If you’re planning to move to Toronto or the surrounding suburbs, understanding rental costs is crucial. The November 2024 rent report by liv.rent shows interesting trends, including a drop in Downtown Toronto rent prices for the fifth consecutive month. Surprisingly, Markham has overtaken Toronto as the most expensive spot for rent in the GTA.
Highlights from the Report
- Toronto’s average rent for an unfurnished one-bedroom apartment is $2,177, down $152 from last year.
- Markham is now the priciest city in the GTA for rent, averaging $2,397.
- Affordable options like Brampton ($1,715) and Oshawa ($1,755) offer alternatives for budget-conscious renters.
- To afford rent comfortably (spending no more than 35% of your gross income), you’ll need to earn between $58,800 and $82,183 depending on the location.
Rental Breakdown: GTA Cities
Here’s what it costs to rent a one-bedroom apartment in November 2024, along with the salary needed to live comfortably:
- 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
Beyond the GTA: Affordable Cities Nearby
If you’re open to living farther from Toronto, these Ontario cities offer even lower rent prices:
- 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 This Means for Renters
- Markham is now the most expensive city for rent in the GTA, surpassing Downtown Toronto.
- Brampton offers the most affordable rent in the GTA, with an annual savings of $682 compared to Markham.
- Nearby cities like Hamilton and London provide even cheaper alternatives for those willing to commute or relocate.
Whether you’re moving within the GTA or looking beyond, November’s numbers highlight a rental market with options for different budgets. The softening rental prices may continue into the winter, offering a glimmer of hope for renters.
Canada Housing Market 
Leave a comment