Salary vs rent · Toronto
CA$40,000 salary in Toronto: how much rent can you afford?
On CA$40,000/year your monthly take-home budget (gross) is CA$3,333/month. The median rent in Toronto is CA$2,400, which would take 72.0% of your income — Risky.
Your monthly rent budget
Comfortable (25%)up to CA$833/mo
Manageable (30%)up to CA$1,000/mo
Stretch (35%)up to CA$1,167/mo
Risky (45%)up to CA$1,500/mo
Rent landscape in Toronto
CA$1,500
45.0% of your salary
Budget rent
CA$2,400
72.0% of your salary
Typical rent
CA$3,800
114.0% of your salary
High-end rent
Renters in Toronto typically spend 26–46% of income on rent. At CA$40,000/year, you have limited room to cover the median rent comfortably.
Data confidence: medium · CMHC Rental Market Report 2023 + Statistics Canada income data · 2023
Other salaries in Toronto