The mid-level trim for this car is the 2022 four-door Honda Civic Sedan EX. The top-selling car in Canada in 2021 - and for the last 24 years, for that matter - was the Honda Civic Sedan. Using the adult 12-month Pass ($143.00) as our transit option, in addition to four $34 Uber trips a month (for a total of $136), our average monthly transportation cost works out to $279.00. Since some people never take Uber and others take it often, we’ve gone with four trips a month for our calculations. One UberX ride from Midtown to the Yonge-and-Dundas area costs about $34 per round trip. If that’s the case, there’s an abundance of ride-sharing services in Toronto.
12-month Pass (youth and seniors): $117.45Ĭabs/Uber/Lyfts: Maybe transit’s not your thing.Monthly TTC Pass (youth, seniors, and post-secondary students): $128.15.
Here’s a list of the latest TTC/Presto fares. That gives us a monthly total of $5,417.12ĭespite the Toronto Transit Commission (TTC)’s plan to restore service to pre-pandemic levels and enhance infrastructure, fares will remain frozen in 2022 - that’s without an increase for two years in a row. As such, we haven’t included this in our monthly total. Using the LowestRates.ca Land Transfer Tax Calculator, we see that a home that sells for $1,218,546 would produce $41,691.84 in land transfer tax, which is paid in a lump sum at the time of the transfer. It’s important to know that your property taxes will be based on your MPAC assessment.ĭon’t forget about land transfer tax, either - both municipal and provincial. Using the City of Toronto’s Property Tax Calculator, on a $1,218,546 home, you’d be paying $7,445.48 a year in property tax, which works out to about $620.45 a month. Homeowners must pay property tax, which is determined based on the following factors: Toronto’s municipal tax rate, the education tax rate (determined by each province), the city building fund, and the value of your property. Using our home insurance quoter, we determined that home insurance for a 30-year-old and their family living in the Bloorcourt Village area of Toronto in a two-storey detached home would cost around $287.67 a month. While it isn’t mandatory, most lenders won’t give you a mortgage without it. Then, of course, buyers must also consider home insurance. Going with a 25-year amortization period and a five-year fixed interest rate of 2.79%, which was the lowest rate on our site at the time of this writing, monthly mortgage payments for such a home in Toronto would cost about $4,509, according to the LowestRates.ca Mortgage Payment Calculator. That gives you a total mortgage of $974,837.
Since the home is worth $1 million or more, mortgage insurance through Canada Mortgage Housing Corporation isn’t available, so you won’t need to factor in the cost. Let’s assume you have a down payment of 20% ($243,709), the minimum down payment required for a $1-million home. In Toronto specifically, the average price for all home types was $1,218,546. According to the most recent market data from the Toronto Regional Real Estate Board, the average selling price for all home types in the GTA in March 2022 was $1,299,894. It’s no secret that the Greater Toronto Area (GTA) housing market is on fire, increasing the average cost of living in Toronto.
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