According to Runheimer International, Toronto is one of the least expensive cities to live in the world. When compared to New York City, it is reported that the average cost (in US$) for a two-bedroom apartment is $4,275 in NYC, while it is $1,658 in Toronto.
An average cup of coffee is $3.35 in New York, and only $1.85 in Toronto. Their research shows a family of three making US$100,000/year would only need US$65,958 to live the same lifestyle in Toronto.