When you're moving to a new city, one of the first things that you will be looking at is what it's going to cost for you to live there. And this means more than just what you will be paying monthly in rent in central Toronto homes or what the average purchase prices might be. It also includes paying for everything from your taxes to the food in your fridge. Here are some of the average figures for the cost of living in Toronto.

The average person pays about $19,000 per year on their home and about $4000 more on household expenses. This is for those that are renting and those who are making payments on a mortgage. The majority of people will then add to this about $10,000 in transportation costs. This might be to get you to your job at an Toronto executive search firm in your car every day or might include making use of the public transportation system.

The minimum wage in Ontario is currently $10.25 and the average household makes about $90,000 per year for those with Canadian citizenship and $66,000 for those that are new to the country. This is the average between those that are working in a Toronto auto body shop and those that are working as high-powered lawyers.

As a Canadian you don't have to worry as much about healthcare and education costs as those who are living south of the border. But that doesn't mean that you don't spend any money on these things. The average person in Toronto spends about two thousand dollars a year on their personal health and about the same on education costs. If you're working as a caterer in Toronto that has benefits than this cost could go down.

When looking at the stats for the cost of living in any city, you should remember that this is the average for all of the people who are living here. This represents those that are working as everything from a Toronto mortgage broker to those that are working part-time in a small boutique on Queen Street. That means that there are those who can live off of a much more limited budget than the figures that are listed here. There are many studio apartments that are available for as low as $700 per month and there are penthouse suites that are well above $3000.

What you're spending will also depend on the sort of life that you lead. The average Torontonian spends about $1500 per year on alcohol and tobacco and $4000 on their recreation costs. You will also see different numbers according to the size of your family and how many people are living with you.