthly Net pay$3,262
Avg. Cost of Living$3,566
Affordability Index
91.48%
46. London, Ontario
Avg. Salary$50,440
Avg. Monthly Net pay$3,315
Avg. Cost of Living$3,639
Affordability Index
91.11%
Avg. Salary$46,200
Avg. Monthly Net pay$3,071
Avg. Cost of Living$3,375
Affordability Index
91.01%
Avg. Salary$47,080
Avg. Monthly Net pay$3,126
Avg. Cost of Living$3,436
Affordability Index
90.97%
49. Toronto, Ontario
Avg. Salary$62,050
Avg. Monthly Net pay$3,950
Avg. Cost of Living$4,362
Affordability Index
90.54%
50. Guelph, Ontario
Avg. Salary$55,200
Avg. Monthly Net pay$3,583
Avg. Cost of Living$3,962
Affordability Index
90.44%
Avg. Salary$44,080
Avg. Monthly Net pay$2,941
Avg. Cost of Living$3,279
Affordability Index
89.7%
52. Ajax, Ontario
Avg. Salary$54,300
Avg. Monthly Net pay$3,535
Avg. Cost of Living$3,942
Affordability Index
89.68%
Avg. Salary$57,000
Avg. Monthly Net pay$3,680
Avg. Cost of Living$4,144
Affordability Index
88.8%
54. Welland, Ontario
Avg. Salary$44,440
Avg. Monthly Net pay$2,963
Avg. Cost of Living$3,361
Affordability Index
88.17%
Avg. Salary$46,280
Avg. Monthly Net pay$3,076
Avg. Cost of Living$3,501
Affordability Index
87.87%
56. Midland, Ontario
Avg. Salary$45,160
Avg. Monthly Net pay$3,008
Avg. Cost of Living$3,427
Affordability Index
87.76%
Avg. Salary$44,840
Avg. Monthly Net pay$2,988
Avg. Cost of Living$3,458
Affordability Index
86.4%
Avg. Salary$44,360
Avg. Monthly Net pay$2,958
Avg. Cost of Living$3,455
Affordability Index
85.63%
Avg. Salary$46,960
Avg. Monthly Net pay$3,118
Avg. Cost of Living$3,660
Affordability Index
85.2%
60. Oshawa, Ontario
Avg. Salary$48,960
Avg. Monthly Net pay$3,229
Avg. Cost of Living$3,799
Affordability Index
84.99%
61. Windsor, Ontario
Avg. Salary$45,400
Avg. Monthly Net pay$3,022
Avg. Cost of Living$3,583
Affordability Index
84.35%
Avg. Salary$54,150
Avg. Monthly Net pay$3,527
Avg. Cost of Living$4,193
Affordability Index
84.12%
63. Markham, Ontario
Avg. Salary$53,950
Avg. Monthly Net pay$3,517
Avg. Cost of Living$4,184
Affordability Index
84.05%
Avg. Salary$45,560
Avg. Monthly Net pay$3,032
Avg. Cost of Living$3,613
Affordability Index
83.92%
65. Orillia, Ontario
Avg. Salary$45,480
Avg. Monthly Net pay$3,027
Avg. Cost of Living$3,646
Affordability Index
83.03%
Avg. Salary$42,400
Avg. Monthly Net pay$2,838
Avg. Cost of Living$3,438
Affordability Index
82.54%
Avg. Salary$57,100
Avg. Monthly Net pay$3,685
Avg. Cost of Living$4,609
Affordability Index
79.95%
Avg. Salary$45,400
Avg. Monthly Net pay$3,022
Avg. Cost of Living$3,787
Affordability Index
79.81%
Avg. Salary$39,120
Avg. Monthly Net pay$2,636
Avg. Cost of Living$3,410
Affordability Index
77.31%
The Affordability Index is based on a single, non-homeowner, who owns a car.
CareerBeacon obtains its data from 3rd party services and cannot verify its accuracy. The information contained on this page is intended to be used for informational purposes only and should not be used to replace legal authority. The information contained in the demographic reports should not be relied upon for determining career and/or relocation decisions.
| Rank | City | Avg. Salary | Avg. Monthly Net pay | Avg. Cost of Living | Affordability Index |
|---|---|---|---|---|---|
01 1 | Oakville, Ontario | $81,800 | $5,073 | $3,381 | 15003 150.03% |
02 2 | Aurora, Ontario | $71,700 | $4,493 | $3,366 | 13347 133.48% |
03 3 | Whitby, Ontario | $63,000 | $4,001 | $3,447 | 11606 116.06% |
04 4 | Deep River, Ontario | $61,300 | $3,909 | $3,436 | 11376 113.76% |
05 5 | Marathon, Ontario | $61,000 | $3,893 | $3,438 | 11323 113.23% |
06 6 | Sarnia, Ontario | $54,050 | $3,522 | $3,111 | 11320 113.21% |
07 7 | Vaughan, Ontario | $62,050 | $3,950 | $3,490 | 11316 113.17% |
08 8 | Greater Sudbury, Ontario | $55,450 | $3,597 | $3,201 | 11236 112.36% |
09 9 | Timmins, Ontario | $55,100 | $3,578 | $3,203 | 11171 111.71% |
10 10 | Burlington, Ontario | $68,900 | $4,329 | $3,877 | 11165 111.65% |
11 11 | East Gwillimbury, Ontario | $59,950 | $3,837 | $3,438 | 11160 111.61% |
12 12 | Milton, Ontario | $60,900 | $3,888 | $3,548 | 10957 109.57% |
13 13 | Kenora, Ontario | $55,100 | $3,578 | $3,299 | 10845 108.46% |
14 14 | Pickering, Ontario | $60,050 | $3,842 | $3,563 | 10784 107.84% |
15 15 | Sault Ste. Marie, Ontario | $49,680 | $3,271 | $3,056 | 10704 107.05% |
16 16 | Innisfil, Ontario | $53,400 | $3,487 | $3,286 | 10612 106.12% |
17 17 | Cobourg, Ontario | $52,000 | $3,406 | $3,267 | 10425 104.26% |
18 18 | Waterloo, Ontario | $60,250 | $3,853 | $3,696 | 10424 104.25% |
19 19 | Ottawa, Ontario | $64,500 | $4,081 | $3,917 | 10419 104.19% |
20 20 | Kingston, Ontario | $53,750 | $3,506 | $3,392 | 10335 103.36% |
21 21 | Cornwall, Ontario | $41,280 | $2,769 | $2,706 | 10232 102.33% |
22 22 | New Tec*mseth, Ontario | $53,550 | $3,495 | $3,438 | 10166 101.66% |
23 23 | Fort Frances, Ontario | $52,900 | $3,458 | $3,418 | 10117 101.18% |
24 24 | Orangeville, Ontario | $54,450 | $3,543 | $3,514 | 10083 100.83% |
25 25 | Dryden, Ontario | $52,850 | $3,455 | $3,438 | 10050 100.51% |
26 26 | Cambridge, Ontario | $51,450 | $3,374 | $3,370 | 10012 100.12% |
27 27 | Timiskaming District, Ontario | $49,720 | $3,274 | $3,280 | 09980 99.81% |
28 28 | Stratford, Ontario | $50,480 | $3,318 | $3,389 | 09789 97.9% |
29 29 | Temiskaming Shores, Ontario | $49,160 | $3,241 | $3,323 | 09753 97.53% |
30 30 | Brantford, Ontario | $47,160 | $3,130 | $3,223 | 09713 97.13% |
31 31 | Fort Erie, Ontario | $47,160 | $3,130 | $3,251 | 09629 96.29% |
32 32 | Hearst, Ontario | $53,850 | $3,511 | $3,652 | 09614 96.15% |
33 33 | Thorold, Ontario | $46,000 | $3,059 | $3,185 | 09604 96.05% |
34 34 | Woodstock, Ontario | $49,400 | $3,255 | $3,393 | 09593 95.94% |
35 35 | Kapuskasing, Ontario | $49,720 | $3,274 | $3,414 | 09588 95.89% |
36 36 | Atikokan, Ontario | $49,920 | $3,285 | $3,438 | 09555 95.56% |
37 37 | St. Catharines, Ontario | $47,560 | $3,155 | $3,321 | 09500 95% |
38 38 | Arnprior, Ontario | $49,560 | $3,264 | $3,443 | 09481 94.81% |
39 39 | Kitchener, Ontario | $51,950 | $3,403 | $3,591 | 09476 94.77% |
40 40 | Goderich, Ontario | $49,440 | $3,257 | $3,438 | 09474 94.75% |
41 41 | Barrie, Ontario | $51,550 | $3,380 | $3,581 | 09438 94.38% |
42 42 | Thunder Bay, Ontario | $51,000 | $3,348 | $3,555 | 09417 94.18% |
43 43 | Belleville, Ontario | $47,880 | $3,175 | $3,384 | 09381 93.82% |
44 44 | Hamilton, Ontario | $53,750 | $3,506 | $3,805 | 09213 92.14% |
45 45 | North Bay, Ontario | $49,520 | $3,262 | $3,566 | 09147 91.48% |
46 46 | London, Ontario | $50,440 | $3,315 | $3,639 | 09110 91.11% |
47 47 | Brockville, Ontario | $46,200 | $3,071 | $3,375 | 09100 91.01% |
48 48 | Tillsonburg, Ontario | $47,080 | $3,126 | $3,436 | 09096 90.97% |
49 49 | Toronto, Ontario | $62,050 | $3,950 | $4,362 | 09054 90.54% |
50 50 | Guelph, Ontario | $55,200 | $3,583 | $3,962 | 09044 90.44% |
51 51 | Parry Sound, Ontario | $44,080 | $2,941 | $3,279 | 08969 89.7% |
52 52 | Ajax, Ontario | $54,300 | $3,535 | $3,942 | 08968 89.68% |
53 53 | Newmarket, Ontario | $57,000 | $3,680 | $4,144 | 08879 88.8% |
54 54 | Welland, Ontario | $44,440 | $2,963 | $3,361 | 08816 88.17% |
55 55 | St. Thomas, Ontario | $46,280 | $3,076 | $3,501 | 08787 87.87% |
56 56 | Midland, Ontario | $45,160 | $3,008 | $3,427 | 08776 87.76% |
57 57 | Niagara Falls, Ontario | $44,840 | $2,988 | $3,458 | 08640 86.4% |
58 58 | Owen Sound, Ontario | $44,360 | $2,958 | $3,455 | 08562 85.63% |
59 59 | Peterborough, Ontario | $46,960 | $3,118 | $3,660 | 08519 85.2% |
60 60 | Oshawa, Ontario | $48,960 | $3,229 | $3,799 | 08498 84.99% |
61 61 | Windsor, Ontario | $45,400 | $3,022 | $3,583 | 08435 84.35% |
62 62 | Mississauga, Ontario | $54,150 | $3,527 | $4,193 | 08412 84.12% |
63 63 | Markham, Ontario | $53,950 | $3,517 | $4,184 | 08404 84.05% |
64 64 | Port Colborne, Ontario | $45,560 | $3,032 | $3,613 | 08392 83.92% |
65 65 | Orillia, Ontario | $45,480 | $3,027 | $3,646 | 08302 83.03% |
66 66 | Thessalon, Ontario | $42,400 | $2,838 | $3,438 | 08254 82.54% |
67 67 | Richmond Hill, Ontario | $57,100 | $3,685 | $4,609 | 07995 79.95% |
68 68 | Brampton, Ontario | $45,400 | $3,022 | $3,787 | 07980 79.81% |
69 69 | Elliot Lake, Ontario | $39,120 | $2,636 | $3,410 | 07730 77.31% |
The Affordability Index is based on a single, non-homeowner, who owns a car.
CareerBeacon obtains its data from 3rd party services and cannot verify its accuracy. The information contained on this page is intended to be used for informational purposes only and should not be used to replace legal authority. The information contained in the demographic reports should not be relied upon for determining career and/or relocation decisions.
