Toronto vs New York - living costs compared

    If you’re considering a move to Toronto or New York, you may be wondering about the cost of living in these cities. As reliable Canadian movers, we understand the importance of factoring in living expenses. Our goal is to provide a comprehensive comparison of the cost of living in Toronto and New York, to help you make an informed decision about your future home. We’ll examine key factors that impact your budget and lifestyle, whether you’re a student, young professional, or family. Our analysis will be clear and concise, highlighting the differences between these two bustling cities. You can trust us to provide you with the information you need to make the right choice for your future. Join us for a detailed comparison of living costs in Toronto and New York, and let us assist you in making an informed decision.

    Housing prices in Toronto vs New York – living costs compared

    Are you weighing on moving from New York to Toronto? If so, it’s essential to consider the difference in housing costs between these two cities. We’ll provide you with a detailed analysis of average housing costs for renting and buying homes in both locations.

    Toronto vs New York - living costs compared and housing prices when buying a house listed for sale

    Housing costs vary between these two cities, with New York generally having higher expenses, especially in prime locations.

    According to, the housing costs in these two megacities in 2020 were as follows:

    1. For a one-bedroom apartment in Toronto, the average price was 2,467.88 C$ (1,877.34 $), while in New York, it was more than 4,940.59 C$ (3,758.35 $).
    2. Renting a three-bedroom apartment in the city center of Toronto had an average cost of 3,989.83 C$ (3,035.10 $), whereas, in New York, the same apartment came with a significantly higher price of 10,128.48 C$ (7,704.81 $).
    3. Looking at buying an apartment in the city center, the average price per square meter in Toronto was 12,876.39 C$ (9,795.17 $), while in New York, it reached 20,621.39 C$ (15,686.86 $).

    Considering all these, we can easily come to the conclusion that housing in NY is about 100.2% more expensive than in Toronto. This will ensure you have a clear understanding of affordability and availability in Toronto and New York. New York’s boroughs, like Manhattan, Brooklyn, and Queens, have a unique charm and different housing costs. However, the cost of housing in Manhattan is notably higher than in Brooklyn and Queens. During May 2022, the median requested amount for properties in Manhattan stood at $1.5 million, while Brooklyn recorded a median of $995,000, and Queens at $625,000.

    Contrasting Housing Costs Across Toronto Neighborhoods

    On the other hand, Toronto neighborhoods offer diverse living options and varying housing prices.  Based on data from May 2023, the average price for a house in Toronto was $1,164,400. The variations in housing costs are influenced by factors such as neighborhood amenities, proximity to the city center, and housing demand in each area. The cost of housing in Toronto’s Distillery District is generally higher compared to Kensington Market and The Beaches. While Kensington Market offers a mix of more affordable and mid-range options, and The Beaches has a slightly higher average cost compared to Kensington Market but still lower than the Distillery District.

    Comparing Utility Bills in Toronto to New York’s

    Utilities tend to be more expensive in New York compared to Toronto. The difference in utility costs can vary depending on the specific services and the type of property. In general, New York’s utility expenses can be significantly higher than in Toronto, with potential increases ranging from 54.2% to 153.9%.

    The most expensive item among utilities can vary depending on individual usage patterns and location. However, in many cases, heating and cooling costs can contribute greatly to utility expenses, especially in colder or warmer climates.

    Toronto vs New York – living costs compared also reveal that utilities are more expensive in New York.

    As of October 21, 2022, the average monthly utility expenses in New York City amount to $273.04, totaling $3,276.48 annually. These costs cover essential utilities like water, electricity, and gas. However, it’s important to acknowledge that individual utility rates may vary based on personal preferences, the type of apartment, and the lease agreement terms.

    In contrast, in Toronto, a two-person household can expect to spend $400 or more per month on utilities. During the winter, electricity costs tend to rise to maintain a warm indoor environment, while homes with larger gardens may experience increased water bills during the growing season. So, after moving from Toronto to New York you might want to implement saving tactics, such as using light bulbs, and consider investing in solar panels.

    Long Distance Moving and Transportation Expenses Between NY and Toronto

    When comparing living costs between Toronto and New York, transportation expenses, including public transit, play a significant role. Public transportation, such as subway or bus fares, varies in both cities, impacting your monthly budget. Additionally, if you own a vehicle, consider parking availability and pricing, as it can be a significant cost factor.

    In Toronto, the public transit system offers various fare options, from single rides to monthly passes, providing flexibility for commuters. New York’s public transportation is extensive, with subway and bus systems covering vast areas of the city. Comparing the pricing structure can help you decide which city’s public transit aligns better with your needs.

    For those planning to own a car, keep in mind that fuel prices and vehicle maintenance costs differ between Toronto and New York. In Toronto, 1 liter of gas costs $1.23 (C$1.63), while in the USA, it is priced at $1.024 per liter and $3.876 per gallon.

    When evaluating transportation costs, don’t forget to calculate the difference between using public transit and owning a car. Factoring in parking fees, insurance, and the convenience of each option can lead to a more thoughtful choice. Ultimately, understanding the transportation expenses in Toronto and New York can significantly impact your overall living costs. By analyzing various transportation options, you can optimize your budget and choose the most cost-effective and efficient means of getting around your new city.

    Transportation expenses also affect your moving expenses. So, for a more streamlined and affordable moving experience, consider hiring reliable long distance moving companies Canada. They can efficiently manage the logistics of your move and estimate the approximate gasoline consumption.

    Toronto vs New York - living costs compared affect the decision whether to buy a car

    Inquire about the transportation options, commute times, and gas prices, before you decide to move.


    Comparing Food and Dining Costs in Toronto and New York

    When moving from Canada to the USA, the food and groceries expenses in Toronto and New York become essential considerations. Let’s look into the specifics of “Toronto vs New York – living costs compared” when it comes to this item among other costs of living. Groceries in supermarkets are relatively affordable in both cities. On average, a single person in Toronto can expect to spend around $200 per month on groceries. However, exploring local markets in Toronto can offer more budget-friendly options for fresh produce. While in New York you will spend notably more per month for groceries, almost $500.

    When dining out, Toronto offers a diverse culinary scene with various affordable eateries and food trucks. A meal at a fast-food restaurant typically costs around $10, while a mid-range restaurant dinner for two can cost about $87. In comparison, New York boasts a wide range of dining choices, from street food to fine dining experiences. A fast-food meal costs around $15, and a meal for two at a mid-range restaurant can cost about $100.

    For families, the food budget increases accordingly. Cooking at home remains more cost-effective, and both cities offer a plethora of ingredients for diverse cuisines. Eating out occasionally is enjoyable, but keeping track of expenses is crucial for a balanced budget. By carefully considering the cost of groceries and dining options, you can manage your food expenses effectively and explore the exciting and diverse dining experiences each city has to offer.

    Medical Expenses in Toronto and New York Compared

    When planning a move from Canada to the USA, exploring relocation services Canada offers is essential. Consider living costs Toronto vs New York, including healthcare expenses. Toronto’s healthcare system is known for its universal coverage, offering essential medical services to all residents. The city boasts numerous world-class hospitals and medical facilities, providing top-notch care.

    On the other hand, New York’s healthcare system is renowned for its advanced medical research and specialized treatments. The city is home to renowned medical institutions and specialists, attracting patients from all over the world. However, healthcare costs in New York can be higher than in Toronto, especially for those without insurance. Also, wait times for certain procedures may be longer in New York due to the high demand for services. Ultimately, both cities offer quality healthcare, but considering factors like cost and accessibility is essential when planning a move.

    Prioritize health insurance to safeguard your well-being and finances. For effective navigation of the healthcare system, it’s advisable to seek advice from experts. Research and compare options for a successful relocation journey. Keep in mind that healthcare costs can vary based on individual needs. By assessing healthcare requirements and costs, you can plan ahead and ensure a smooth move. Make your health a top priority during this important transition in your life.

    Get Acquainted with the Educational System and Educational Expenses

    Moving from Canada to the USA involves considering education expenses, particularly if you have children or plan to pursue further education. Researching the school systems in both Toronto and New York can provide valuable insights for your relocation. Toronto offers a robust education system with a variety of public and private schools. Among the best-ranked schools are several renowned institutions like Rosedale Public School. And among 30 public high schools stands out the Ursula Franklin Academy. It’s known for its academic excellence and diverse extracurricular activities. The city also provides numerous scholarships and financial aid options to support students’ educational journeys.

    Toronto vs New York - comparing the cost of living also affects your children's education decision

    Both cities offer outstanding educational options for your children.

    In contrast, New York boasts an equally renowned education system, with schools like New Explorations into Science, Technology & Math School and Bronx High School of Science excelling in academics. However, education costs in New York, especially in prestigious private institutions, can be higher. During the 2022-2023 academic year, New York Colleges charged an average of $9,438 for in-state undergraduate tuition & fees and $20,446 for out-of-state students. However, if you want to enroll your child in a private school education, the average private school tuition in NYC is $20,683 per year.

    Exploring Entertainment and Recreation in Toronto and New York

    One of the exciting aspects of moving to a megacity like Toronto or NYC is the entertainment and recreational opportunities that await you. Each city boasts a lively cultural scene with various entertainment options to cater to diverse tastes. Toronto offers an eclectic mix of movie theaters, live concerts, and captivating museums that celebrate the city’s rich history and artistry. Explore your passion for sports and fitness with a wide range of sports facilities and gym memberships offered throughout the city.

    On the other hand, New York City, renowned as the city that never sleeps, has an incomparable range of entertainment. From world-class Broadway shows to iconic concerts and art exhibitions in renowned museums, the options are endless. Engage in an active lifestyle by joining sports clubs, jogging in Central Park, or exploring the city’s countless recreational spaces. And, with the help of long distance movers Toronto, transitioning to life in the USA becomes seamless.

    Toronto vs New York – living costs compared showcase that Toronto is not far behind New York when it comes to entertainment.

    Both cities have their unique allure when it comes to entertainment and leisure. That allows residents to indulge in exciting experiences and create lasting memories. As you compare Toronto and New York’s living costs, the diverse entertainment offerings in each city should be a delightful aspect to consider.

    Unraveling the Tax Systems in Toronto and New York

    Navigating tax complexities is a crucial step when considering a relocation between Toronto and New York. One significant difference is the income tax rates. In Toronto, the provincial income tax rate varies depending on your income, with higher earners paying a higher percentage. On the other hand, New York levies a progressive income tax with multiple brackets and higher rates for individuals earning more. Moreover, New York City imposes an additional income tax on residents.

    Toronto has a municipal property tax based on the assessed value of the property, while New York City applies a property tax rate on the market value of the property, with additional levies for specific services.

    The sales tax in Toronto is a harmonized rate of 13%, combining provincial and federal sales tax. In contrast, New York City has a state sales tax and an additional local sales tax, resulting in varying rates across different counties. Calculate your taxes carefully to make informed financial decisions when choosing between Toronto and New York.

    tax tiles on top of the coins and bills

    Taxes are a significant item to consider when deciding whether to move to a certain city or country.

    Weighing All the Facts and Making the Right Choice

    As we wrap up our comparison between Toronto and New York living costs, it’s crucial to consider all aspects that impact financial well-being. From housing and utilities to healthcare and education, each city has its unique benefits and challenges. Toronto provides reliable healthcare services and a range of entertainment choices. However, housing costs can be higher, affecting overall expenses. New York, known for its entertainment scene, also offers excellent healthcare facilities. Yet, higher tuition fees for education should be factored in. Choosing between the two cities depends on individual preferences and financial circumstances. Toronto vs New York – living costs compared provide valuable insights to help you make the right choice for your future.

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