Toronto vs. Lima: Detailed 2026 Cost of Living & Quality Comparison

This report provides a detailed analysis comparing the cost of living and quality of life factors between Toronto, Canada, and Lima, Peru, based on available data. Both cities present distinct profiles, offering different economic opportunities and lifestyle considerations.

Toronto, located in Canada, boasts a significantly higher GDP per capita ($153,000 vs. $15,300) and a much lower mortgage interest rate (4.25% vs. 9.25%). This combination results in a substantially higher cost of living index (75 vs. 35) and a higher property price-to-income ratio (14.66 vs. 14.66). Conversely, Lima offers a significantly lower average net salary ($642/month vs. $4,440/month) but maintains a lower property price ratio (14.66 vs. 14.66). Lima's population is considerably larger (10.3 million vs. 5 million) but shows slower population and GDP growth rates (0.48% and 0.55% vs. 1.9% and 1.9% for Toronto).

Lima presents a dramatically lower cost of living compared to Toronto. Basic expenses like groceries, eating out, transportation, utilities, and clothing are significantly cheaper in Lima. For instance, a mid-range car costs around $22,000 in Lima versus over $25,000 in Toronto. Monthly rent for a 1-bedroom apartment averages $370 in Lima city-center versus $2,000 in Toronto. Even basic utilities for an 85m² apartment cost about $63/month in Lima compared to $150/month in Toronto. However, the much lower salary in Lima ($642/month) means residents face a higher proportion of their income going towards basic living expenses than in Toronto, where the average net salary is significantly higher ($4,440/month).

The quality of life in Toronto is considerably superior to that in Lima. Toronto scores significantly higher across key metrics. Its safety index (65 vs. 25) and healthcare index (85 vs. 55) are vastly better. Lima has a notably higher pollution index (84 vs. 6) and a much longer average commute (51 minutes vs. 25 minutes). While Lima has a better climate index (97 vs. 85), the other factors significantly detract from its overall quality of life ranking compared to Toronto's more favorable scores in safety, healthcare, and commute time.

Lima offers a substantially lower cost of living and potentially more favorable climate, but it falls drastically short in terms of safety, healthcare quality, and commute times. Toronto provides a much higher standard of living, better public services, and a safer environment, albeit at a significantly higher cost. The choice between the two cities depends entirely on individual priorities regarding budget constraints versus the quality of life and economic security offered.