Is $120,000 a good salary in Toronto, Ontario?
Is $120,000 a good salary in Toronto, Ontario?
$120,000 is $57,950 more than the average yearly salary of $62,050 in Toronto. A salary of $120,000 per year means that you would be taking home about $85,955 per year after taxes, or $7,163 per month to pay for things like housing, transportation, groceries, and entertainment. The average household income in Toronto is $121,200.
Updated: November 1, 2024
Average Cost of Living per Month in Toronto
The average cost of living in Toronto is $4,161/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
$4,161/month
Monthly net income of $120,000/year
$7,163/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 $120,000 a year in Toronto makes 93.4% more than the average working person in Toronto and will take home about $85,955.
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 $120,000.
Renter
Homeowner
Housing
The average monthly cost of rental housing in Toronto is $2,128.
| Product | Avg. | Min. | Max. |
|---|---|---|---|
|
Apartment (1 bedroom) in City Centre, Rent Per Month
|
$2,529
|
$2,200
|
$3,000
|
|
Apartment (1 bedroom) Outside of Centre, Rent Per Month
|
$2,128
|
$1,800
|
$2,500
|
|
Apartment (3 bedrooms) in City Centre, Rent Per Month
|
$4,230
|
$3,500
|
$6,000
|
|
Apartment (3 bedrooms) Outside of Centre, Rent Per Month
|
$3,449
|
$2,800
|
$4,000
|
Updated: 2024-11-01 (704 contributors in the last 12 months)
Transit
Driver
Transportation
The average monthly cost for a driver in Toronto is $638.
| Product | Avg. | Min. | Max. |
|---|---|---|---|
|
Gasoline (1 liter), Transportation
|
$1.61
|
$1.45
|
$1.72
|
|
Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car), Transportation
|
$34,196
|
$33,978
|
$39,858
|
|
Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car), Transportation
|
$29,279
|
$27,383
|
$32,000
|
Updated: 2024-11-01 (704 contributors in the last 12 months)
Groceries
The average person spends $497 on groceries per month in Toronto.
| Product | Avg. | Min. | Max. |
|---|---|---|---|
|
Milk (regular), (1 liter), Markets
|
$4.47
|
$2.00
|
$6.50
|
|
Loaf of Fresh White Bread (500g), Markets
|
$3.95
|
$2.50
|
$6.00
|
|
Eggs (regular) (12), Markets
|
$4.73
|
$3.49
|
$7.00
|
|
Local Cheese (1kg), Markets
|
$15.59
|
$7.99
|
$35.00
|
|
Water (1.5 liter bottle), Markets
|
$2.36
|
$1.25
|
$4.25
|
|
Bottle of Wine (Mid-Range), Markets
|
$18.00
|
$15.00
|
$25.00
|
|
Domestic Beer (0.5 liter bottle), Markets
|
$3.63
|
$2.35
|
$6.00
|
|
Imported Beer (0.33 liter bottle), Markets
|
$3.88
|
$3.00
|
$7.00
|
|
Cigarettes 20 Pack (Marlboro), Markets
|
$20.00
|
$15.20
|
$25.00
|
|
Apples (1kg), Markets
|
$5.35
|
$2.18
|
$7.00
|
|
Chicken Fillets (1kg), Markets
|
$17.30
|
$10.00
|
$28.00
|
|
Oranges (1kg), Markets
|
$5.04
|
$2.00
|
$9.00
|
|
Potato (1kg), Markets
|
$3.36
|
$1.10
|
$6.59
|
|
Lettuce (1 head), Markets
|
$3.03
|
$1.99
|
$4.00
|
|
Rice (white), (1kg), Markets
|
$4.71
|
$2.20
|
$10.00
|
|
Tomato (1kg), Markets
|
$5.61
|
$3.00
|
$10.00
|
|
Banana (1kg), Markets
|
$1.89
|
$1.30
|
$3.86
|
|
Onion (1kg), Markets
|
$3.90
|
$1.50
|
$6.59
|
|
Beef Round (1kg) (or Equivalent Back Leg Red Meat), Markets
|
$18.90
|
$10.00
|
$30.00
|
Updated: 2024-11-01 (704 contributors in the last 12 months)
Utilities
The average monthly cost of utilities in Toronto is $130.
| Product | Avg. | Min. | Max. |
|---|---|---|---|
|
Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment, Utilities (Monthly)
|
$155.24
|
$100.00
|
$300.00
|
|
Internet (60 Mbps or More, Unlimited Data, Cable/ADSL), Utilities (Monthly)
|
$71.94
|
$57.00
|
$120.00
|
|
Mobile Phone Monthly Plan with Calls and 10GB+ Data, Utilities (Monthly)
|
$58.02
|
$34.00
|
$100.00
|
Updated: 2024-11-01 (704 contributors in the last 12 months)
Leisure & Entertainment
The average person in Toronto spends $172 on leisure & entertainment per month.
| Product | Avg. | Min. | Max. |
|---|---|---|---|
|
Fitness Club, Monthly Fee for 1 Adult, Sports And Leisure
|
$69.21
|
$38.00
|
$120.00
|
|
Tennis Court Rent (1 Hour on Weekend), Sports And Leisure
|
$26.42
|
$10.00
|
$40.00
|
|
Cinema, International Release, 1 Seat, Sports And Leisure
|
$18.00
|
$15.00
|
$22.00
|
Updated: 2024-11-01 (704 contributors in the last 12 months)
Clothing
The average person in Toronto spends $44 on clothing per month.
| Product | Avg. | Min. | Max. |
|---|---|---|---|
|
1 Pair of Jeans (Levis 501 Or Similar), Clothing And Shoes
|
$84.10
|
$40.00
|
$129.99
|
|
1 Summer Dress in a Chain Store (Zara, H&M, ...), Clothing And Shoes
|
$55.70
|
$39.99
|
$80.00
|
|
1 Pair of Nike Running Shoes (Mid-Range), Clothing And Shoes
|
$134.37
|
$90.00
|
$180.00
|
|
1 Pair of Men Leather Business Shoes, Clothing And Shoes
|
$164.55
|
$113.00
|
$250.00
|
Updated: 2024-11-01 (704 contributors in the last 12 months)
Restaurants
The average person in Toronto spends $402 on restaurants per month.
| Product | Avg. | Min. | Max. |
|---|---|---|---|
|
Meal, Inexpensive Restaurant, Restaurants
|
$29.00
|
$18.00
|
$50.00
|
|
Meal for 2 People, Mid-range Restaurant, Three-course, Restaurants
|
$125.00
|
$80.00
|
$200.00
|
|
McMeal at McDonalds (or Equivalent Combo Meal), Restaurants
|
$15.00
|
$13.00
|
$17.00
|
|
Domestic Beer (0.5 liter draught), Restaurants
|
$8.00
|
$4.50
|
$12.00
|
|
Imported Beer (0.33 liter bottle), Restaurants
|
$10.00
|
$7.00
|
$13.00
|
|
Coke/Pepsi (0.33 liter bottle), Restaurants
|
$3.07
|
$2.00
|
$4.99
|
|
Water (0.33 liter bottle) , Restaurants
|
$2.42
|
$2.00
|
$5.00
|
|
Cappuccino (regular), Restaurants
|
$5.66
|
$3.00
|
$8.00
|
Updated: 2024-11-01 (704 contributors in the last 12 months)
Other
The average person in Toronto spends $150 on miscellaneous goods and services per month.
| Product | Avg. | Min. | Max. |
|---|---|---|---|
|
Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child, Childcare
|
$1,648
|
$1,000
|
$2,200
|
|
International Primary School, Yearly for 1 Child, Childcare
|
$24,636
|
$16,000
|
$37,000
|
Updated: 2024-11-01 (704 contributors in the last 12 months)
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
$4,161/month
Monthly net income of $120,000/year
$7,163/month
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Jobs paying $120,000+/year
Joanne Romas & Associates
Toronto, ON • Remote
$175,000 - $208,000 / year
Permanent
22 days ago