Montréal and Toronto are two of Canada’s oldest, largest, and most famous cities. Both cities have been at the forefront of Canadian culture since their founding, from world-renowned sporting rivalries to famous artists. But what are they like to live in? 

This guide breaks down some of the main things to consider, such as neighbourhoods, the cost of living, average incomes, and more, if you’re looking at a property in Toronto or Montréal.

---

Key Takeaways

• The benchmark price of a home in Toronto is currently $981,000. Comparatively, the benchmark price of a home in Montréal is currently $577,700.
• The population of Metro Toronto is roughly 6.5 million. Comparatively, Montréal’s population is about 4.6 million.
• Montréal and Toronto have several unique neighbourhoods with varying median incomes and costs of living.

---

Montréal vs Toronto: Key Differences

The differences between Toronto and Montréal go back to one of the major fault lines in Canadian history: the English versus French-speaking worlds. In the early days of Canada’s Confederation, English-speaking Canada was laid out to become a country influenced by both British and American culture, becoming a kind of centre point of the two. 

In Toronto, this is evident in the city’s style and culture. Montréal, being one of the first cities to be claimed by the French colonists, has developed along more distinctly European lines. This key difference is important as it underpins many of the smaller details about each city. 

Both cities have many large parks and other natural features, like Toronto’s lakefront and islands or the banks of the St Lawrence River and canals in Montréal. Given the large surface area of Toronto’s industrialized regions, Montréal is perhaps better situated in terms of immediate access to nature. Toronto has large parks, such as High Park and the Beaches, to compensate for this.There are many legislative and regulatory contrasts between the two cities because Toronto lies in Ontario, whereas Montréal is in predominantly French-speaking Quebec. Each province and municipality has their own set of laws, taxes, and other differences, such as the first-time home buyer programs available.

Toronto

Toronto is well-known for its movie and television industry and appears in several famous shows and films. Many of them have used Toronto as a stand-in for New York City. Indeed, the downtown core resembles Manhattan, and much of Toronto’s architecture mirrors that of New York. 

Toronto is a busy and constantly bustling city with many different neighbourhoods, from Little Italy to Chinatown and the towering skyscrapers of the financial district. With a population of around 6.3 million in the GTA, Toronto is the larger of the two cities and has a distinctly American feel. 

With Canada’s only NBA team, a world-renowned baseball team, the Toronto Blue Jays, and the Toronto Maple Leafs hockey team. Toronto is akin to larger North American cities like Chicago or New York. 

Montréal

Montréal, the smaller of the two cities with a population of around 4.6 million, retains a North American feel in its downtown core. This quickly transforms into a more European-style city reminiscent of parts of central and northern France once you leave the highly built-up areas. 

While it is the largest city in predominantly French-speaking Quebec, it’s also the most anglophone city in the province. English speakers will be able to get by here; however, it always helps to learn French, particularly if you’re planning to venture to less populated parts of Quebec. 

Cost of Living vs Average Salary for Montréal & Toronto

Below is a breakdown of some metrics for the cost of living in Montréal and Toronto, plus the average income for individuals in both cities. 

In general, Montréal has higher taxes, a much lower cost of living in terms of buying or renting a property, and a marginally lower average income, though not by much. Conversely, Toronto has a marginally higher average income, a significantly higher cost of living, and comparatively lower income taxes.

Cost of Living vs Average Salary in Montréal

The outlook for Montréal’s housing market in 2025 indicated continued demand, driven by more affordable real estate compared to other major cities. The benchmark price of a home in Montréal is currently around $577,700, or roughly 40% cheaper to buy when compared to Toronto. 

According to Statistics Canada’s most recent census data, the average salary in Montréal is $58,200. According to Numbeo.com, the average cost of living in Montréal for a family of four as of September 2025 is roughly $5,069.10 before rent. The cost of living before rent for a single person in Montréal is roughly $1,374.10.

The tables below show the benchmark costs of residential property in Montréal and the current Quebec tax brackets.

Property Type	Benchmark Price (September 2025)
All Property Types (Composite)	$577,700
Single Family Home	$683,900
Townhouse/Rowhouse	$621,700
Condominium/Apartment	$427,600

2025 Quebec Taxable Income Brackets	2025 Quebec Income Tax Rates
$53,255 or less	14%
More than $53,255 but not more than $106,495	19%
More than $106,495 but not more than $129,590	24%
More than $129,590	25.75%

Cost of Living vs Average Salary in Toronto

The benchmark price of a home in Toronto is currently $981,000 as of September 2025. The fact remains that Toronto is one of the most expensive places to buy a home in Canada. While there are some first-time homebuyer incentives in Toronto, the city is still one of the costliest markets for Canadians. 

According to Statistics Canada, the average income for Torontonians is only marginally higher at $63,600 compared to Montréal. Toronto has lower taxes than Montréal, but rent and property ownership in the city are much more expensive on average. Popular industries like tech and banking are booming in Toronto, bringing higher-salaried jobs to the city. 

According to Numbeo.com, a family of four in Toronto currently has an average monthly cost of living of $5,705.60 before rent. Meanwhile, a single person’s monthly costs are around $1,566.10 without rent.

Below are tables showing the average cost of residential property in Toronto and the current Ontario tax brackets.

Property Type	Benchmark Price (September 2025)
All Property Types (Composite)	$981,000
Single Family Home	$1,198,800
Townhouse/Rowhouse	$722,100
Condominium/Apartment	$577,600

2025 Ontario Taxable Income Brackets	2025 Ontario Income Tax Rates
On the portion of taxable income that is $52,886 or less	5.05%
On the portion over $52,886 up to $105,775	9.15%
On the portion over $105,775 up to $150,000	11.16%
On the portion $150,000 but not more than $220,000	12.16%
On the portion over $220,000	13.16%

Note: Ontario income tax brackets are applied only to the amount within the specified bracket. If you earn $70,000, you will pay 5.05% on the amount you made at or below $52,886 and 9.15% on every dollar above $52,886.

Comparable Neighbourhoods in Montréal & Toronto

The table below outlines some of the most popular neighbourhoods in Montréal and their approximate counterparts in Toronto. Ultimately, both cities have unique characteristics. While it’s hard to make exact comparisons, there are overlaps in the general features and demographics of many neighbourhoods in these cities.

Neighbourhood in Montréal	Neighbourhood in Toronto
Griffintown As part of Les Quartiers du Canal, Griffintown is a neighbourhood located west of Old Montréal known as the Cité Multimédia. To the south, Griffintown borders the Lachine Canal. It’s a revitalized residential area with multiple condos, parks, and walking routes with views of downtown. Fun things to do: Since the early 2000s, Griffintown has seen an influx of young professionals and families. Much of the original mid-1800s architecture has been retained, but it has been retrofitted to include trendy art galleries and coffee shops. It’s about a 20-minute walk from the downtown core, but there’s plenty to do in the area and on the way downtown.  The Rue Notre-Dame is worth checking out for its architecture and the world-class Arsenal Art Contemporain Montréal.	The Annex The Annex is a cozy, collegiate neighbourhood close to downtown and the University of Toronto. This area lies roughly within Bloor St, Dupont St, Bathurst St, and Avenue Rd. Low crime, nice houses, and great amenities are the pull for this area, though the cost of living is high. Fun things to do: The Annex is one of the most central neighbourhoods in Toronto, close to some of Toronto’s best restaurants, coffee shops, theatres, stores, and bars. Close to UofT and Chinatown and within walking distance to areas like Little Italy, Kensington Market, Yonge Street, and Queen West.  The Annex is central and close to museums like the Art Gallery of Ontario and the Royal Ontario Museum.
Vieux-Montréal Vieux-Montréal, or Old Montréal, is one of the city’s most historic neighbourhoods. While it’s older than Toronto’s Distillery District, it follows the same theme of utilizing older architecture to create a trendy downtown neighbourhood. Vieux-Montréal is home to some of Montréal’s most impressive architectural and cultural landmarks. Fun things to do: If you’re in Old Montréal, it’s pretty much a given that you will want to go and see Notre Dame Basilica of Montréal, a stunning Gothic Revival church at the corner of St-Sulpice.  The church is renowned for its acoustics and contains some of the most beautiful Gothic Revival architecture in North America. Dating to the 17th century, Old Montréal’s cobblestone streets are full of lively plazas, cafes, bars, and shops to explore alone or with a group.	Distillery District  This core downtown neighbourhood is known for its 19th-century architecture. It’s a pedestrianized area below Front Street and almost borders the waterfront. This area has many trendy bars, restaurants, shops and apartments. It’s one of the more expensive places to live downtown, but the price tag comes with some of the best walkability and surroundings downtown has to offer. Fun things to do: The Distillery District is right downtown. Close to the Rogers Centre – home of the Toronto Blue Jays, and Scotiabank Arena – home of the Raptors,  plus much of Toronto’s best nightlife.  The Distillery District is also home to Toronto’s legendary Christmas Market and Winter Village.
International District (Quartier international de Montréal) Quartier international is a lively downtown area of Montréal, at the crossroads between Old Montréal and the city’s business district. This area includes skyscrapers, hotels, and the Palais des Congrès de Montréal. Fun things to do: The International District is a highly commercialized area of the city that features major architectural landmarks, including Victoria Square, the BMO Museum, the Maisonneuve Monument, the Montréal World Trade Centre, and the Palais des Congrès de Montréal.  If you’re looking for a wild night out, La Voûte Night Cabaret is one of the city’s top destinations, set in a 1920s bank vault and with avant-garde performances every week.	Church And Wellesley Church and Wellesley is an LGBTQ+ friendly neighbourhood downtown, to the East of Yonge Street (Toronto’s main arterial route from the North of the city to the South) and bordering Cabbagetown further East. Church and Wellesley is a stone’s throw from Yonge and Dundas Square, Toronto’s equivalent of Times Square. Fun things to do: A quick walk to Yonge Street takes you down to the Eaton Centre shopping mall. Church and Wellesley is located close to Allan Gardens, one of Toronto’s oldest parks, well known for its conservatory and Horticultural Gardens, which have been open to the public free of charge since 1860.
Bois-Franc Bois-Franc is a residential suburb within Greater Montréal, about a 20-30 minute drive from downtown Montréal. It’s a quiet, low-crime area with decent amenities without the busy downtown living vibe. Fun things to do: Bois-Franc is a quieter residential neighbourhood with a higher median age and a higher density of married couples and families compared to trendier parts of Montréal. It’s home to several parks, cafes and restaurants, but you won’t find the same bustle as downtown or even other areas of the city.	North York (City Centre) North York City Centre is a central business district about a 20-30-minute drive north of Downtown proper. North York is located along Yonge Street, between Sheppard Avenue and Finch Avenue, with its central focus around Mel Lastman Square. Fun things to do: North York is a relatively quieter part of Toronto, but there’s still a lot going on. The area is home to Empress Walk, a shopping mall, North York Central Library, and the Toronto Centre for the Arts.  Situated slightly further away from the bustle of downtown, North York is a more affordable part of the city with many bars, restaurants and shopping areas. You can also check out the stunning Edward Gardens, Aga Khan Museum, or Yorkdale Shopping Centre.

Is Living in Montréal More Expensive Than in Toronto?

In the context of buying a home, Toronto is more expensive than Montréal on average. While the city has a higher average median income in some industries, which offsets some of the cost of living, Montréal is still far cheaper to rent and buy a home. 

Ultimately, despite the higher tax brackets in Quebec compared to Ontario, Montréal is still a much cheaper place to buy a home than Toronto. However, both markets showed consistent growth throughout the pandemic. Depending on which city you’re looking at, it may be the right time to buy a home in either market.

Weather in Montréal vs. Toronto

Toronto is a marginally warmer place to live compared to Montréal. Toronto is known for its brief yet erratic transitional seasons, particularly around September-October. These can include heavy showers and storms. 

Summers in both cities are pleasant, with Toronto seeing extreme heat often during July and August. Both cities see similar patterns of average temperatures, with Montréal and Toronto almost evenly matched for summer temperatures. Montréal is slightly colder during the winter months. Both are prone to their share of ice and snowstorms.

Montréal Weather

Month	High Temperature (°C)	Low Temperature  (°C)	Rain (average # of days)
January	-4	-14	7
February	-4	-12	4
March	2	-6	9
April	11	1	15
May	19	8	18
June	23	12	17
July	26	16	18
August	27	14	15
September	23	9	13
October	14	4	17
November	8	-2	16
December	0	-11	8

Toronto Weather

Month	High Temperature (°C)	Low Temperature  (°C)	Rain (average # of days)
January	0	-5	10
February	0	-5	6
March	4	-2	10
April	9	5	15
May	17	10	16
June	22	10	13
July	25	17	13
August	24	17	12
September	22	13	12
October	14	8	14
November	8	2	14
December	1	-3	11

Frequently Asked Questions (FAQ)

As both cities are popular destinations for Canadians buying a home, here are some of the most popular questions about the differences between living in Montréal and Toronto.

Montréal vs. Toronto: Where to Live? 

Ultimately, Toronto and Montréal are two very different cities, culturally and historically. However, both places share a lot in common and have many similar amenities you would expect of a major North American city. 

While Toronto is a more expensive place to buy a home, it has lower income taxes and a relatively higher median income for many individuals. On the other hand, Montréal is the cheaper of the two cities to buy a home, making it the more affordable choice. 

Get in touch with one of our mortgage advisors today if you’re ready to make the move to Montréal or Toronto. Still trying to decide? Compare the best mortgage rates available today.

---

Why Choose nesto

At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are non-commissioned, salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and advice quality. nesto aims to transform the mortgage industry by providing honest advice and competitive rates using a 100% fully digital, transparent, seamless process.

nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.

Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.

---