It was anecdotal but I think once you factor in rent it's definitely lower.
Average rent for a 1 bedroom apartment in centre of Toronto is £750. In London it's twice that and probably not in the centre. Plus tenants pay the taxes on property in the UK.
Taxes are also higher in the UK than Canada. Travel cards in Toronto are fixed at £75 a month. In London you pay for your zone which starts at £124.50 going above £300+ for Zone 9. No doubt it's a better network but Toronto's flat rate system is better on your wallet.