If you’re considering moving to Toronto — or away from it and into the suburbs — you may be wondering what salary you need to make to afford an apartment in the Greater Toronto Area and its surrounding cities in Ontario.
Well, November’s numbers are in, and there’s some good news for anyone watching the Toronto housing market closely: Average rent in Toronto has actually dropped for the fifth month in a row. It’s still one of the priciest places to live in Canada, but you may be surprised to learn it’s not even the most expensive in Ontario.
According to the November 2024 rent report from
real estate platform liv.rent, the average cost of an unfurnished one-bedroom apartment in the City of Toronto is now $2,177 per month — down $152 compared to this time last year.
But if Toronto’s rent prices are still making your wallet cry, you might be curious about more affordable options nearby. You can save big bucks by moving to a suburb like Brampton, where rents are the lowest in the region.
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.
Following the
Government of Canada’s recommendation that your rent should only take up 35% of your gross income, you’d need to earn over $80,000 per year to afford an average one-bedroom in downtown Toronto. But don’t stress — there are spots in the GTA and the surrounding region for nearly any budget, so you can still be close to the action without breaking the bank.
Here’s a breakdown of what you’d need to earn annually to live comfortably in Toronto versus other spots nearby.
Rental breakdown
Here’s how much it costs to rent an average unfurnished one-bedroom in November in the GTA, along with the minimum salary needed to stay within budget:
- Markham: $2,397 average rent; $82,183 minimum salary
- Downtown Toronto: $2,338 average rent; $80,160 minimum salary
- North York: $2,290 average rent; $78,514 minimum salary
- Oakville: $2,275 average rent; $78,000 minimum salary
- Mississauga: $2,231 average rent; $76,491 minimum salary
- Etobicoke: $2,226 average rent; $76,320 minimum salary
- Burlington: $2,202 average rent; $75,497 minimum salary
- Scarborough: $2,094 average rent; $71,794 minimum salary
- Vaughan-Richmond Hill: $2,060 average rent; $70,629 minimum salary
- York: $2,051 average rent; $70,320 minimum salary
- East York: $2,025 average rent; $69,429 minimum salary
- Milton: $1,871 average rent; $64,149 minimum salary
- Oshawa: $1,755 average rent; $60,171 minimum salary
- Brampton: $1,715 average rent; $58,800 minimum salary
Plus, if you’re willing to go beyond the GTA, these nearby Ontario cities offer even more affordable options:
- Kitchener: $1,817 average rent; $62,297 minimum salary
- Niagara Falls: $1,745 average rent; $59,829 minimum salary
- Hamilton: $1,722 average rent; $59,040 minimum salary
- London: $1,613 average rent; $55,303 minimum salary
- St. Catharines: $1,593 average rent; $54,617 minimum salary
What it means for you
For the second month in a row, Markham takes the top spot for the most expensive rent in the GTA this month, surpassing even pricey Downtown Toronto. Meanwhile, just 30 minutes west down the 407, Brampton continues to offer the most budget-friendly option — with an eye-watering $682 difference compared to Markham’s steep prices.
For those eyeing nearby regions like London or St. Catharines, rents are even more manageable if you’re willing to live farther from Toronto.
Whether you’re staying put or considering a move, November’s data shows a softening rental market across the GTA. And if you’re lucky, these trends might continue into the winter months.
If you’re interested in two- or three-bedroom or furnished rental averages across these regions, liv.rent’s November Rent Report has the latest numbers for those as well.
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