Toronto Salary Overview 2026
Toronto remains Canada's highest-paying city for most professions in 2026, with a median full-time salary of $72,000 per year — representing a 4.2% increase over the 2025 median of $69,100. The city's position as the financial capital of Canada, combined with a booming technology sector and world-class healthcare institutions, continues to push wages above the national average.
However, Toronto's cost of living — particularly housing — means that high nominal salaries don't always translate into proportionally higher purchasing power. A $72,000 salary in Toronto leaves roughly $54,200 after federal and Ontario provincial taxes, which compares with $57,400 take-home on the same gross salary in Alberta (due to Alberta's lack of provincial income tax).
Average Salary by Industry in Toronto
| Industry | Median Salary | 25th Percentile | 75th Percentile | Est. After-Tax |
|---|---|---|---|---|
| Technology (Software/IT) | $105,000 | $82,000 | $135,000 | $76,400 |
| Finance & Banking | $98,000 | $72,000 | $145,000 | $71,600 |
| Healthcare (RNs, Allied) | $82,000 | $68,000 | $102,000 | $61,200 |
| Legal | $115,000 | $72,000 | $180,000 | $82,800 |
| Construction/Trades | $71,000 | $56,000 | $92,000 | $54,000 |
| Education (Teachers) | $78,000 | $55,000 | $98,000 | $58,800 |
| Retail & Hospitality | $38,000 | $33,000 | $48,000 | $31,800 |
| Manufacturing | $58,000 | $44,000 | $74,000 | $45,200 |
| Government (All Levels) | $76,000 | $58,000 | $96,000 | $57,200 |
| Marketing/Communications | $62,000 | $48,000 | $84,000 | $48,600 |
Technology Sector: Toronto's Wage Driver
Toronto's technology ecosystem has matured dramatically since 2020. The MaRS Discovery District, Google's Canadian HQ in Kitchener-Waterloo (with thousands of Toronto-based employees), Shopify's distributed workforce, and a robust fintech scene have collectively pushed technology sector wages to a median of $105,000 in 2026. Senior software engineers at scale-ups routinely command $130,000–$150,000 plus stock options.
The arrival of major US tech giants — including Salesforce, Microsoft, and Amazon — in the downtown core has created upward wage pressure across all experience levels. Junior developers with two years of experience now commonly earn $75,000–$88,000 in Toronto, compared to $60,000–$72,000 five years ago.
Remote-first policies adopted during the pandemic and maintained through 2025-2026 have created a bifurcated market: companies offering full in-office roles must pay a 12–18% premium to attract top talent versus comparable remote positions, according to 2025-2026 compensation surveys.
Finance & Banking Salaries in Toronto
Bay Street continues to anchor Toronto's high-income segment. The "Big Six" Canadian banks (RBC, TD, BMO, CIBC, Scotiabank, National Bank) collectively employ over 85,000 people in the Greater Toronto Area, with average compensation across all roles sitting at approximately $91,000 in 2026. However, that figure skews heavily: front-office roles in investment banking, equity research, and wealth management earn $130,000–$250,000+ while back-office and administrative roles average $48,000–$62,000.
Entry-level financial analysts at major banks start at $65,000–$75,000, with progression to $90,000–$110,000 after three to five years. Those who pursue the CFA (Chartered Financial Analyst) designation typically see a 20–35% salary premium over non-designated peers within five years.
Healthcare Salaries in Toronto
Toronto's healthcare sector is anchored by institutions like Toronto General Hospital, SickKids, Sunnybrook, and CAMH. Registered Nurses (RNs) in Toronto earn between $36.44 and $52.83 per hour under the 2025-2026 ONA collective agreement, translating to roughly $75,500–$109,900 annually for full-time staff. Nurse Practitioners (NPs) earn $108,000–$135,000. Physicians in family medicine average $220,000–$280,000 gross billings, though overhead reduces take-home significantly.
Allied health professions — physiotherapy, occupational therapy, medical imaging — cluster in the $65,000–$90,000 range. Hospital administrative roles average $72,000–$95,000 for managers and $50,000–$65,000 for coordinators.
After-Tax Take-Home Pay: Ontario 2026
Ontario residents pay both federal and provincial income tax. The combined marginal rates in 2026 are 20.05% on income up to $55,867, rising to 29.65% on income between $55,867 and $100,392, and 43.41% on income between $100,393 and $150,000. The following table shows estimated annual take-home for common salary levels (CPP and EI deductions also applied):
| Gross Salary | Federal Tax | Ontario Tax | CPP + EI | Net Take-Home |
|---|---|---|---|---|
| $45,000 | $5,400 | $2,890 | $3,840 | $32,870 |
| $60,000 | $8,720 | $4,580 | $4,120 | $42,580 |
| $72,000 | $11,880 | $5,820 | $4,120 | $50,180 |
| $85,000 | $15,640 | $7,240 | $4,120 | $58,000 |
| $100,000 | $19,800 | $9,020 | $4,120 | $67,060 |
| $120,000 | $26,720 | $11,380 | $4,120 | $77,780 |
| $150,000 | $36,950 | $15,360 | $4,120 | $93,570 |
Toronto Take-Home Pay Calculator 2026
Estimate your Ontario after-tax income for 2026.
Cost of Living vs. Salary in Toronto
Toronto's median one-bedroom rental in 2026 sits at approximately $2,280/month ($27,360/year) in the downtown core, and $1,820 in inner suburbs. For a $72,000 gross earner taking home roughly $50,200/year ($4,183/month), rent alone consumes 54% of take-home pay in the core — substantially above the recommended 30% threshold.
This affordability gap drives many Toronto workers to live in the 905 area (Brampton, Mississauga, Markham, Vaughan) and commute, where rental rates are 15–25% lower. Alternatively, high earners in the $100,000+ bracket are more comfortably positioned, with rent representing 27–35% of their net income.
For homeownership, a $900,000 condo (roughly the 2026 Toronto entry-level benchmark) requires a minimum $180,000 down payment and generates monthly mortgage + carrying costs of approximately $4,400–$4,900 at prevailing 4.8–5.2% rates. This requires a household income of $145,000+ to qualify under stress test rules.
Gender Pay Gap in Toronto
Statistics Canada's 2025 data shows women in Toronto earn a median of $63,800 in full-time, full-year employment — approximately 88.6 cents for every dollar earned by men ($72,000). The gap narrows significantly in regulated professions: female physicians, lawyers, and nurses earn within 5–8% of male counterparts after controlling for specialty and hours. The largest gaps persist in finance (women earn 78 cents per dollar in investment management) and construction management (82 cents). Tech has seen improvement, with women in software engineering now earning approximately 94 cents per dollar of male peers at large Toronto employers.
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Get KOHO Free — Use Code 45ET55JSYAToronto Salary Growth: 2022–2026 Trend
| Year | Median Salary | YoY Change | Inflation (CPI) | Real Wage Change |
|---|---|---|---|---|
| 2022 | $63,800 | +3.8% | 6.8% | -3.0% |
| 2023 | $66,200 | +3.8% | 3.9% | -0.1% |
| 2024 | $68,400 | +3.3% | 2.7% | +0.6% |
| 2025 | $69,100 | +1.0% | 2.2% | -1.2% |
| 2026 | $72,000 | +4.2% | 2.4% | +1.8% |
2026 marks the first year since 2021 where Toronto wages meaningfully outpaced inflation, driven largely by technology and financial sector wage growth. Public sector workers received increases tied to the 2023–2025 bargaining rounds, with most government employees seeing 3.0–3.5% annual increases.
Frequently Asked Questions
What is the average salary in Toronto?
The median full-time salary in Toronto is $72,000 in 2026. The mean (average) is higher at approximately $86,500 due to high earners in finance and technology pulling the figure up. The 25th percentile sits at $49,000 and the 75th percentile at $98,000.
Is $70,000 a good salary in Toronto in 2026?
$70,000 is at the median for Toronto, meaning half of full-time workers earn more and half earn less. After Ontario taxes and deductions, take-home is approximately $49,800/year ($4,150/month). This is sufficient to live reasonably in the suburbs but tight for downtown living, particularly for renters. A $70,000 salary is "good" in a national context but "average" by Toronto standards.
What salary do you need to buy a house in Toronto?
To qualify for a $900,000 mortgage (entry-level detached or condo) at 5% with a 20% down payment ($180,000), you need a household income of approximately $165,000–$185,000 to pass the federal mortgage stress test at 7%.