These Are The Only Neighbourhoods In Toronto You Can Afford Right Now
Why break the bank?
Toronto rent is well-known for being sky-high by now, and it seems like the city is getting more expensive to live in by the day. However, recent data has revealed the cheapest neighbourhoods in the city in which to rent a one-bedroom condo or apartment, and it looks like there is still hope. Toronto's cheapest neighbourhoods allow you to have your own place without paying an arm and a leg.
According to data revealed by the Canadian Mortgage and Housing Corporation (CMHC), there are still tons of neighbourhoods around the city's downtown core where you can snag a decently priced one-bedroom.
The info comes from October 2019, so these figures may have changed a bit since that time. After all,
But it is still the CMHC's most recent data available on housing prices. And it shows that while the average rent in Toronto hit $2,500 in October, there are still areas where you can get your hands on a one-bed for under half that figure.
One of those neighbourhoods is the Rexdale area, where you can get a one-bedroom apartment for only $968, which would probably get you a box room in the downtown core.
In this area of the former city of Etobicoke, though, it goes a lot further.
Toronto Storeys notes the housing supply in Rexdale is very diverse. Bungalows, semis, split-levels, townhouses, multiplexes, apartments. You name it, the area has got it.
If that seems a bit far out of the core of the city for you, don't worry. There are other places on the list which are a bit closer to the core.
For example, at Keelesdale-Eglinton West, the average price of a one-bedroom in October 2019 was just $974.
That is way closer to the downtown core than Rexdale is, and you'd still be paying under $1,000 for your very own place, which is an achievement in the 6ix if ever we heard one.
It's also near a subway line, making your commute easy.
The next cheapest place to rent is in Rockliffe-Smythe, where a one-bedroom will cost you $1,015 a month. That neighbourhood is lodged in between Eglinton and St. Clair at Jane.
Plus, it's close enough to Bloor that you won't have too much of a commute to get downtown, and your apartment will be about half the price of an average downtown one-bedder.
That's because, according to Rentals.ca's February 2020 report, the average cost of living in your own one-bedroom place downtown right now is $2,315.
So far, the options listed by CMHC are looking stellar compared to dishing out two grand just to live south of Bloor.
Another cheap neighbourhood is right on the subway line, and that's New Toronto. It's right by the Kipling and Islington subway stations in the west end of the city, and one-beds are going for $1,036, on average.
Lake Ontario and the Lakeshore West GO line are relatively close by if you move a little more south, too, so summer will be a good time.
These neighbourhoods are all relatively close to the action of the city and are still accessible.
It might be time to start reconsidering those in-demand Queen Street apartments, because you could be saving by moving just a little bit out of the way.
These are only a few of the options of neighbourhoods you can find in Toronto for cheap. Check out the full list here to see what other locations there are.
You might find the lodging you never knew you needed if you just look a little bit out of the way of your usual stomping grounds.