What It Costs to Rent Across the GTA [Infographpic]
Skip Head
A visual comparison of average one-bedroom rents and required salaries across GTA cities for November 2024.
If you’ve been following rent prices in the GTA, there’s some surprising news this month.
According to Narcity and the liv.rent November 2024 Rent Report, Markham has officially overtaken Downtown Toronto as the most expensive place to rent a one-bedroom.
This definitely caught me off guard!
Markham is the Most Expensive to Rent
Markham’s average rent is $2,397 per month. This means you’d need to earn at least $82,183 annually to keep your rent within 35% of your income.
How Toronto and Surrounding Cities Compare
Downtown Toronto, meanwhile, comes in at $2,338, requiring a whopping $80,160 per year.
The difference isn’t huge. But it could be enough to convince someone to move to Markham if it offers more must-haves than downtown Toronto.
North York, Oakville, and Mississauga follow closely behind, with average rents of $2,290, $2,275, and $2,231, respectively. To live comfortably in these areas, you’d need a salary around $78,000.
A Balance of Cost and Lifestyle in Scarborough
Scarborough, where I’ve helped a few clients settle lately, is a little easier on the wallet at $2,094 per month.
FYI…I’ve always thought Scarborough
doesn’t get enough credit—it’s a great spot for families, with a lot of green space and nature, community events, and an overall more laid-back vibe compared to downtown.
Brampton Offers the Most Affordable Rent
For the most budget-friendly option in the GTA, Brampton takes the win at $1,715 per month.
If your budget is tight, you’d need about $58,800 per year to live there comfortably.
I had a WFH client move from downtown Toronto to Brampton so they could save hundreds of dollars each month.
Full List of One-Bedroom Rents Across the GTA for November
Need to make a decision quickly about where to move in the next few months, here’s the full list from most expensive to lease expensive:
Markham: $2,397; $82,183 minimum salary
Downtown Toronto: $2,338; $80,160 minimum salary
North York: $2,290; $78,514 minimum salary
Oakville: $2,275; $78,000 minimum salary
Mississauga: $2,231; $76,491 minimum salary
Etobicoke: $2,226; $76,320 minimum salary
Burlington: $2,202; $75,497 minimum salary
Scarborough: $2,094; $71,794 minimum salary
Vaughan-Richmond Hill: $2,060; $70,629 minimum salary
York: $2,051; $70,320 minimum salary
East York: $2,025; $69,429 minimum salary
Milton: $1,871; $64,149 minimum salary
Oshawa: $1,755; $60,171 minimum salary
Brampton: $1,715; $58,800 minimum salary
What About Rents Outside the GTA?
If you’re willing to move a bit farther out, cities like Hamilton, London, and Niagara Falls offer even more affordable rents.
For example, London’s average is just $1,613 per month. That’s a $784 difference compared to Markham. You could do a lot with that extra money!
What Do These Numbers Mean for Renters?
As a renter, this is a good time to negotiate.
And with inventory going up right now, you have some bargaining power.
My Final Thoughts
The November rent numbers give a clear picture of where the market stands, but the right choice for you depends on your priorities. If you’re not sure where to start or need some guidance, feel free to reach out. I’ve been through this process many many times and know how overwhelming it can feel. Together, we can figure out where your next home should be.
