What's the cost of your commute?

Here's something else to think about as you're sitting in the car, probably stuck in traffic, on the drive to or from the office.

How much money are you really saving by living in the suburbs and commuting into the city?

According to a new study from the Canada Mortgage and Housing Corporation, the longer commute might actually be costing you more.

They did the math based on 2016 census data, looking at the average price for a detached home and the average monthly commuting cost.

In the City of Toronto, the average cost of carrying a mortgage worked out to $4319 per month while the cost of commuting was $115.

Compare that to a place like Whitchurch-Stouffville, where a house costs slightly less but commuting is about $500 dollars, and you end up paying more overall.

The costs were similar to Toronto in places like Mississauga and Newmarket but you'd spend much more time commuting.

The report does point out that it's not always about money.

They say some people might chose the suburbs because properties are bigger or they prefer the suburban lifestyle.

Check out the numbers for your commute:

CMHC

CMHC