Rental Rates in Toronto Far Higher Than the National Average
As it becomes more expensive to carry a mortgage each month in Toronto many people are looking to rent.
In Toronto, 47% of all people rent their home instead of owning it. As of December 2023, the median rent for all bedroom counts and property types in Toronto, ON was $2,725. This is +41% higher than the national average.
Toronto is still ranked as the second most expensive Canadian city to live in for renters, after Vancouver, B.C.
When it becomes too expensive to afford a house in Toronto due to high interest rates, many have to consider renting. It is way more affordable to rent than own in a market where interest rates are so high. For landlords this is a desirable situation having the rental market so strong. For new income property buyers, it is always better to have the rental suites vacant so that you can get as much as the market will bear.
Some of the most expensive areas to rent in our city include: The Bay Street Corridor, High Park, Parkdale, and the Annex. Apartments and condos tend to average around $2750 per month whereas houses shoot up to $3645 on average. When rental prices escalate like this, many tenants have to consider leaving the GTA for other areas that are more affordable to live in.
