2024 Ontario Cost of Living Increase: Expected Changes

Written By: Anushka

Expected Increase

Ontario’s cost of living is expected to rise by 5.32% in 2024, with salaries increasing by 3.6%.

Current Living Costs

The average monthly cost in Ontario is $2,166, covering essentials like rent, groceries, and transportation.

Living Expenses

A single person spends over $3,500 per month, while a family of four needs about $5,230.

Adjustment

Cost of Living Adjustments (COLA) will affect different sectors, with public sector employees seeing over 40% adjustment.

Past Increases

Past COLA rates were 3.4% in 2021, 6.8% in 2022, and 6.3% in 2023. The 2024 estimate is 5.32%.

Provincial Costs

Cost of living varies by province: Quebec: $1,871 (single), $4,126 (family), Calgary: $2,449 (single), $5,110 (family) and Toronto: $3,551 (single), $6,144 (family).

Impact on Residents

Middle-class families must focus on higher income due to increased living costs. Tax aids and benefit plans are available for children and retirees.

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