When you think about the cost of living in Canada, Toronto usually comes to mind as one of the most expensive places to live. With its busy downtown area, high condo prices, and constantly climbing rent, it’s easy to see why many believe it’s the hardest city to afford. However, that’s not entirely true.
You might assume that Toronto is the most costly city in the Greater Toronto Area (GTA), but there are actually several other cities in this region that consistently have a higher average cost of living than the 416.
A recent Money Sense report has identified four cities that exceed Toronto when it comes to being among the most expensive places to live in the GTA. Some of these findings may not shock anyone who has been keeping an eye on local home prices and rising living expenses.
Richmond Hill
An aerial view of a residential street in Richmond Hill. Photo by liran finzi sokolovski/Shutterstock.
The report shows that Richmond Hill is at the top of the list for costly cities in the region, with an average annual income of $106,536 needed just to live comfortably here, while monthly living costs average around $4,439.
This figure highlights the city’s sought-after housing market, increasing property taxes, and premium services that make it more expensive than Toronto itself; where you’d need an average annual income of $98,880 just to get by.
Milton
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Downtown Milton was once a quiet village that has transformed into a bustling hub. Photo by Mehdi Kasumov/Shutterstock.
Next up is Milton with an annual income requirement of $106,392 and monthly expenses averaging $4,433. The fast growth and high demand for housing have caused costs here to rise well above those found in Toronto.
Whitby
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Known for its Port Whitby Marina, a single resident now needs an annual income of $105,624 to sustain a comfortable lifestyle in this town. Photo by Jen du Moulin/Shutterstock.
Following closely is Whitby which was once seen as a budget-friendly option for those looking for suburban life. Nowadays though, this Durham Region town demands an annual salary of $105,624 along with monthly expenses hitting about $4,401.
To better illustrate this growing demand, data from the 2021 Census showed Whitby’s population increased by 7.9% from 2016 to 2021-indicating more people are moving here and contributing to rising living costs.
Mississauga
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Mississauga has grown from a sleepy suburb to a full-fledged city. Photo by Sean Pavone/Shutterstock.
Lastly on our list is Mississauga where residents require around $99,816 annually with monthly costs estimated at approximately $4,159. This city has rapidly expanded due largely to its proximity to Toronto and now surpasses its eastern neighbor regarding living expenses.
While inflation predictions from the Bank of Canada through 2026 sit at around two percent stability; housing prices and basic necessities could easily outpace this rate in major urban centers like the GTA-adding further strain on already high living costs across the region.
