The Average Cost Of Rent In Toronto Is Over $2000
By now, it’s no secret: Toronto is expensive. Yet, no matter how often we hear it from our friends, family, and acquaintances, we’re always shocked when we hear how much rent has gone up.
According to Padmapper, the average rent in Toronto is now over $2000. Yep, that’s right. The average rent for the month of November is $2,220 for a one bedroom apartment in the city. What’s a little sad about this fact is that rent is actually down from last month by about 0.4%. Two bedroom apartments remain the same, averaging at $2,830.
Toronto currently holds the title of the city with the most expensive rent in Canada.
In addition to revealing Toronto’s average rent, Padmapper also revealed high average rents of nine other Canadian cities. Coming in second place for the most expensive rent was, unsurprisingly, Vancouver. The median rent for the West Coast city was slightly cheaper, coming in at $2,110 for a one bedroom apartment. Vancouver actually saw a 0.5% raise in rent from the previous month.
Other cities on the list that saw rent for one bedroom apartment in the higher thousands include Burnaby, Montreal, Barrie, Victoria, Kelowna, Ottawa, Oshawa, Calgary, and Kitchener. You can see the full data on Padmapper’s website.
As rent continues to rise, young people in Toronto continue to struggle to make ends meet.
As we previously reported, a survey done by LowestRates.ca reported that Torontonians need a salary of at least $40,583 (before taxes) to pay basic expenses of rent, transportation, groceries, phone, internet, and entertainment. Residents of the city need to be making a minimum of $35,000 just to make ends meet.
Now, if you’re looking to move into a city where rent is cheaper, but desirable jobs are likely scarce, you’ve got a few options. Windsor actually saw a dip in the median rent and is just $710, down from $1,000. St. John’s also saw a decrease, with a one bedroom averaging at $810 a month, while over in Saskatoon, rent dropped down from $990 to $840.
Of course, living in a big city has a lot of extra perks. From cute and cozy restaurants to cool events and markets, Toronto never runs out of things to do. So, while it’s expensive, it’s hard to knock the city we dub the 6ix. Luckily, for those willing to put in the extra time, we can pick up some side hustles to make things work.
Featured image: Instagram/@caymannnn