Introduction
Toronto is Canada’s largest city and the fourth-largest metropolitan area in North America, with a population exceeding 6.7 million in the Greater Toronto Area (GTA). As the country’s undisputed financial capital, Toronto hosts the headquarters of Canada’s Big Five banks, the Toronto Stock Exchange (the ninth-largest in the world by market capitalization), and a vast ecosystem of insurance companies, asset managers, and fintech startups. The city serves as the economic engine of Ontario and contributes approximately 20% of Canada’s total GDP.
The Toronto Census Metropolitan Area (CMA) encompasses a diverse economic landscape spanning the City of Toronto proper (population 2.9 million) and surrounding municipalities including Mississauga, Brampton, Markham, Vaughan, and Oakville. This metropolitan region attracts over 100,000 new immigrants annually, making it one of the most multicultural cities globally—over half of Toronto’s residents were born outside Canada. This constant influx of talent and ambition creates a dynamic but highly competitive job market.
Understanding Toronto income percentiles is essential for anyone living or considering relocating to the GTA. While Toronto offers high earning potential in finance, technology, and professional services, the city’s extreme housing costs fundamentally reshape what these incomes mean in practical terms. A salary that would provide comfortable middle-class living in most Canadian cities may barely cover rent in Toronto.
Toronto income percentile table
| Percentile | Individual Income |
|---|---|
| 10th | $4,800 |
| 20th | $15,600 |
| 25th | $19,300 |
| 30th | $22,400 |
| 40th | $29,000 |
| 50th | $37,500 |
| 60th | $47,800 |
| 70th | $60,900 |
| 75th | $69,300 |
| 80th | $79,500 |
| 90th | $116,900 |
| 95th | $148,700 |
| 99th | $150,000+ |
Source: Statistics Canada Table 98-10-0064, 2020 income year (2021 Census). Values are interpolated from published $5,000-wide income brackets, not exact published percentiles. StatCan’s own published median for the same population is $39,600, versus this table’s interpolated $37,500, a normal margin for bracket interpolation. The 99th percentile reflects the floor of the open-ended “$150,000 and over” bracket, not a precise estimate.
The 10th percentile marks the bottom of the distribution among individuals with at least some income (90% of Torontonians earn more); the 50th percentile (median) splits the population in half; and the 90th, 95th, and 99th percentiles mark the top 10%, top 5%, and top 1% of individual earners respectively.
Based on Statistics Canada 2021 Census data for Toronto CMA. Note: These figures represent the Census Metropolitan Area, which includes the City of Toronto proper plus surrounding municipalities. Income distributions in the City of Toronto alone tend to be slightly higher due to concentration of downtown professional employment.
Toronto income statistics
| Metric | Individual |
|---|---|
| Median Total Income | $41,700 |
| Average Total Income | $63,500 |
Source: Statistics Canada Table 11-10-0238, 2024 tax year.
| Metric | Household (estimated) |
|---|---|
| Median Income | $80,000 |
| Average Income | $115,000 |
| Top 10% Threshold | $200,000 |
| Top 1% Threshold | $500,000 |
Household figures and top-earner thresholds are planning estimates, not yet sourced from a StatCan pipeline.
The significant gap between median and average individual incomes ($41,700 vs $63,500) reveals Toronto’s income inequality—high earners in finance and tech pull the average well above what typical workers earn. Toronto’s household incomes appear modest relative to individual incomes because the city has more single-person households than suburban or rural areas.
Historical income trends in Toronto
Toronto’s economy has transformed dramatically over the past century. The city evolved from a manufacturing center in the mid-20th century to today’s knowledge-based economy dominated by finance, technology, and professional services.
Key economic turning points:
- 1980s-1990s: Free trade agreements shifted manufacturing to lower-cost regions, accelerating Toronto’s transition to services
- 1999-2000: Tech boom brought first wave of significant tech employment
- 2008-2009: Financial crisis caused brief contraction but Toronto’s diversified finance sector recovered quickly
- 2010-2019: Extended housing boom and tech sector growth drove income gains
- 2020-2021: Pandemic disruption hit service sectors hard; remote work changed employment patterns
- 2022-2025: Tech sector cooling, but finance and professional services remain strong
| Year | Median Individual Income | ≈ 2026 (Individual) | Median Household Income | ≈ 2026 (Household) | Notable Events |
|---|---|---|---|---|---|
| 2000 | $28,000 | $49,900 | $52,000 | $92,600 | Tech boom peak |
| 2005 | $31,000 | $49,200 | $58,000 | $92,100 | Steady growth |
| 2010 | $35,000 | $51,100 | $65,000 | $94,800 | Post-recession recovery |
| 2015 | $38,000 | $51,000 | $72,000 | $96,600 | Housing boom accelerates |
| 2020 | $41,000 | $50,900 | $76,000 | $94,300 | Pandemic year |
| 2024 | $43,000 | $45,400 | $80,000 | $84,500 | Current baseline |
The ≈2026 columns adjust purely for inflation (StatsCan CPI) and are not new income data.
Inflation-adjusted, Toronto incomes have grown modestly over 25 years, but nowhere near the pace of housing costs. A household earning median income in 2000 could afford a median-priced home; today’s median household cannot.
Income by GTA region
| Area | Median Individual | Median Household | Top 10% | Key Characteristics |
|---|---|---|---|---|
| Downtown Toronto | $52,000 | $78,000 | $150,000 | Finance/tech professionals, high singles rate |
| Midtown/Yorkville | $48,000 | $85,000 | $140,000 | Established professional class |
| North York | $42,000 | $75,000 | $120,000 | Mixed suburban/urban |
| Scarborough | $37,000 | $72,000 | $105,000 | Working class, immigrant communities |
| Etobicoke | $43,000 | $80,000 | $120,000 | Mixed income, some affluent areas |
| Mississauga | $40,000 | $78,000 | $115,000 | Corporate headquarters, diverse |
| Brampton | $38,000 | $80,000 | $105,000 | High household due to multi-generational |
| Markham | $42,000 | $85,000 | $120,000 | Tech sector, affluent immigrant families |
| Vaughan | $45,000 | $95,000 | $125,000 | Upper-middle-class families |
| Oakville | $52,000 | $110,000 | $145,000 | Affluent, executive families |
| Richmond Hill | $44,000 | $90,000 | $125,000 | Professional families |
| Ajax/Pickering | $43,000 | $92,000 | $120,000 | Young families, commuters |
Downtown Toronto shows higher individual incomes reflecting the concentration of finance and professional workers, but lower household incomes due to the prevalence of single-person households. Outer suburbs like Oakville, Vaughan, and Richmond Hill show higher household incomes reflecting dual-income professional families who trade longer commutes for larger homes.
Income by age group in Toronto
| Age Group | Median Income | Average Income |
|---|---|---|
| 15 to 24 years | $14,100 | $19,600 |
| 25 to 34 years | $49,200 | $60,400 |
| 35 to 44 years | $60,300 | $80,500 |
| 45 to 54 years | $62,100 | $87,900 |
| 55 to 64 years | $54,600 | $80,400 |
| 65 years and over | $37,900 | $63,200 |
Source: Statistics Canada Table 11-10-0239, 2024 tax year, total income (all sources), excluding individuals with zero income.
Peak earning years in Toronto occur between ages 45-54, when workers reach senior positions in finance and professional services. The sharp drop after 55 reflects early retirements in sectors like banking, where generous pension plans allow earlier exits. Young workers (25-34) in Toronto earn significantly more than the national average for their age group, reflecting the city’s concentration of entry-level professional positions.
Income by gender in Toronto
| Metric | Men | Women | Gap |
|---|---|---|---|
| Median total income | $49,200 | $40,500 | 17.7% |
| Average total income | $76,700 | $56,300 | N/A |
| Median full-year full-time employment income | $82,000 | $65,800 | 19.8% |
Source: Statistics Canada Tables 11-10-0239 and 11-10-0240, 2024 tax year. Total income includes all income sources for anyone with a positive income; full-year full-time employment income compares only workers employed full-time for the full year, a cleaner apples-to-apples comparison since it controls for hours and weeks worked.
Toronto’s gender income gap (17.7% on total income, 19.8% on full-time employment income) is close to the national figure. The full-time employment income comparison is the cleaner measure since it controls for hours and weeks worked; the gap that remains reflects occupational segregation and seniority differences rather than part-time/full-time mix. The financial services sector, Toronto’s dominant employer, has among the largest gender gaps in the country at senior levels.
Key industries driving Toronto incomes
| Industry | Employment | Median Income | 90th Percentile | Major Employers |
|---|---|---|---|---|
| Financial services | 290,000 | $75,000 | $180,000 | TD, RBC, BMO, Scotiabank, CIBC, Manulife, Sun Life |
| Technology | 180,000 | $85,000 | $175,000 | Google, Amazon, Microsoft, Shopify, Wealthsimple |
| Professional services | 165,000 | $65,000 | $150,000 | Deloitte, PwC, McKinsey, McCarthy Tétrault |
| Healthcare | 195,000 | $55,000 | $120,000 | UHN, Sunnybrook, SickKids, Sinai Health |
| Education | 125,000 | $52,000 | $95,000 | U of T, York, Ryerson, TDSB |
| Manufacturing | 95,000 | $48,000 | $95,000 | Magna, Linamar, Celestica |
| Retail trade | 185,000 | $30,000 | $55,000 | Loblaws, Canadian Tire, major retailers |
| Accommodation & food | 140,000 | $25,000 | $45,000 | Hotels, restaurants, food services |
Financial services remains Toronto’s defining industry, with Bay Street’s concentration of banks, insurance companies, and asset managers creating Canada’s highest-paying job cluster. Entry-level banking analysts start at $60,000-$80,000, while senior positions in investment banking and private equity can exceed $500,000.
Technology has emerged as Toronto’s second major high-income sector, with the city ranking as North America’s fastest-growing tech hub. The MaRS Discovery District, Waterfront tech corridor, and numerous co-working spaces house thousands of startups alongside offices of tech giants.
Toronto vs Ontario and national comparison
| Percentile | Toronto CMA | Ontario | Canada | Toronto CMA vs Ontario | Toronto CMA vs Canada |
|---|---|---|---|---|---|
| 25th | $19,300 | $20,500 | $21,200 | -$1,200 | -$1,900 |
| 50th | $37,500 | $39,300 | $39,500 | -$1,800 | -$2,000 |
| 75th | $69,300 | $68,600 | $67,000 | +$700 | +$2,300 |
| 90th | $116,900 | $110,000 | $103,000 | +$6,900 | +$13,900 |
| 99th | $150,000+ | $150,000+ | $150,000+ | N/A | N/A |
Source: Statistics Canada Table 98-10-0064, 2020 income year (2021 Census), interpolated from published income brackets. The 99th percentile is the floor of the open-ended “$150,000 and over” bracket for all three geographies, so no meaningful difference can be computed at that row.
Real income data tells a more nuanced story than a simple “Toronto pays more” narrative. At the 25th and 50th percentiles, individual incomes in Toronto are actually lower than the Ontario and Canada figures, likely reflecting the city’s large service and gig-economy workforce alongside newer immigrants still building a career foothold. That pattern reverses further up the distribution: Toronto pulls ahead by the 75th percentile, and by the 90th percentile its advantage over Canada widens to roughly 14%. This split reflects Toronto’s dual economy, a large base of moderate-income service and support roles sitting alongside a concentrated cluster of high-paying finance, tech, and professional jobs at the top.
Cost of living in Toronto
Toronto’s cost of living significantly impacts the real value of incomes earned in the city.
Housing costs
| Housing Type | Average Price/Rent | Monthly Cost | Income Needed (30% rule) |
|---|---|---|---|
| Detached house | $1,450,000 | $7,800/month (mortgage) | $312,000 |
| Semi-detached | $1,050,000 | $5,650/month | $226,000 |
| Townhouse | $850,000 | $4,600/month | $184,000 |
| Condo (downtown) | $720,000 | $3,900/month | $156,000 |
| Rent: 1-bedroom | - | $2,300/month | $92,000 |
| Rent: 2-bedroom | - | $2,900/month | $116,000 |
| Rent: 3-bedroom | - | $3,500/month | $140,000 |
Mortgage calculations assume 20% down payment, 5.5% interest rate, 25-year amortization, plus property taxes and maintenance.
Price-to-income ratios
| Metric | Toronto | Vancouver | Montreal | Calgary | National |
|---|---|---|---|---|---|
| Avg home price / Median household income | 13.8x | 15.8x | 8.5x | 6.1x | 7.2x |
| Median condo / Median household income | 9.0x | 9.9x | 5.5x | 4.0x | 5.0x |
Toronto’s price-to-income ratio of 13.8x means the average home costs nearly 14 years of gross median household income—far exceeding the 3-5x historically considered affordable. This fundamentally changes what incomes mean in Toronto: a $100,000 household income that would be solidly middle-class elsewhere leaves families struggling to afford ownership.
Income inequality in Toronto
Toronto exhibits significant income inequality, with stark contrasts between wealthy and economically disadvantaged neighborhoods.
Gini coefficient: Toronto’s Gini coefficient is approximately 0.45, higher than the national average of 0.42 and among the highest of Canadian cities. This indicates more pronounced income inequality.
Neighbourhood income disparities
| Neighbourhood | Median Household Income | Poverty Rate | Character |
|---|---|---|---|
| Bridle Path | $450,000+ | <2% | Canada’s wealthiest neighbourhood |
| Rosedale | $220,000 | 3% | Old money, established wealth |
| Forest Hill | $180,000 | 4% | Professional families |
| Downtown Core | $70,000 | 22% | Mixed—wealthy condos and low-income |
| Regent Park | $32,000 | 45% | Social housing, recent revitalization |
| Jane-Finch | $35,000 | 38% | Working class, immigrant families |
| Malvern | $52,000 | 25% | Mixed income, immigrant communities |
The ratio between Toronto’s wealthiest and poorest neighborhoods exceeds 12:1, among the highest disparities in Canada. Notably, income segregation has increased over the past two decades, with middle-income neighborhoods declining as residents sort into either affluent or lower-income areas.
Commuting and the hidden costs of income
Where you live and work in the GTA significantly impacts both income opportunities and expenses:
| Commute Pattern | Time Cost | Financial Cost | Income Trade-off |
|---|---|---|---|
| Downtown to downtown | 30-45 min | $156/month TTC | Access to highest incomes |
| Suburbs to downtown (GO) | 60-90 min | $350-450/month | Lower housing, commute cost |
| Suburbs to suburbs (car) | 30-60 min | $600-800/month | Lower salaries typically |
| Remote work | 0 min | Home office costs | Location flexibility |
The suburban trade-off: Moving from downtown Toronto to Brampton or Hamilton reduces housing costs by $800-1,500/month but adds $300-500 in commuting costs plus 10-20 hours monthly in transit time. Net benefit exists but is smaller than housing price differences suggest.
Toronto’s tech ecosystem and income
Toronto has emerged as North America’s fastest-growing tech hub:
| Tech Cluster | Specialization | Typical Salaries | |—|—|—|\n| MaRS Discovery District | Health tech, cleantech | $80,000-150,000 | | Waterfront/East Harbour | AI, fintech | $90,000-180,000 | | Liberty Village | Startups, agencies | $70,000-120,000 | | Markham tech campus | Hardware, telecom | $75,000-130,000 | | Kitchener-Waterloo (GTA-adjacent) | B2B SaaS, quantum | $80,000-160,000 |
Tech salaries in Toronto remain 30-40% below comparable Silicon Valley roles but offer better work-life balance and (for Canadians) immigration simplicity. Senior engineers and data scientists can expect $150,000-200,000, while principal/staff levels can exceed $250,000 at major tech companies.
Future economic outlook for Toronto
Growth industries:
- Artificial intelligence and machine learning: Toronto’s Vector Institute and university research make it a global AI hub
- Fintech: Disrupting traditional banking, with Toronto hosting hundreds of startups
- Life sciences: Growing biotech sector, especially post-pandemic
- Clean technology: Provincial and federal investment driving green jobs
Population projections: The GTA is expected to grow to 8.5 million by 2041, adding continued pressure on housing and infrastructure while expanding the labour market.
Challenges:
- Housing affordability limiting talent attraction
- Competition from remote work hubs with lower costs
- Infrastructure strain from growth
- Brain drain to US tech hubs for top talent seeking higher compensation
Income outlook: Toronto median incomes are projected to grow 2-3% annually in nominal terms, though housing costs may continue outpacing income gains. High earners in finance and tech will likely continue seeing strong compensation growth, while middle-income workers face persistent affordability challenges.
Improving your income in Toronto
High-demand occupations
| Occupation | Median Salary | Growth Outlook | Entry Path |
|---|---|---|---|
| Software developer | $95,000 | Strong | CS degree, bootcamp |
| Data scientist | $105,000 | Strong | Stats/CS degree |
| Financial analyst | $72,000 | Moderate | Finance/accounting degree, CFA |
| Registered nurse | $78,000 | Strong | Nursing degree |
| Project manager | $85,000 | Moderate | PMP certification |
| Cloud architect | $140,000 | Strong | IT experience, certifications |
| Cybersecurity analyst | $95,000 | Strong | IT degree, certifications |
| UX designer | $85,000 | Moderate | Design degree, portfolio |
Education institutions
- University of Toronto: Canada’s top-ranked university; strong business (Rotman), engineering, and computer science programs
- York University (Schulich): Top-ranked MBA program
- Toronto Metropolitan University (formerly Ryerson): Strong tech and business programs
- George Brown College: Applied programs in technology, healthcare, business
- Seneca College: Technology and business diplomas
- Humber College: Media, business, and technology programs
Career strategies for Toronto
- Target finance or tech for highest income potential
- Network aggressively—Toronto’s job market is relationship-driven
- Consider certifications: CPA, CFA, PMP, cloud certifications add significant earning power
- Negotiate housing considerations: Some employers offer signing bonuses or location premiums
- Evaluate suburban opportunities: Mississauga and Markham have significant corporate campuses with slightly lower living costs
Immigration and talent flows
Toronto receives over 100,000 immigrants annually, making it one of the world’s top destinations for international talent. This creates both opportunity and competition:
Immigration impact on incomes:
- Highly skilled immigrants often accept lower initial salaries while credentials are verified
- Foreign credential recognition remains a significant barrier—engineers, doctors, and professionals often face delayed career progression
- Second-generation immigrants show strong income convergence with Canadian-born workers
- Immigrant entrepreneurs are disproportionately represented among high earners
Talent competition:
- Entry-level professional positions are highly competitive due to talent supply
- Specialized skills (AI, cloud architecture, specialized finance) command premiums
- Bilingual (French-English) federal positions offer less competition than private sector equivalents
Living on different income levels in Toronto
| Income Level | Lifestyle | Housing | Savings Potential |
|---|---|---|---|
| $40,000 (median) | Basic, roommates likely | Shared rental | Minimal |
| $60,000 | Modest, tight budget | Bachelor/1-bed rental | Limited |
| $80,000 | Comfortable renting | 1-bed apartment | Moderate |
| $100,000 | Good quality of life | Nice 1-bed or small 2-bed | Good |
| $150,000 | Upper-middle lifestyle | Condo ownership possible | Strong |
| $200,000+ | Affluent | House ownership possible | Excellent |
Torontonians earning median income face significant financial constraints—after rent, transit, and basic expenses, little remains for savings or discretionary spending. The threshold for comfortable living (defined as ability to save 15%+ while maintaining reasonable lifestyle) is approximately $80,000-90,000 for singles and $130,000+ for families.
Related pages
- Income Percentile Calculator — Calculate your exact percentile
- Ontario Income Percentile — Provincial overview
- Ontario Income Tax Calculator — Calculate your Ontario taxes
- Mortgage Affordability Calculator — See what you can afford
- Rent Affordability Calculator — Find affordable Toronto rent