Here's how much you need to earn to afford rent in Toronto vs. other spots in the GTA
As rent prices fluctuate across Toronto and the surrounding area, it may surprise you to learn that Toronto's rental market is actually seeing a slight decline right now.
According to the latest rent report from real estate platform liv.rent, the average rent for an unfurnished one-bedroom apartment in the City of Toronto has decreased by $113 since this time last year, bringing it to $2,248 per month in September.
Despite the drop, rent in Toronto unsurprisingly remains more expensive than in other areas of the GTA and its neighbouring cities, so depending on where you're looking, some spots nearby are more budget-friendly than others.
So, if you're wondering where your salary can take you in Toronto compared to the rest of the GTA — and whether a move to the suburbs is worth it — we've got you covered.
Liv.rent's report highlights Oshawa as the most affordable municipality in the GTA for the eleventh month in a row, with the average rent for a 1-bedroom unfurnished apartment sitting at $1,730. This is $670 less than in Downtown Toronto — which holds the title of the most expensive spot in the region, where the same type of unit costs $2,400 on average — and only an hour's commute away.
Based on the Government of Canada's recommendation that rent shouldn't exceed 35% of your gross income, you'd need to earn at least $82,286 annually to afford an average apartment downtown. But don't worry — depending on your income, there are other spots in the GTA where you can snag a place without breaking the bank.
Here's a breakdown of the average monthly rent for one-bedroom unfurnished apartments in different areas of Toronto and the GTA (plus Kitchener and London, for good measure), along with the minimum annual salary you'd need to live comfortably in each area, according to the 35% rule:
- Downtown Toronto: $2,400 average rent; $82,286 minimum salary
- Mississauga: $2,323 average rent; $79,646 minimum salary
- Etobicoke: $2,292 average rent; $78,583 minimum salary
- Markham: $2,263 average rent; $77,589 minimum salary
- Burlington: $2,244 average rent; $76,937 minimum salary
- North York: $2,237 average rent; $76,697 minimum salary
- Oakville: $2,227 average rent; $76,354 minimum salary
- Scarborough: $2,205 average rent; $75,600 minimum salary
- East York: $2,200 average rent; $75,429 minimum salary
- York: $2,153 average rent; $73,817 minimum salary
- Vaughan-Richmond Hill: $2,117 average rent; $72,583 minimum salary
- Milton: $2,094 average rent; $71,794 minimum salary
- Kitchener: $1,831 average rent; $62,777 minimum salary
- Brampton: $1,746 average rent; $59,863 minimum salary
- Oshawa: $1,730 average rent; $59,314 minimum salary
- London: $1,658 average rent; $56,846 minimum salary
As you can see, Oshawa remains the most affordable place to rent in the actual GTA, while London is even cheaper if you're willing to live a bit farther away. Meanwhile, unsurprisingly, Downtown Toronto is the priciest.
If you're interested in two- or three-bedroom rental prices across the GTA, liv.rent's September Rent Report has the latest numbers for those too.
