A family of four estimated monthly costs are 4,028.1$ (5,566.4C$) without rent. A single person estimated monthly costs are 1,113.9$ (1,539.3C$) without rent. Toronto is 28.7% less expensive than New York (without rent). Rent in Toronto is, on average, 50.5% lower than in New York.

For a trip to Toronto in 2026, a mid-range traveler should budget approximately $250 to $350 CAD per day (roughly $185–$260 USD). This covers a stay in a decent downtown hotel ($180–$250/night), three restaurant meals ($80–$120), and public transit/attractions ($30–$50). A budget traveler can survive on $120 to $150 CAD by staying in a hostel, using the TTC (subway/streetcar) exclusively, and eating at the diverse "cheap eats" spots in Kensington Market or Chinatown. Conversely, a luxury stay will easily exceed $800 CAD per day. Keep in mind that Toronto has a 13% Harmonized Sales Tax (HST) on most goods and services, and a standard tipping rate of 18% to 20% is expected in restaurants. If you plan to visit major sites like the CN Tower or take a day trip to Niagara Falls, you should factor in an additional $100–$150 CAD for those specific high-cost experiences.