It's no secret that Toronto's rent can be very costly and it's one of the most expensive cities for rent in Canada.
There are a lot of big Canadian cities with rent that's nearly half of what it costs in Toronto, including a few that are more than $1,000 cheaper!
Rental company Zumper recently put out a new Canadian Rent Report for May 2024 that analyzes rental prices in Canada.
According to the report, rent has increased in 13 cities in Canada while three places had costs stay flat and seven got cheaper on a monthly basis.
Nationally, the median rent cost for a one-bedroom has risen 5.9% annually to $1,892 and the cost of a two-bedroom has increased by 5.5% to $2,336.
Toronto ranked as the second most expensive city in Canada for rent.
As of this month, it costs $2,500 for a one-bedroom and $3,200 for a two-bedroom rental in the city.
You can actually find rent in two major Canadian cities for half the price of a one-bedroom in Toronto.
Rent for a one-bedroom unit is $1,240 a month in Regina and $1,230 a month in Saskatoon!
When it comes to cities in Canada where rent is almost half of what it costs in Toronto, here are nine places with cheaper monthly rent for a one-bedroom:
- Edmonton, Alberta — $1,350
- Quebec City, Quebec — $1,360
- Windsor, Ontario — $1,400
- Winnipeg, Manitoba — $1,430
- Abbotsford, B.C. — $1,590
- St.Catharines, Ontario — $1,600
- London, Ontario — $1,720
- Hamilton, Ontario — $1,720
- Montreal, Quebec — $1,740
Even in London, Hamilton and Montreal — the most expensive of the least expensive cities — rent is still more than $700 cheaper than it is in Toronto.
According to Zumper's latest report, only Vancouver has higher rent than Toronto but not by much.
It costs $2,660 for a one-bedroom and $3,750 for a two-bedroom in Vancouver now.
That's $160 and $550 more expensive than Toronto, respectively.
If these new stats about rent costs haven't made you think about moving out of the city, Narcity spoke with experts to get all the essential tips to help you find your next place to rent in Toronto.
That includes places to avoid, neighbourhoods to look at, how to spot a good apartment, and more!
This article's cover image was used for illustrative purposes only.
Chart of average rent prices for Februrary 2021 and 2022. 