Here’s where you will pay the highest and lowest rent in Toronto – 2023

Can We No Longer Afford to Live In The GTA? City sees 40% surge in rent prices since 2021

In April 2023, rental prices in Toronto, as well as across the Greater Toronto Area, experienced a significant surge. Over the past two years, Toronto’s rent alone has skyrocketed by more than 40 percent.

According to a recently released national rent report by Rentals.ca and Urbanation, average rent prices across Canada have increased by 20 percent, reaching $2,002 per month since the pandemic low in April 2021 when renters paid $1,662 monthly.

Toronto sees 41% rent Increase since April 2021

During the same period, Toronto witnessed a remarkable 41 percent increase in average rent prices, as per the report.

Simultaneously, Toronto’s annual rent growth stands at just over 21 percent, averaging $2,822 last month. This places it as the second-highest among the country’s largest real estate markets.

The average cost for a one-bedroom apartment is $2,538 per month, while two-bedroom apartments in Toronto have an average monthly rent of $3,308.

Toronto Rent Prices by Neighbourhood – 2023

High Park and More

Exploring the median rental prices for one-bedroom apartments in different neighbourhoods within the Greater Toronto Area (GTA) reveals a range of figures. High Park commands a staggering median rental price of $2,730 , while The Village (Church & Wellesley area) is not far behind at $2,715, the Fashion District (from Bathurst Street to the west, Spadina Avenue to the east, Queen Street West to the north, and Front Street to the south) is at $2,650, and the Entertainment District (centred around King Street West between University Avenue and Spadina Avenue) is priced at $2,600. Davisville Village follows at $2,470, while.

Bay Street Corridor

In the Bay Street Corridor, the average rent for a studio apartment has slightly decreased by -1% in the past month, reaching $2,275. For one-bedroom apartments, the average rent experienced a -2% decline to $2,698, and two-bedroom apartments saw a similar -2% decrease, settling at $3,750. These statistics illuminate the significant financial challenges faced by residents seeking affordable housing options across diverse Toronto neighbourhoods. The escalating rental rates underscore a real estate landscape where affordability is slipping away as a distant dream for many.

Queen Street West

As of December 2023, the average rent for a one-bedroom apartment in Queen West is $2,495, reflecting a 6% increase compared to the previous year. Despite its appealing features, Parkdale maintains relatively low average rental prices, with Zumper reporting an average of $2,200 for a one-bedroom unit as of May 2023. While The Annex leans towards the more expensive side, it offers some of the city’s most economical rents, averaging $2,375 per month for a one-bedroom unit as of May 2023. Additionally, Rosedale, known for its diverse appeal, provides reasonably priced rentals, with Zumper noting an average of $2,458 for a one-bedroom unit as of May 2023.

The Beach

Finally, over the past month, the average rent for a studio apartment in The Beaches increased by 4% to $1,999. The average rent for a one-bedroom apartment increased by 7% to $2,305, and the average rent for a two-bedroom apartment increased by 6% to $3,075.

The Best & Worst Deals on Rent in Toronto

The soaring rental prices in the Greater Toronto Area have now reached levels that are increasingly out of reach for individuals earning between $50,000 and $60,000 annually. Attaining a city lifestyle has become a formidable challenge, with the most expensive areas, such as West Don Lands at $2,777 per month, High Park at $2,730, and the Village at $2,715. For those with more modest incomes, the more affordable options are found in areas like Eden Bridge, Humber Village at $2,340 per month, Parkside at $2,295 per month, and Clanton Park at $2,307.

These figures starkly highlight the harsh reality that unless one’s income surpasses the $100,000 threshold, the prospect of maintaining a comfortable city life is increasingly unattainable. Urgent intervention is needed to address the growing disparity and make city living viable for the average person.

The median monthly cost to rent a one-bedroom apartment in Toronto by neighbourhood

West Donlands – $2,777

High Park – $2,730

The Village – $2,715

Bay Street Corridor – $2,698

Fashion District – $2,650

Entertainment District – $2,600

Queen West – $2,495

Davisville Village – $2,470

Rosedale – $2,458

The Beach – $2,305

The Annex – $2,375

Parkdale – $2,200

Average Rental Prices for 1 & 2 Bedrooms Across The GTA

1 Bedroom – 2 Bedroom

Brampton 1,778 – 2,153

Downtown 2,407 – 3,158

Etobicoke 2,258 – 2,868

Mississauga 2,287 – 2,738

Markham 2147 – 2,360

North York 2209 – 2786

Scarborough 2,001 – 2390

Vaughan 2,120 – 2,451

Affordablility crisis in Toronto – HELP!!!

The staggering 40 percent surge in Toronto’s rent over the past two years is an alarming trend that demands urgent attention from the government. As rental prices continue to soar, there is a pressing need for proactive measures to address the affordability crisis. Without intervention, the risk of widespread homelessness looms large, posing a serious threat to the well-being of Toronto’s residents.

From increasing affordable housing options to implementing effective rent control policies, it is imperative for policymakers to act swiftly and decisively to safeguard the fundamental right to secure and affordable housing for everyone in Toronto.

by Myles Shane

lead photo by Zia Syed on Unsplash

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