No matter where you live, making a home in Toronto is expensive by any measure. But hey, you get what you pay for, right? TO is a pretty sweet city that offers everything a Torontonian could ask for.
Still, for us renters, budget does come into play. Living in this city becomes a fine balance between living in the perfect location, versus living in a neighbourhood that you can actually afford.
If you’re unsure which TO neighbourhood would suit you best, we highly recommend checking out our neighbourhood guide, which gives you the low-down on what to expect from every neighbourhood in the city, including what the neighbours are like, the average rent, what kind of housing is available and which amenities are down the street, and which are missing altogether.
Rents across Toronto run the gamut, from very affordable to unbelievably expensive. There might even be useless apartment features costing you more. Generally, the areas closest to downtown command higher rents, but neighbourhoods outside the financial centre have been rising in cost substantially as hipsters and yuppies move in and gentrify the place with indie coffee shops, book stores and art galleries.
Meanwhile, many of the lower-cost neighbourhoods are home to subsidized housing (AKA co-op housing) or are geared toward immigrants, though even these neighbourhoods are often seeing an influx of native Torontonians moving in, in search of culture, diversity and, of course, affordable rents.
Average rents are for a 1-bedroom apartment:
Most expensive
- Financial District – $2,150
- Queen Street West – $2,100
- Yorkville – $2,040
- Rosedale – $1,980
- St. Lawrence – $1,850
- Cabbagetown – $1775
- Niagara – $1,740
- Harbourfront – $1,657
Cheapest
- Koreatown – $900
- Chinatown – $925
- Alexandra Park – $1,100
- Harbord Village – $1,220
- The Annex – $1,225
- St. James Town – $1,230
- Trefann Court – $1,280