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Cost of living in Toronto

One bedroom apartment: Average monthly rent is $2,349.07, including $35.07 for renters' insurance. (Getty)

How much it costs to live in Toronto

Big-city living isn’t cheap, and Toronto is no exception.

Thanks to inflation, the cost of things we need to survive and thrive, goes up over time. That includes expenses like food, transportation, phone and internet, entertainment, and fitness.

The biggest piece of the pie is shelter, and housing costs have gone through the roof in Canada’s biggest city.

Rates comparison site LowestRates.ca crunched the numbers to get a clearer sense of how much money you need to live in Toronto.

For its scenario, it opted for the cheapest setup, which consists of someone who rents and uses public transit rather than owning a car.

Click through to the end for the grand total.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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