Housing prices in Toronto have been skyrocketing for years. Tons of prospective buyers have been pushed out of the market, forcing them to remain renters for longer than they’d prefer. Sadly, rent isn’t exactly cheap either.
In fact, it’s not uncommon for tenants to pay more in rent than they would in mortgage payments. Sure, there are plenty of other costs associated with homeownership but rent can be pretty steep in Toronto, especially in highly sought-after areas of the city. Right now, the average rent for a one-bedroom unit in Toronto is $2,300. That’s a hefty sum.
Still, there are still plenty of areas across the city where you can snag a decent place with relatively affordable rent. Here are the top neighbourhoods in Toronto where rent falls well below the city average.
Guildwood Village (Scarborough)
Situated near the beautiful Scarborough Bluffs, on the south side of Kingston Rd., Guildwood Village is a picturesque neighbourhood. This area boasts amazing natural landscapes for those seeking an outdoorsy lifestyle. The average rent costs here are on the lower end at $950 per month.
The neighbourhood of Weston is located in the northwest end of the city. Nestled between Highway 401 to the north, Eglinton Ave. to the south, Jane St. to the east and the Humber River to the west, the average monthly rent here is $957.
Situated in the Jane and Finch area of the city, Black Creek Village is a diverse community with a predominantly Jamaican, Vietnamese, and Italian population. This part of Toronto is popular for families as rent prices are more affordable than other residential counterparts. On average, renters can expect to pay $1,011 per month.
Rexdale is a neighbourhood located north of Rexdale Blvd and south of West Humber River Valley, between Highway 27 to the west and Islington Ave to the east. There are plenty of entertainment venues in the area, including Woodbine Casino and Racetrack. Rent is relatively low in this area at an average of $887 per month.
East York is located northeast of the DVP and Danforth Ave. While the area may have long been known for its aging population, the demographics of this community are changing. Younger families continue to move into the area, in part due to affordable rent prices, which average $1,082 per month.
Scarborough City Centre
Located between Highway 401 to the north, Ellesmere Rd. to the south, Markham Rd. to the east and Midland Ave. to the west, Scarborough City Centre provides plenty of employment opportunities for residents. As one of the major business districts in the GTA, residents can expect a relatively low average monthly rent of $1,067.
A short bus or subway ride to the downtown core, Mimico-New Toronto is a bustling neighbourhood in the west end of the city. This community is home to all sorts of different housing types, including detached, townhouses, condos, and apartments. There’s also plenty of green space and the area is situated on Lake Ontario. The average rent in this area is $821 per month.
In the Keelesdale–Eglinton West neighbourhood, residents have the opportunity to enjoy the vibrant scene along Eglinton Ave. W or to retreat to side streets for peace and quiet. There’s a mixed bag of real estate in the area, which includes bungalows, two-storeys, townhomes, condos, and apartments. Residents can enjoy some of the lowest rents in the city at an average of $897 per month.