Even though it may be hard to find rent in Toronto priced under $2,000, there are still some places that have a lower rent than the downtown core that you may want to check out in your next hunt for a rental property.
A report by Rentals.ca, which was based on the average rent for all Canadian properties in March of 2022, revealed the average prices of each postal code in Toronto.
Not surprisingly, some of the cheapest places were those in the GTA or on the outskirts of the downtown core. Here are the top ten cheapest postal codes with average rent below $2,000, starting off with the least expensive spot:
- M4J ($1,897)
- M6C ($1,911)
- M4L ($1,928)
- M4R ($1,941)
- M6M ($1,949)
- M4C ($1,952)
- M4K ($1,952)
- M6N ($1,953)
- M6B ($1,960)
- M6P ($1,983)
Average rent and annual change in average rent by postal code in the city of Toronto for March 2022. Rentals.ca
"Many of the postal codes in the downtown Toronto core have experienced annual increases in average monthly rental rates. Many of the areas outside of the immediate downtown core have experienced annual declines in average rent," the report noted.
Some of the highest rents in the area include M4W with $2,976 and M6G with $2,920.
Overall in Ontario, London was shown to have the highest "year-over-year" percentage change in average rent at 18.3%, with Hamilton and Toronto not far behind at 15.9% and 14.3%, respectively.
"Average rental rates can often be skewed by some high-priced suites, or influenced by a change in the makeup of the sample being analyzed (by built form, tenure, unit size or location)," the report expressed. "So changes in the data are influenced by the change in the units examined, not changes in demand."