Cost of Living in Toronto
Summary of cost of living in Toronto, Canada:
- A family of four estimated monthly costs are 3,921.0$ (5,483.2C$) without rent (using our estimator).
- A single person estimated monthly costs are 1,067.8$ (1,493.3C$) without rent.
- Toronto is 3.4% less expensive than Columbus (without rent, see our cost of living index).
- Rent in Toronto is, on average, 12.4% higher than in Columbus.
Restaurants |  Edit |
Range |
|---|---|---|
| Meal, Inexpensive Restaurant | 25.00 C$ | |
| Meal for 2 People, Mid-range Restaurant, Three-course | 120.00 C$ | |
| McMeal at McDonalds (or Equivalent Combo Meal) | 15.00 C$ | |
| Domestic Beer (1 pint draught) | 8.00 C$ | |
| Imported Beer (12 oz small bottle) | 10.00 C$ | |
| Cappuccino (regular) | 5.51 C$ | |
| Coke/Pepsi (12 oz small bottle) | 3.07 C$ | |
| Water (12 oz small bottle) | 2.34 C$ | |
Markets | Edit |
|
| Milk (regular), (1 gallon) | 15.77 C$ | |
| Loaf of Fresh White Bread (1 lb) | 3.50 C$ | |
| Rice (white), (1 lb) | 2.13 C$ | |
| Eggs (regular) (12) | 4.71 C$ | |
| Local Cheese (1 lb) | 7.23 C$ | |
| Chicken Fillets (1 lb) | 7.82 C$ | |
| Beef Round (1 lb) (or Equivalent Back Leg Red Meat) | 8.63 C$ | |
| Apples (1 lb) | 2.45 C$ | |
| Banana (1 lb) | 0.83 C$ | |
| Oranges (1 lb) | 2.13 C$ | |
| Tomato (1 lb) | 2.42 C$ | |
| Potato (1 lb) | 1.41 C$ | |
| Onion (1 lb) | 1.70 C$ | |
| Lettuce (1 head) | 3.06 C$ | |
| Water (1.5 liter bottle) | 2.42 C$ | |
| Bottle of Wine (Mid-Range) | 18.00 C$ | |
| Domestic Beer (0.5 liter bottle) | 3.52 C$ | |
| Imported Beer (12 oz small bottle) | 4.00 C$ | |
| Cigarettes 20 Pack (Marlboro) | 20.00 C$ | |
Transportation | Edit |
|
| One-way Ticket (Local Transport) | 3.35 C$ | |
| Monthly Pass (Regular Price) | 156.00 C$ | |
| Taxi Start (Normal Tariff) | 5.00 C$ | |
| Taxi 1 mile (Normal Tariff) | 3.22 C$ | |
| Taxi 1hour Waiting (Normal Tariff) | 35.00 C$ | |
| Gasoline (1 gallon) | 6.02 C$ | |
| Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car) | 34,087.00 C$ | |
| Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car) | 29,539.37 C$ | |
Utilities (Monthly) | Edit |
|
| Basic (Electricity, Heating, Cooling, Water, Garbage) for 915 sq ft Apartment | 150.18 C$ | |
| Mobile Phone Monthly Plan with Calls and 10GB+ Data | 55.31 C$ | |
| Internet (60 Mbps or More, Unlimited Data, Cable/ADSL) | 70.83 C$ | |
Sports And Leisure | Edit |
|
| Fitness Club, Monthly Fee for 1 Adult | 70.45 C$ | |
| Tennis Court Rent (1 Hour on Weekend) | 25.52 C$ | |
| Cinema, International Release, 1 Seat | 17.50 C$ | |
Childcare | Edit |
|
| Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child | 1,593.84 C$ | |
| International Primary School, Yearly for 1 Child | 23,769.23 C$ | |
Clothing And Shoes | Edit |
|
| 1 Pair of Jeans (Levis 501 Or Similar) | 82.49 C$ | |
| 1 Summer Dress in a Chain Store (Zara, H&M, ...) | 54.88 C$ | |
| 1 Pair of Nike Running Shoes (Mid-Range) | 130.02 C$ | |
| 1 Pair of Men Leather Business Shoes | 161.45 C$ | |
Rent Per Month | Edit |
|
| Apartment (1 bedroom) in City Centre | 2,507.69 C$ | |
| Apartment (1 bedroom) Outside of Centre | 2,116.25 C$ | |
| Apartment (3 bedrooms) in City Centre | 4,201.03 C$ | |
| Apartment (3 bedrooms) Outside of Centre | 3,442.50 C$ | |
Buy Apartment Price | Edit |
|
| Price per Square Feet to Buy Apartment in City Centre | 1,257.58 C$ | |
| Price per Square Feet to Buy Apartment Outside of Centre | 1,007.42 C$ | |
Salaries And Financing | Edit |
|
| Average Monthly Net Salary (After Tax) | 4,869.71 C$ | |
| Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate | 6.15 |
Prices in Toronto
This city had 4503 entries in the past 12 months by 744 different contributors.
Last update: November 2024
Last update: November 2024
Sources and References
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Distribution of Expenses Using Our Statistical Model:
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Nearby cities:| Cost of Living in Vaughan | 16.10 miles |
| Cost of Living in Richmond Hill | 22.87 miles |
| Cost of Living in Oakville | 25.57 miles |
| Cost of Living in Brampton | 27.62 miles |
| Cost of Living in Whitby, ON | 33.84 miles |
| Cost of Living in Burlington | 34.94 miles |
| Cost of Living in Oshawa | 35.88 miles |
| Cost of Living in Hamilton | 44.17 miles |
| Cost of Living in Guelph | 58.38 miles |
| Cost of Living in Cambridge | 60.12 miles |
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I studied for 3 years through the lockdowns to get a better paying job, but for every single job there are at least 300 applicants.
Due to all the stress and economic problems, I recently had a hormonal imbalance and tried to find a doctor. After 14 months and 5 referrals I finally found a specialist. It turns out that my condition "isn't covered" by the government and I had to shell out $500 for every injection despite paying exorbitant taxes for the promise of "free" healthcare.
I used to work in another country and used to drive a brand new Nissan.
I thought that migrating to Canada would be mutually beneficial to both myself and the country.
It turns out that Canada is a scam. I came here with almost $90,000, spent everything, and now living paycheck to paycheck.
Now I'm looking for every opportunity to escape but can't even afford moving away. Avoid coming here at all costs.
Canada has been surpassed by many countries and growing, and it's just too late.
1) The gender wars were encouraged by the property owners and elites to create artificial demand for more housing units, break up the family unit so that more people are atomized, and atomized people become more likely to consume to fill the void.
2) Females become more educated in Trudeau's liberal agenda, which means more support for mass immigration which leads to the mess that we have today where we see too many people from one Indian state living like rats and roaches which cause rents to go up higher for Canadians.
3)The mass immigration of military-aged men from India is causing a gender imbalance in Canada, even Bloomberg reported that there are more men than women immigrating to Canada.
4) Feminism leads to lower birth rates, which means that the Punjabi Indian FOBs will replace White Canadians in the near future, because they breed like rabbits and are able to live like roaches and pay for the housing bubble.
However, Justin Trudeau's feminist experiment leads to a few problems:
1) The influx of Punjabi Indians masquerading as students have caused many Canadians to become unemployed and homeless. The job agencies prefer to hire FOB Punjabi Indians than Canadians.
2)The landlords and elites are banking on dual-income earners to pay for the rent and mortgage, but the gender wars have caused many single men to become lone wolf sleeper cell agents and radicalised. This is why Trudeau imported Punjab into Canada because those folks are able to team together and pay for the overpriced Brampton rents and homes.
Max Bernier's People's Party of Canada will CUT immigration and save Canada.
Toronto is not like America where talent is encouraged to grow. You are in Canada to pay only for rent and food, while the rich collect the rent and buy more rental properties to charge higher and higher rents to newcomers and Canadians.
In Toronto, you avoid women at work, because it's easy to be falsely accused of workplace harassment.
Avoid them Toronto female coworkers like the plague, in particular, the ones who dress like prawstitues.
Don't even acknowledge their presence. Pretend they don't exist. God has a plan for those Toronto harlawts at work.
Can't blame you guys if the ladies in Toronto are acting that way unless you're extremely wealthy. This just shows how income inequality and the dating market work in tandem.
The more the rich get richer in Canada, the less likely a middle class man is able to succeed and live the picket fence American Dream.
There is no Canadian Dream in Canada unless you are already rich to begin with. Enjoy your suffering with the feminist ladies in Toronto and pray that you don't get antagonized by those Toronto ladies and end up like Alek Minassian.
AVOID THOSE WOMEN AT WORK. Toronto is a feminist dystopia where average men are treated like second class citizens. I repeat, AVOID those women at work.
What the Liberal government is doing is bringing in millions of greater fools with their life savings to spend in the declining economy, while protecting the real estate bubble.
You will be falsely accused by the majority of empowered women in your job, leading to job loss, denial of unemployment insurance due to "misconduct", and eventually living homeless and dead in the middle of winter.
Do you really want to live in Toronto with the population infected by man-hating femenism?
The Ponzi scheme is slowly falling apart. How can a city with more people than ever not have any money to pay higher rents and consume more consumables? Enjoy the decline.
Toronto is a modern day meat grinder with high costs that it's not worth it.
Avoid the problematic young women in public, avoid them at work, save your cash, and travel to the Dominican or Cuba.
The Canadian workplace is a landmine for men. It's easy for these young women to falsely accuse you of workplace harassment or criminal harassment just for saying hello to them, because they have hundreds of guys sending them DMs and gifts in their socials. Get away from Toronto's crummy life.
To end up as a general labor serf paying rent and food to exist
and saving nothing
is what should be considered a fate worse than hell.
Especially if you are educated with decades of work experience coming to Canada to work as a laborer on minimum wage.
they’re in the middle of a housing, cost of living, and employment crisis and the government doubles immigration rates and jacks up international student admissions only exacerbating the existing issues, they have zero market competitiveness so their goods prices are through the roof, their housing prices only shoot upwards, it’s insane and I feel for the posters below and understand their anger.
You're just coming to Toronto to become a general labour wage serf.
In Canada he is nothing, he has nothing, he is starting from scratch. Nobody knows him, no body will help him.
It takes 5-10 years for an average person to build a life in any country, even more with the rising cost of living.
What I find weird about Canada, especially Toronto, is that the majority of white women are beasts and animals in nature. They walk naked on the street, yet complain that men are looking at them.
Why would I pay high rents to be labelled as a predator by both the feminist and the racist? I'm returfing to my homeland. God Bless Narendra Modiji!
Local Canadian media, and even the BBC have recently reported that many people are leaving Canada. Given that about a quarter of the population lives in the Greater Toronto Area, maybe the posters below are right about the dismal state of affairs.
They did this under the blind guise of pro diversity, pro immigration, politics. Canadians who suggested there was a problem were branded as intolerant and silenced with smear campaigns.
Meanwhile foreign students were being exploited as low cost minimum wage labour by business, packed into overpriced basement rental housing by exploitative landlords, and milked for huge tuition fees by educational institutions who engaged in unethical recruiting practices. It's a scam. Plain and simple.
What is a better dream? Working an office job in Management in your stable home country where you have a chance to own a home, and save some money, or leaving your comfortable lifestyle to work in Canadian factories and warehouses for minimum wage, while you save nothing because rents are too high?
Canada is declining, and yet, people are fooled into coming into this big dump especially Toronto where rents are about C$2,500/month for a one-bedroom apartment. Petty crime is rising, unhoused people are sleeping in TTC subways because they can't find a rental, and there are so many social ills I can't post because it's explicit.
If you're a father who has a good job abroad, and is considered middle class in your country, and you have daughters, DO NOT ruin your life by coming to Canada, because poverty can turn good people into desperate situations.
The majority of locals here get subsidies and government housing, not to mention that many of the rentals are expat rentals which skew the average paid locally.
Singapore salaries are higher because we are one of the financial capitals in a tiny city-state. In Canada, the joke is that surgeons clean toilets in homes owned by blue collar workers with a primary school education.
"TORONTO. That is where dreams are broken. There's nothing you can do. Now you're in Toronto. Wrong move!"
So you want to leave your comfy middle class life abroad to live like a modern day slave in Toronto paying over 50% of your wages in rent to a slumlord? Then be my guest.
The high paying jobs are for those who were already born into wealth to begin with. You will hardly find someone who recently moved to Toronto striking it rich. It's designed that way to enable more wage and rent serfs while the rich get richer.
There are theories that the Eglinton CrossTown Line 5 is deliberately being delayed, because 1) more money for contractors, and 2) they are waiting for the new residents to populate the condos under construction along Thorncliffe Park to Kennedy station.
In other words, poor and working class people who live in this area do not get any benefits from this subway extension. For the past 10 years, small businesses were forced to close, while condo developers are building a lot of luxurious condos.
Toronto is becoming a city of haves and have nots
It took almost 20 years to build a 5 mile subway extension (purple line), and you are dreaming of a 1,000km TTC system?
Toronto doesn't have the money because the contractors and the politicians will siphon off most of the money. The TTC and Metrolinx can't even get the Eglinton Crosstown up and running despite billions of dollars being spent to build a 20 mile light rail system.
So, Toronto Urban area should become much bigger. It's land area is around 2,300 to 2,500 sqkm. But it should become much bigger (bigger than 5,000 sqkm) and its metro system's length should be at least 1,000 km.
Not good for anyone who wants success using their education, skills and talent. You're inside a purgatory in Toronto where foreign medical doctors flip burgers at McDonalds, and Nobel Peace Prize nominees are struggling to pay rent for a shared room inside a crowded rooming house.
But the same females bend over backwards to help fake international students and war criminals. A strange breed of humans. The modern liberal Toronto woman...
Toronto treats everyone who isn't rich as a number, a cog in a machine, and a modern day serf. People have a right to complain about the high rents, decline in real wages and unnatural population growth which is affecting the cost of shelter, food and services.
This site compares numbers, not whiners.
This was during the busy holiday season. 100 part-time jobs added in an economy of 40 million.
100 new jobs. January 2024 job stats may be worse. Who wants to move to a recession economy, and pay $2,500 a month to rent an apartment when full-time jobs don't exist for new people?
The government thinks everyone has a well paid job and University/College degree which isnt the case.
Doug Ford and Justin Trudeau need to go same with the liberals.
Canada needs a change for the better.
The wages are not able to pay for the rent and home prices, leading to many people sharing rooms in the Greater Toronto Area. It's a modern day slum.
Corporate chains absolutely dominate Canadian life. There are:
The big five banks (RBC/BMO/CIBC/Scotia/TD)
The two coffee shops (Timmies and Starbucks)
The three shopping spots (Canadian Tire/Walmart/Dollarama)
The seven fast-food joints (McDonald’s/BK/Wendy’s/Harvey’s/A&W/Subway/KFC)
The one sit-down restaurant monopoly (Swiss Chalet/The Keg/Montanas/East Side Mario’s/Kelsey’s/Milestones)
Can't get a job, found out my college here likely won't lead to permeant residency, like ever.
Tuition is coming up for January 2024 and I can't pay and it doesn't lead to a PR card anyway so there's no point. Was living in a tent but now it's -1 celcius and it's too cold for me to remain outside with January and February temperatures getting colder. Heading home back to India broke cold and tired.
If there's any advice I have for anyone it's don't move to Canada. It is a scam.
It may have been good 10 years ago but that ship has firmly sailed. It is now a neo feudal hellscape. There is 0 ability to get ahead after high cost of living quality of life is much better in India. You can actually get a job, it's warm, family is around, food is better, etc.
There are less job vacancies in Toronto to go around for so many people. Many staffing agencies are not hiring and don't have work.
The economy works for an increasingly small set of stakeholders while everyone else is merely an indentured serf, including newcomers.
You just exist to pay rent to those who already owned rental properties. It's a Ponzi Scheme- Canada is a Ponzi scheme.
You leave middle class job in your home country.
And you end up working as labourer in Toronto for poverty wages.
You lived in a huge house in your home country.
And you are now paying $2,000 a month rent for a small apartment.
Canada is not for the educated and ambitious. There are many barriers to entering the career of your home country, like unions, professional associations and the infamous and impossible request for "Canadian work experience" just for an entry level job.
If you want to choose to migrate to Toronto this time, you will be worse off, and probably at risk of homelessness. Beware!
Why do people even bother moving to Canada from their comfortable homes to live in tents down by the river in freezing cold?
I've noticed that many international students in Canada are currently living in tents due to housing affordability issues.
With winter approaching, it's crucial to understand that regular tents will not suffice in the extreme cold. To ensure your safety and warmth, I strongly advise investing in a hot tent setup. Here's what you'll need and why:
Hot Tent: These tents are specifically designed for winter conditions. They're insulated and can withstand heavy snow and wind. Look for one with a stove jack (an opening for a stovepipe).
Wood Stove: A portable wood stove is essential for heating your tent. It’s safer and more efficient than open fires. Ensure it fits your tent and has a proper venting system to avoid smoke inhalation. I recommend the OneTigris Tiger Roar Tent Stove with Chimney Pipes because some of the cheaper ones leak smoke into the tent and increase your risk of carbon monoxide poisoning.
Cast Iron Cookware: Great for cooking on your wood stove. Cast iron retains heat well and is durable.
Portable Carbon Monoxide Detector: This is a lifesaver. Tents are enclosed spaces, and using a stove increases the risk of carbon monoxide poisoning. Always have a functioning detector in your tent.
Tell that to both immigrants and Canadians who want to leave Canada because of high rents and stagnant wages due to a poor job market. You're probably that Canadian Landlord vulture who openly admitted that he and his landlord friends prey on virgin girls when they want to let a room in their rooming houses.
Why? Quite simply because the government will continue to market Canada to more naive immigrants overseas and many will continue to fall in the trap, only once they have been here for a certain amount of time will they figure out the realities and by then if they do leave (many end up deleting themselves), there will be a fresh batch of gullible fools to replace them..
My concern is that Canadian employers do not consider decades of international work experience and an advanced university degree for a job. For someone in their 30s and 40s, moving to Canada and having to redo high school credits, undergrad and postgrad to meet Canadian experience requirements sound like a money pit.
This is because no good job will be guaranteed at that time, and by the time you finish your education you'll be 40s and 50s applying for jobs with 20 something young Canadians.
This leads to many educated newcomers doing menial jobs that are not within their field of profession. The jobs are not enough to afford rent based on affordability criteria.
Canada just wants the immigrants to spend their life savings until they are broke and forced to return to their homelands like a loser.
White feminism ruined that guy's life. The Karens living in houses and working in comfy government jobs cry that they are disadvantaged more than the unemployable brown guy with special needs that he cannot function more than being a sign holder.
The white woman is the DEVIL in Canada. Brown men are entering HELL if they decide to migrate to Canada.
https://youtu.be/s8e4O3n_XBo?feature=shared
Don't leave your good life, to live in Canada and end up like that guy.
Cost of living is so insanely high. Everything is expensive. People are mentally unstable due to stress.
So many homeless people not just in the city but across Canada.
It's also a really really boring city.
We shouldn't be expected to live like an Indian simpleton.
You'd be a sucker to liquidate your assets to pay rent in a crowded basement to enrich those who already own property.
In Toronto, Indian students can't even afford a room with roommates anymore, they rent time periods in beds. Say there's a room with 9 bunk beds in it, one of the beds is rented from 12 to 8 pm to one student, then from 8 pm to 4 am to another student, then from 4 am to 12 to another, and it's still so expensive.
Even minimum-salary jobs are hard to get, for every job open there are 150-200 students applying, and minimum salary jobs will NOT get you $4000 a months, you'll be lucky to make 1200 after tax and commute expenses. It's a desperate situation.
It baffles me. Everyone who has access to the internet knows that Canada is not the land of milk and honey, and many foreigners will be worse off in Canada than they were in their home countries.
The joke that Toronto has the most educated taxi drivers who used to be doctors was a joke since the 1990s! It hasn't gotten any better because the rents are too high, and many full time jobs have been contracted to staffing agencies.
No problem working abroad but to be immigrant to other countries like Canada must be a suicide mission, because you will be downgrading your career working menial jobs. Docs who conducted surgeries in the UK are driving beck taxi or working in warehouses as genera labor. Thats the situation. Overqualified immigrants doing dead-end jobs in Canada. No future.
You would've been better off in your home country. But now you're grinding away in Toronto paying most of your paycheque in rent for a single room. What a pity that you placed yourself in this dire predicament.
People need to realize that the Canadian government lies when they promise an easy life here. it’s unfair to immigrants to be deceived . they come here with good intentions and quickly realize it’s not what they were told.
Can you imagine leaving your comfortable middle class job in your home country to pack boxes in Toronto, and stuck with no savings because of low wages and high expenses?
You're gonna regret moving to Canada.
Do you like packing boxes, working on assembly lines and doing dead-end jobs for minimum wage with no chance to go up the social ladder? Then be my guest and live in Toronto working for a pittance compared to the sky high rents.
Hard work doesn't really equate to success in Canada because of how the system is a glass ceiling for educated permanent residents and newcomers who are forced into general labour jobs.
It's easy to get laid off these jobs too, thus, hard work is only appreciated to enrich the CEO and shareholders. Canada's job market is segregated, and newcomers should be aware of that.
The 21-year-old graduate from an elite Canadian university is going to get the job, even if the newcomer has more qualifications and work experience. This is how Canada keeps newcomers at an economic quagmire with no hope for a middle class life.
These are the issues at hand currently:
1) Toronto rents are about 2,500 CAD a month for an apartment, and keeps on rising for some strange reason that defies economics.
2) Getting a family physician is hard, and clinics are pressuring you to pay for out of pocket expenses due to stagnant healthcare funding. Many Canadians are waiting so long for urgent care that they would rather take a loan and pay it out of pocket in the States.
3) Toronto is congested with at least 100,000 new cars being registered every year. Public transit has not kept up with population growth.
4) Good jobs are extremely difficult to get. Expect to work in a factory or warehouse for minimum wage for a while. The job market is segregated where one group gets the best jobs and outcomes in life, and the rest are grinding their backs off with nothing to show for it.
5) Canada is becoming Americanized capitalist in a sense that the government panders to those who own assets and property, but if you fall through the cracks, it's easy to become homeless even if you have the best education and work experience.
6) Canadian employers don't recognize foreign credentials, even if it's from the States. Intellectual discrimination.
7) Adding to Point 5, the government is doing their best to import as many international students who pay rent to the property owners and causing a higher cost of living for everyone else.
8) There is no future in Toronto to live the middle class dream. It's either you migrate to Canada already rich, or you downgrade your standard of life (eg Bank Manager in Dubai working as a general laborer in a factory).
Food insecurity rose in line with inflation
A few years ago, unemployment was a major factor in the number of people seeking support, as the early months of the pandemic brought the economy to a halt. The report said food insecurity is now being driven by inflation and the high cost of living — with more Canadians struggling to afford basics like housing and food.
The study said demand for food banks started exploding around the same time inflation shot up, doing so at its fastest rate in the last 40 years.
HungerCount 2023 Findings
A table on a white background with 2023 HungerCount findings put out by Food Banks Canada
MISSING: summary MISSING: current-rows.
Number of food bank visits across Canada in March 2023 1.9 million
Percentage increase from March 2022 ⇧ 32.1%
Percentage increase from March 2019 ⇧ 78.5%
Source: Food Banks Canada (CBC)
"It's not necessarily that there's not enough food," said Larry Mathieson, who runs the Unison for Generations 50+ program for older adults in the Calgary area. "It's that we can't afford the food."
The study said 17 per cent of clients this year had jobs, but they didn't earn enough to make ends meet.
"Never before have food banks seen such a high level of need among the working population," the report said.
100% true, the country’s govt is design and set to milk people with their hard earn money and little to no opportunity to move up instead of getting stuck to working a lowly paying jobs on construction or cleaning houses and building to working in food industry waitering to butchering poultry animals.
Leave or stay out of the country as early as you can. I realized Canadians are very polite but not very nice they will hear you but will not listen and give you what you want. Canadians pander to Karens and Permit Pattys.
I have a degree in biosciences which I used to obtain my Phd in Canada.
I'm working at McDonalds for a few pennies above minimum wage, while a dunce Canadian woman gets the best jobs doing nothing inside the office.
Canada is CURSED for educated foreigners. No wonder Alek Minassian snapped out, but he should've driven that van where there were white Canadian women than murdering a bunch of Orientals.
The bad economic times have only just started
Is Canada already in a recession? We should get a good indication this week
Peter Armstrong · CBC News · Posted: Sep 24, 2023 4:00 AM EDT | Last Updated: September 24
7088 comments
The Canadian economy is headed for a rough patch. Growth has already slowed considerably. Job growth has moderated. Inflation remains stubbornly high. But the pain households are feeling today is only going to get worse.
"The path forward looks bleak," Tiago Figueiredo, a macro strategy associate with Desjardins, said in a note.
For a while there, the economy proved more resilient than expected. The Bank of Canada's interest rate hikes piled up one after another. Even so, the jobs market boomed, GDP continued to expand.
But economic pain was inevitable. Soaring inflation has eroded purchasing power, and climbing interest rates have clobbered households. Now, cracks have begun to appear in the data, and economists expect those cracks to grow. GDP contracted in the second quarter of this year.
Next week, new data is expected to show economic growth flat-lined in July and perhaps contracted again in August. Some of that can be chalked up to specific factors, including labour actions like the port strike in B.C. or wildfires.
But before any of that, momentum was clearing being sapped out of the Canadian economy.
That would put Canada on track for two consecutive quarters of negative growth, which would meet the technical definition of a recession.
Frances Donald, the global chief economist and strategist at Manulife Investment Management, says we should spend less time debating what to call this downturn and focus more on how it will impact people.
"Even if there are technical factors that avert two quarters of negative GDP, this economy will feel like a recession to most Canadians, for the next year," she told CBC News.
The Bloomberg information is not relevant to the recent stats. Canada's economy is stagnating.
We are entering a recession. Why would anyone leave their comfy office jobs in their home country to work as laborers and janitors for minimum wage, and saving little to no money because of extortionate rent prices?
https://www.washingtonpost.com/business/energy/2023/06/22/justin-trudeau-diversified-canada-s-economy-like-no-one-before/781d656e-10e6-11ee-8d22-5f65b2e2f6ad_story.html
Sheer contract & temp agency work. You will end up as a wage serf.
Rents are too high here.
-Buzz
Educated newcomers work in warehouses and factories for minimum wage. Waste of talent and skills.
Justin Trudeau's approval ratings are declining, and the Conservatives are projected to win the 2025 federal election (338 Canada).
Jake below is lying to you folks.
But the pace of rent hikes in the Ontario city has slowed considerably in recent months, and was down by 0.2 per cent from August's level. Compared to one year ago, Toronto rents are up by 4.9 per cent.
Across Canada, Rentals.ca clocked a 27-per-cent increase in shared accommodation listings over last year, including a whopping 78 per cent spike of such listings in Ontario.
"The average roommate now in Toronto is paying over $1,300 a month," he said in an interview.
Canada is hard for newcomers. It's great for the elites like Galen Weston, Ed Rogers, John Tory, Irving, Bronfman and Saputo. Those guys want more newcomers to become consumers.
Jake is being dishonest. Take his comment with a tiny grain of salt.
I left Canada after a decade of underemployment. There is a stagnant job market with little growth and innovation, limiting the employment prospects of young people and immigrants. The cost of living has easily doubled in the last 10 years, with negative wage growth. Taxes continue to go up, like the carbon tax, which has contributed about 30 percent to the cost of living.
One cannot afford housing in a normal household unless one partner has a government job, or a position in one of Canada's Crown Corporations. The only way to get hired is to know someone on the inside, an aunt or uncle, or your parents who can get your hired. There is no relationship between skills and entry-level employment. If you are an immigrant, you can forget about working in a well-paying job with your foreign name. You will not even receive an interview.
I have so many things to write about this country, which is seriously mismanaged and mediocre. I advise young people to not move there. Consider United States or Europe, where housing is still affordable, taxes are lower, and food is of good quality. There are also a lot more opportunities these days in developing countries.
Good luck.
Toronto- That is where dreams are broken. There's nothing you can do (except protest against the elites living in Rosedale and The Bridle Path.
I had a government agency job, a house , a car and $9,000 USD in emergency savings.
I sold everything to move to Canada. No stable job. All savings exhausted.
My rent is over C$2,200 a month. I was laid off in the factory job. No job right now.
I wonder if jumping over the Don Valley overpass connecting Danforth and Broadview is the way out of this living hell.
The Canadian GDP stalled in the second quarter of 2023, missing market expectations of a 0.3% expansion and failing to build on the 0.6% growth rate in the previous three-month period.
On an annualized basis, the Canadian GDP contracted by 0.2%, well below market expectations of a 1.2% expansion. source: Statistics Canada
https://toronto.ctvnews.ca/man-charged-after-2-women-sexually-assaulted-during-job-interview-at-north-york-office-building-1.6541581
Canada, in particular, Toronto is looking for COGS IN A MACHINE, WAGE SERFS and CONSUMERS.
Canada wants an educated underclass to work in factories and warehouses to enrich the landed gentry.
https://www.reddit.com/r/CanadaHousing2/comments/164dmmr/look_at_all_those_jobs_canada_is_creating/
The government is deliberately increasing immigration to cause a job market crisis and a housing crisis, because they own rental properties to profit.
The condo owners in Vaughan still expect you to pay $2,500 a month Toronto rent prices while demanding that you have 1,000 years of work experience for minimum wage at $15/hr.
If that is the Canadian electorate, we do, indeed, deserve everything we get.
Cost for a root canal and crown replacement for a tooth is $10,000 without insurance. A tooth implant is $7,000. And they want to charge HST on top of that!
If you didn't move to Toronto, you wouldn't face any stress and despair. Who are you? Galen Weston and John Tory rich enough to enjoy Toronto?
youtube.com/watch?v=5zJRh7y4FDo