As an international student considering studying in Toronto, your financial state of mind is essential for a comfortable stay. Amongst other factors to consider, how affordable or expensive Toronto is should be on your list.
You are in luck! This guide will provide you with the necessary information on the cost of living as an international student in Toronto, affordable housing options, scholarships available to students in the city, and some measures you can take to save money while studying in Toronto.
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Cost of Living in Toronto
Toronto is a beautiful and cultured city with a high standard of living. This can lead to multiple expenses for its inhabitants, meaning that it is relatively expensive compared to other Canadian cities. However, the cost of living for an international student may depend on personal preferences, eating habits, and lifestyle choices. Below are some estimates:
Accommodation costs / House Cost
Expect to pay a minimum of CA$1,200 per month to secure a comfortable and affordable apartment. This is the base rent cost only, which does not include other utilities such as heating and water.
Food Costs / Groceries
The average cost of food and household items is around CA$200 per month. However, you can reduce the cost by purchasing food in bulk and cooking at home.
Transportation Costs
Toronto’s transportation system is excellent, and the use of transit in Toronto is affordable, though the cost varies based on the mode of transportation used. For instance, the single fare for TTC is CA$3.25, while a monthly pass will cost you CA$156 for students.
Scholarships and Financial Aid
An excellent way to cut down living costs as an international student in Toronto is to look for financial assistance. There are various scholarships and funding options available. Below are some scholarships and financial aid available for international students in Toronto:
1. University of Toronto International Scholarships – These scholarships are offered to students who show great academic promise and provide financial support.
2. University of Toronto Fellowships – These fellowships are awarded based on academic merit and research achievements.
3. Ontario Graduate Scholarship – This paid fellowship is offered to students admitted to full-time graduate programs.
4. Canadian Commonwealth Scholarship program – Available to students pursuing graduate studies.
Affordable Housing Options
Toronto has an array of housing options for international students. You can choose to live on-campus or off-campus. Living on-campus can be a bit more expensive than off-campus options, but it is convenient. Below are some affordable housing options for international students in Toronto:
1. Homestay
This option presents a more affordable living arrangement, where students live with families in the city. It is a great way to immerse yourself in the culture of the city while saving money on rent.
2. Shared Apartments
International students can seek roommates and rent shared apartments in the city. This plan significantly reduces accommodation costs.
3. Hostels
Hostels offer inexpensive housing for students on vacation or students waiting to secure more permanent accommodation.
Tips for Saving Money while Studying in Toronto
As an international student in Toronto, there are several ways to cut down your expenses. Below are four tips to help you save throughout your stay:
1. Take Advantage of Student Discounts – Toronto offers an array of discounts to students. From transit discounts to food discounts, these discounts can add up in the long run.
2. Cook your Meals – Eating out is costly. You can save a lot of cash by cooking your meals at home. Consider buying groceries in bulk too!
3. Budget your Money – Create a budget and stick to it. This step evades impulse buyer’s remorse.
4. Attend Free Events – The city of Toronto is loaded with free concerts, comedy shows, and art exhibits. Irrespective of your personal interests, there is an event for you.
Conclusion:
The answer to whether Toronto is affordable or expensive for international students rests on personal preferences, living habits, and lifestyle choices. As an international student, there are various ways to cut down on your expenses by taking advantage of scholarships, selecting affordable housing options, and budgeting your money. Toronto has a lot to offer and does not require its inhabitants to break the bank.
We hope this detailed article/post provides you with insight into living in Toronto as an international student. Don’t hesitate to drop additional tips in the comments section below!. Thanks for visiting our Blog!.