If you're looking for a cheap apartment, it might be time to move out of the city. A new report just released the average rent in Toronto neighbourhoods, and only one spot is cheaper than $2,000. Despite the price tag, rent in Toronto is starting to drop.
According to a July 2020 rent report from Toronto Rentals, apartment and condo rent prices have gone down 8 to 14% in most downtown neighbourhoods since 2019.
However, the average prices are still high, with most neighbourhoods over $2,000 a month.
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If you're looking for the cheapest place to stay, the neighbourhood of South Parkdale has the average rent of $1,974 a month.
In fact, it is now $271 cheaper a month to rent in the same area. This time last year, the average price for your own place in South Parkdale was $2,245.
The area that saw the biggest decline in rent was Moss Park, with a 14% dip in unit prices.
An apartment for rent in that area will cost you $2,098 today compared to the $2,439 monthly price tag it had during this time last year.
If you're a big spender, the most expensive place to live in Old Toronto this year is the Annex.
You can find yourself paying an average of $2,559 a month in this popular city centre.
However, you can still luck out on some cheaper abodes in the city if you don't mind moving underground.
The report states that the average price for a basement apartment in Toronto is $1,889.
The rest of the GTA isn't much better in terms of affordability, with most city centers, including Scarborough and East York costing just over $2,000 a month.
If you're looking to move somewhere that won't break your break account, there are multiple homes around Ontario that are under $100,000.