Comment followup: Numbeo is another (better) cost of living calculator
Cost of living calculations are really tricky. They require a ton of data, and the data keeps shifting and changing. So, when you're trying to figure out the relative difference in cost of living between two places, it's best to have more than one source.
Both sites suffer from a pretty abysmal UI and visual design, but Numbeo's data feels a bit more solid. One key thing that's missing is the use of dates. For example, the site claims that a meal at a cheap restaurant in Toronto goes for 9.39 USD. When was this data point added to the site? These things tend to change; if it's a year old, it's probably a lot less reliable than if it's a month old.
That said, the site can give you a general sense of what it costs to live somewhere and what the median pay is there.
Thanks for the tip, Jack! If anyone knows of a better, more reliable tool, please share in the comments!