Average and Median Income in Toronto

Toronto is Canada’s largest city and economic capital, home to the country’s financial industry, a large tech sector and Ontario’s largest housing market. Its 2020 median household income was $85,000, against $73,000 nationally, and the tables below set it against home prices.

Household income data on this page is from Statistics Canada’s 2021 Census, Focus on Geography Series, which reports median after-tax household income by Census Metropolitan Area (CMA) for the 2020 reference year, the most recent year Statistics Canada has published this figure at the city level. Individual income data is from StatCan’s taxfiler Table 11-10-0008-01 (2023 reference year). For the province-wide figure, see our Ontario income guide.

Median household income in Toronto

Sources: Statistics Canada, 2021 Census of Population, Focus on Geography Series, “Median after-tax income of households,” Toronto (CMA), 2015 to 2020 (2020 constant dollars); and Table 11-10-0008-01 (individual income, 2023 reference year).

Toronto’s median household income in 2020 was 14.1% higher than in 2015; the national median was 9.8% higher than in 2015. Toronto’s 2020 median of $85,000 compares with the national figure of $73,000. Notably, Toronto’s median individual income ($41,900, 2023) was the ninth-lowest of the 42 Ontario cities and towns in tax-filer data (for example, $51,190 in Guelph and $47,310 in Hamilton). This is a reminder that household income, which combines every earner in a household, tells a different story than individual income. Ontario’s more recent (2024) province-wide median after-tax income was $79,500, see our Ontario income guide for that figure.

Income vs. housing affordability in Toronto

Toronto’s price-to-income ratio:

This ratio compares a 2020 household income figure to an August 2026 home price and should be read as directional, not precise. Toronto’s ratio is lower than Vancouver’s, higher than Calgary’s, higher than Ottawa’s and higher than Montreal’s (see the table below). See our income to afford a home calculator for a personalized, current estimate, or the Toronto housing market page for full current price data.

How Toronto compares to other major cities

Prices are each board’s own published measure: an average (all sales divided by the number of sales) for Toronto, Calgary and Ottawa, and the MLS HPI benchmark (the price of a typical home) for Vancouver. Montreal’s board publishes neither, so its figure is a single third-party estimate and only approximate.

Toronto also has cost burdens of its own, including the municipal land transfer tax, the only one of its kind in Ontario.

Key industries driving Toronto income

• Financial services: Home to Canada’s Big Five banks, the TSX, and major insurance companies.
• Technology: Toronto-Waterloo is a major tech corridor. Major employers include Shopify, Google, Microsoft, Amazon, and many startups.
• Professional services — Legal, consulting, and accounting firms (including Big Four firms) have major operations in Toronto.
• Healthcare — World-class hospital networks including UHN, SickKids, and Sunnybrook.
• Media and entertainment — Canada’s media capital with major broadcast networks, film production, and advertising agencies.
• Real estate — A major industry by employment, supported by high property values and development activity.

Toronto’s tax and cost considerations

• Double land transfer tax — Toronto charges a municipal LTT on top of Ontario’s provincial LTT. Use our Toronto land transfer tax calculator for an exact estimate on any purchase price.
• Ontario Health Premium: An additional tax for most incomes above $20,000, scaling with income
• HST of 13%: On most purchases
• Childcare costs: Ontario caps fees in CWELCC-enrolled licensed programs at $22 a day, against Quebec’s subsidized $9.65/day system

Combined with housing costs, these factors reduce the real purchasing power of Toronto household incomes relative to lower-cost-of-living cities. Use our income tax calculator to see your exact after-tax income in Toronto vs. elsewhere.

Rental affordability in Toronto

The average purpose-built 1-bedroom rent was $1,761 in Toronto and $1,809 in Vancouver in October 2025. Per the CMHC Rental Market Survey (October 2025), the average rent across all bedroom types in Toronto was $1,917/month; for a 1-bedroom, new tenants (turnover rent) paid $2,073 on average, down 4.9% year-over-year, while sitting tenants (units with no change of tenant) paid $1,711 on average. See our Toronto rental market page for the full breakdown by bedroom type and neighbourhood, and our rent affordability calculator for a personalized estimate.

Income trends in Toronto

• 2015–2019: Strong income growth driven by the tech sector, financial services expansion, and a booming real estate sector that supported employment. StatCan’s 2021 Census shows Toronto’s median household income rose 14.1% over 2015–2020.
• 2020–2021 — Pandemic hit hospitality and retail hard, but tech, finance, and professional services adapted to remote work quickly.
• 2022–2025 — Recovery was uneven. The tech sector experienced layoffs at some firms, but financial services and AI/machine learning hiring offset much of this. Immigration drove record population growth, boosting service sector employment while also intensifying housing competition.

Toronto’s income growth has generally lagged housing price growth, which is the defining financial challenge for many Toronto residents. Estimate your Toronto take-home pay with our income tax calculator.

Related tools and resources

• Toronto Mortgage Rates — Find the best mortgage rates in Toronto
• Toronto Housing Market — Current home prices and trends
• Toronto Rental Market — Current average rents and vacancy rates
• Ontario Land Transfer Tax Calculator — Calculate your closing costs
• Income Percentile Calculator — See where your income ranks
• Mortgage Affordability Calculator — How much home can you afford
• Income Tax Calculator — Estimate your Ontario income tax