Cost of Living Comparison Between Toronto and Oakville
Relocating to the Toronto area or considering real estate outside the city centre? If so, it’s likely that you’re curious about major differences between properties located in the heart of Toronto and the community of Oakville, which is part of the highly desirable Golden Horseshoe region.
Toronto’s bustling streets offer outstanding shopping, a vibrant nightlife, and amenities galore, while Oakville is renowned for stunning views of Lake Ontario and quieter living, often in spacious family homes. These differences are just the beginning. Whichever way you’re leaning, differences in the cost of living in the heart of Toronto vs. Oakville might help inform your decision. In this quick guide, we’ll take a closer look.
Toronto and Oakville housing markets: Still strong despite COVID concerns
In Toronto, the average two-bedroom home sells for a little over $1,000,000 and remains on the market for a mere 15 days. The current figure represents a 17% price increase (approximately $80,000) from last year, when similar homes sold for $920,000. The selling to listing price ratio indicates exceptionally strong demand, currently standing at 103%. In Toronto, the average annual mortgage interest rate is 3.25%.
The average two-bedroom Oakville home sells for $1.3 million and remains on the market for an average of just 20 days. This represents a 23.1% price increase from last year, when similar homes sold for an average of $826,000. Demand is incredibly high here too, with the selling to listing price ratio standing at 99%. In Oakville, the average annual mortgage interest rate is 3.40%.
Rental costs in Toronto vs. Oakville
Despite higher real estate prices, those who prefer to rent can expect savings on apartments in Oakville over similarly appointed apartments in Toronto. As you might have guessed, apartments in Toronto’s city centre are in high demand and command the highest rents. Residential property management company Buttonwood state that a one-bedroom in the city centre fetches approximately $2216.51, while a similar apartment in Oakville fetches between $1750 and $1820. Those who rent in Toronto but stay outside the city centre can expect to pay an average of $1805.60 for a well-appointed one-bedroom apartment.
Cost of living comparison between Toronto and Oakville: Childcare and utilities
Housing is not the only concern. First, it’s worth noting that the average salary in Toronto is $3989.18 per month, approximately 26.47% higher than the average salary in Oakville, which stands at $2933.36. Of course, commuting is possible – and it’s quite common. For example, the Go Train offers a quick 25-minute ride into the heart of Toronto for those who’d like to save mileage on their cars and shave at least 15 minutes off commute time.
Families concerned about the cost of childcare should note that the average monthly cost of preschool or kindergarten for one child is $1561.84 in Toronto and $1581.78 in Oakville. With a difference of just about $20 per month, the divide isn’t at all vast.
Parents with school-age children who attend International Primary Schools will find roles reversed. The annual cost of tuition for one child currently stands at an average of $22,347.62 in Oakville, and $26,984.78 in Toronto.
Utilities are a little higher in Oakville then they are in Toronto. Basic electricity, heating, cooling, water, and garbage for a 915 square foot apartment costs $172.87 in Oakville. In Toronto, the same services for a similar sized apartment cost $152.42. Prepaid mobile tariff without discounts or plans is lower in Oakville at $0.32 per minute then it is in Toronto where it costs $0.45 per minute. As for the internet, it’s a touch higher in Oakville at $73.17 then it is in Toronto, where one month of unlimited data costs an average of $71.29.
Incidental expenses in Toronto vs. Oakville: Which area is more expensive?
As with other concerns surrounding the cost of living in Toronto vs. Oakville, food prices show some similarities and some surprisingly wide disparities. For example, a meal in an inexpensive restaurant costs an average of $20 in both areas, while a three-course dinner for two at a mid-range restaurant costs about $90.00 in Toronto and $95 in Oakville.
Domestic beer cost an average of $7.00 per pint in both locations while imported beer is an average of $8.00 in Toronto and $9 in Oakville. There’s far greater disparity when comparing wine prices: In Toronto, a bottle of mid-range wine is $16.00. The same bottle of wine is $20 in Oakville.
As for groceries, here are some examples:
- One gallon of milk averages $11.11 in Oakville and $11.52 in Toronto.
- A loaf of bread averages $2.53 in Toronto and $2.95 in Oakville.
- Eggs are $3.85 per dozen in Oakville and $3.38 per dozen in Toronto
- A pound of local cheese is $6.96 in Toronto and $12.00 and two cents in Oakville.
- A pound of chicken filets is $5.80 in Toronto and $11.24 in Oakville.
- A pound of beef round is $7.43 in Toronto and $8.07 in Oakville.
Final thoughts
Living in Toronto has its benefits, including occasional availability in lovely historic neighborhoods, close proximity to all the city has to offer, and a lower cost of living in general. At the same time, families who opt to purchase real estate in Oakville typically find themselves living in beautiful homes that are far more spacious than those available in Toronto while enjoying easier access to the lake and its many recreational opportunities.
The takeaway? Both areas are well worth considering.
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August 2025 GTA Real Estate Market Update | Regan Irish
The August 2025 GTA Real Estate Market Update reflects renewed momentum and affordability in Toronto, Oakville, Mississauga, Burlington, and Muskoka. Thanks to steady interest rates and appealing home prices, July proved surprisingly dynamic. Let’s dig into the numbers and what they mean for you.
Interest Rates Remain Stable — Affordability Fueling Activity
In July 2025, the Bank of Canada maintained its key rate at 2.75%, its third consecutive pause. With lower borrowing costs now more accessible, affordability is encouraging a wave of renewed buyer activity.
GTA Market Overview: Sales Surge, Prices Slightly Dip
- Home Sales: 6,100+ transactions region-wide, marking a 10.9% increase YoY and the strongest July since 2021.
- Month-over-Month: Seasonally adjusted sales rose 13% from June to approximately 5,744 units, the biggest monthly gain in nine months.
- New Listings: Up 5.7% YoY, totaling 17,613 new offers.
- Price Trends:
- The MLS® Home Price Index (HPI) Composite Benchmark fell 5.4% YoY.
- The average GTA selling price dropped 5.5% YoY to around $1,051,719.
- Word on the street indicates the HPI drifted slightly lower—about $979,000, down 0.2% from June.
What It Adds Up To: Buyers are back in force—sales are outpacing new listings while prices softened, creating renewed market opportunities.
City Highlights
Toronto
A more balanced landscape—but some segments remain soft. Condos and detached homes see inventory rising; semis are steadier.
Oakville, Mississauga, Burlington & Muskoka
While TRREB doesn’t break down by city in these reports, regional trends suggest:
- Mississauga & Burlington: Strong rise in listings and dipping average prices give buyers leverage.
- Oakville: Stability in demand for luxury keeps discounts modest.
- Muskoka: Continued strong interest in sub-$2M waterfront properties should benefit from broader GTA momentum.
What This Means for You
- For Buyers:
Renewed affordability, rising inventory, and favorable interest rates make August a prime time to move. - For Sellers:
A more balanced market—strategic pricing and quick response will be key to success. - For Investors & Cottage Buyers:
Strong July sales in the GTA point to increasing investor interest; Muskoka remains a high-value lifestyle and investment destination.
Work With the GTA Real Estate Experts
Whether you’re planning to buy a Muskoka cottage, invest in a luxurious Oakville property, or explore options across Toronto, Mississauga, or Burlington, now is the time to act.
Regan Irish & Associates specializes in luxury, resale, and investment properties across the GTA and Muskoka. Our market insight and negotiation skills help you get the best results—whether buying, selling, or investing.
1320 Cornwall Rd Unit 103, Oakville, ON L6J 7W5
905.842.7677
Visit reganirish.com
Let’s make today’s market your opportunity—contact us today!
Ultimate Guide to Downsizing Your Home in Canada
Alex Irish & Associates and The Regan Team Announce Strategic Merger
Two of the most respected names in real estate, Alex Irish & Associates and The Regan Team, are excited to announce a strategic merger that will combine their expertise, resources, and market reach. This partnership of Regan Irish & Associates brings together the strengths of both firms, offering an enhanced real estate experience for clients across Southern Ontario, including expanding into new regions like Collingwood and Muskoka. The merger reflects both brokerages’ long-standing commitment to providing high-quality, relationship-focused service while leveraging new technologies and business strategies to ensure their clients receive unparalleled support.
“Alex is the consummate professional,” said Matthew Regan, CEO of The Regan Team. “She embodies the qualities of a person I would trust with my own home sale, and I am excited to partner with her to combine the best of both our brokerages. Our goal is to create a work culture that allows our agents to thrive, while being confident and equipped to provide the service our clients deserve. Our clients are going to benefit immensely with a wider and deeper net of potential buyers and an even further reach in marketing and advertising.”
Alex Irish, Founder of Alex Irish & Associates, emphasized that this partnership is the next natural step for her business. “By combining our resources and efforts we knew we’d be able to create a better real estate experience for our clients, our agents and business partners.” she explained. “This merger allows me to focus more on client relationships while also mentoring our agents who can continue to offer that same high level of service. Matthew has built a business model that aligns with my long-term vision, allowing us to scale while still maintaining the personal touch. Simply put, we are better together.”
Alex has built her brand over decades, particularly in the Oakville area, where her name is synonymous with excellence in real estate. Her personal approach, based on referrals and repeat business, has earned her a loyal clientele. Matthew has focused on recruiting top agents and scaling his business, growing The Regan Team to one of the top brokerages in Canada. This merger offers an exciting opportunity to grow into new territories. Together, the merged brokerage will have 15 offices spanning from Niagara to Toronto to Muskoka. This expanded presence means more resources for clients, from enhanced marketing capabilities to a wider net of potential buyers.
The merger will officially take effect on October 31, 2024, and the new branding and operations will be rolled out in the coming months.
About Alex Irish & Associates
Alex Irish & Associates, led by Alex Irish, is a highly respected name in Oakville, known for its personalized, referral-based business model and long-standing relationships with clients. Alex has built her brand on trust, excellence, and attention to detail, qualities that will remain at the forefront of the merged firm.
About The Regan Team
The Regan Team has a long-standing reputation for innovation, process-driven operations, and a focus on agent recruitment and development to provide the highest level of service for their clients. Under Matthew’s leadership, the brokerage has expanded its presence across Ontario, providing agents with the tools and support needed to succeed in a competitive market. For more information on this exciting merger, please contact Matthew Regan.