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Budgeting

Understanding the cost of living in Toronto will help you budget effectively when finding a place to live.

Learning to create and maintain an effective budget is the key to financial freedom both now while you’re a student and after graduation. Apps like Mint  and You Need A Budget (YNAB) are free tools available to help you set and manage reasonable spending habits for yourself.

We also recommend taking the time to understand how your student loans work, and how to use a credit card effectively.

Once you’ve planned your budget, determined your needs, and found your roommates, it’s time to take a look at some apartments!

 

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If you need financial support or advice, contact Ryerson's Student Financial Assistance Office. We strongly encourage you to ask early about any financial questions or concerns you may have, including fee deadlines, OSAP, and tuition payments.

The costs below offer an approximate guideline for the costs of being a Ryerson student living downtown Toronto. All costs are quoted in Canadian dollars.

Apartments in Downtown Toronto

   
Room (in shared house) $750+/month  
Bachelor $900-$1,300/month  
1 bedroom $1,300-$2,000/month  
2 bedroom $1,600-$2,600/month Tip: These are the total price for all bedrooms; you may want to share this cost with roommates.
3 bedroom $2,500-$4,000/month Tip: These are the total price for all bedrooms; you may want to share this cost with roommates.

Food

   
Groceries $40-$100/week or $300/month (varies by personal needs)

Tip: Consider buying in bulk to save money (freeze perishable items)

Tip: Plan your weekly meals before grocery shopping

Coffee Shops $30/month (varies by personal needs) Tip: Invest in a kettle/coffee maker + a reusable travel mug
Takeout/Delivery/Restaurants $60/month (varies by personal needs) Tip: Ask for student discount (bring ID)

Utilities

   
Hydro $35-55/month depending on electricity usage (lighting and appliances).

Tip: Learn more about minimizing your hydro bill with Time-Of-Day rates

Water $20-40/month depending on water usage (faucet/shower use, washing machine, toilet flushing, etc.) Tip: Learn more about your water rates

Cell phone

   
Monthly Rate $50+/month (varies by plan)

Tip: Ask for student discount (may need to show ID and proof of tuition payment)

Internet

   
Installation/activation fee $15-45 one-time fee (varies by service provider)

Tip: Ask for student discount (may need to show ID and proof of tuition payment)

Monthly rate

$40+/month for basic service 

$70/month for unlimited service (varies by service provider)

 

Tip: Ask for student discount (may need to show ID and proof of tuition payment)

Transportation

   
Student TTC Metropass

Single one-way fare: $3.25 cash or $2.90 with Presto pass

$112/month Student TTC Metropass with Ryerson student discount

Please note that TTC Metropasses are being discontinued mid-2017.

 

Tip: In order to use a Student Metropass, you will have to get a TTC Student ID card annually for $7 cash)

You can get a TTC Student ID card year-round at Sherbourne Station.

Insurance

Renters can get tenant’s insurance to protect their personal property by helping to replace the contents of their apartment in the event of loss, theft or damage. Your parents’/supporters’ home insurance may extend to cover you during your undergrad – call their service provider to check.

Tenant’s insurance can also cover personal liability (accidental damage to others’ property or if someone hurts themselves in your home). It may also include living expenses should loss or damage force you to live elsewhere.

Tenant’s Insurance : $12/month (varies by package)
Tip: Current full-time students and alumni get a discount on tenant’s insurance with TD Bank

Miscellaneous

   
Household Furnishings $1,500 to furnish apartment from scratch

Tip: Share item purchases with roommates

Tip: Get items secondhand through Kijiji or thrift stores

Gym membership Your tuition fees cover your access to Ryerson’s gyms: the RAC and the MAC.  
Clothing $300 to purchase necessary items for winter weather in Toronto: waterproof footwear, a warm jacket, head/hand coverings. Tip: Get items secondhand through Kijiji or thrift stores
Other items Check out this list of average costs crowdsourced by Torontonians.