Apartments in Toronto: Price/Cost for 2024

Are you thinking of moving to Toronto and living the life in one of its lively neighbourhoods? Perhaps you already live there, and you’re looking for an apartment in a different area, or you want to seize an opportunity to invest? Whether you want to buy or rent, Vistoo can give you some insights on the Toronto housing market.

In this article, we’ll look at average prices, popular neighbourhoods and the various factors that influence the cost of housing.

What Makes Toronto Great

Toronto is an exciting multicultural and cosmopolitan city and ranks among the best places to live in Canada. It regularly features at the top of quality-of-life indices, and in some cases it even outshines other great cities like Paris and Berlin.

It is often called the city of neighbourhoods. In Toronto, you’ll find a striking 158 neighbourhoods, all with their own distinctive charm and character. No matter where you live, you’re sure to get a different experience of the city. 

Toronto is also known as the “City Within a Park,” in honour of its rich natural heritage. With its waterfront on Lake Ontario and its extensive ravine system with recreational trails, Toronto offers a unique living environment.

Nevertheless, Toronto’s average monthly rent price is the third highest in Canada, at $2,521 for a single bedroom apartment, as of January 2024. This is $600 above the national average. However, if you’re a renter, don’t let that stop you: the city has a lot to offer, namely when it comes to professional opportunities, and the rental costs vary depending on different factors, including location.

Toronto’s Neighbourhoods and Average Prices

Toronto’s 158 neighbourhoods are divided among four districts: Etobicoke-York, North York, Scarborough and Toronto-East York. You can expect different apartment average prices depending on which district you would like to live or invest in. For example, in January 2024, the average monthly rent price for a one-bedroom apartment in Scarborough was $53 less than in North York. While this generally might be the case, prices can also fluctuate quite a bit from one neighbourhood to the next within the same district. This rule also applies to Toronto’s home prices. 

Keep in mind that various factors influence the cost of housing, like:

• Number of bedrooms
• Location
• Amenities
• Pets
• Market demand
• Type of property
• Construction year
• Etc.

In fact, in January 2024, the average monthly rent for a two-bedroom apartment in Toronto stood at $3,345, marking an $809 increase compared to a one-bedroom apartment. Similarly, the average asking rent for a three-bedroom apartment in Toronto will soon reach the $4,000 monthly threshold.

As we said above, Toronto’s average monthly rent price is subject to variation based on which neighbourhood you want to live or invest in. The Canada Mortgage and Housing Corporation (CMHC) hasn’t published their 2023 datasets yet, but in the primary rental market of 2022, a one-bedroom apartment cost on average about $400 more per month in Dorset Park than it did in Wexford/Maryvale. Similarly, Lawrence Park South was on average $500 more expensive per month than Englemount-Lawrence. We’ll be keeping a close eye on the CMHC’s numbers in the coming months.

For renters, the type and number of amenities inside an apartment also have an impact on the price. If the apartment is furnished, you can expect to pay more in rent. Having extras like a dishwasher or perks such as security and storage space can increase the price. Moreover, niceties like access to a pool, gym or parking will cost you more. Having laundry facilities inside the building might bump up the price a bit, as well.

Rental Housing Outlooks for 2024

Every year, the Ontario government sets a rent increase guideline. This measure, which applies to most tenants, is the maximum a landlord can increase rent during a given year without requiring the approval of the Landlord and Tenant Board. Units constructed and occupied after November 15, 2018, are exempted from rent control. We wrote an article about this and other exemptions.

For 2024, the rent increase guideline was set at 2.5%, which is the highest it’s allowed to go for Ontario’s housing market. 

This means that you can expect the average monthly rent price for housing in 2024 to be 2.5% higher than it was in 2023. For instance, if the average monthly rent was $2,536 for a one-bedroom apartment in Toronto in January 2024, you can expect the price to bump up to $2,599.40 per month on average later in the year.

In 2024, strong market demand is expected to continue to have an impact on Toronto’s average monthly rent price, especially for new constructions. The CMHC’s most recent data, going back to early 2023, indicate a 1.7% vacancy rate for the purpose-built rental market, and a 1.1% vacancy rate for the condominium apartment market. These very low vacancy rates are projected to persist well into 2024 and beyond, creating a highly. competitive rental market.

For a Flawless Service and User-Friendly Platform, It’s Vistoo!

You can count on Vistoo to help you find the perfect apartment in Toronto. We offer a curated list of new properties with comprehensive neighbourhood statistics that will help you decide which area suits you best. With Vistoo, finding an apartment that matches your distinctive style and level of comfort is a simple and hassle-free process. Contact us today and take advantage of our expertise!