Toronto is consistently ranked as one of the most expensive cities in North America, largely driven by a high cost of housing and a relatively high cost of living compared to other Canadian provinces. For travelers, the main expenses will be accommodation and dining. Hotels in the downtown core can easily exceed $300–$400 CAD per night during peak summer or festival seasons. Dining out is also subject to a 13% Harmonized Sales Tax (HST) and a standard tipping culture of 15% to 20%, which can significantly inflate the price of a meal. Public transit is efficient but costs about $3.30 per ride. However, the "expensiveness" can be mitigated by the exchange rate; for American or European travelers, the strength of the USD, Euro, or GBP against the Canadian Dollar often makes the city feel more affordable than it would be for a local resident earning CAD. It is a city that requires careful budgeting if you plan to stay in central areas.