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Toronto Rent Prices Are Getting Super Pricey & It's Much Cheaper To Live In These 3 Spots

Is it time to flee the 6ix?

Toronto rent prices are slowly going back up after declining during the COVID-19 pandemic, and it could be time to start packing your bags.

According to Rentals.ca, the average price of a one-bedroom apartment in the 6ix is currently just under $2,000 which is down 2.9% compared to the same period last year. However, overall rent, which is $2,181, is up 6.7% from the last quarter of 2021.

The city's blatant unaffordability has caused many to flee the GTA in search of cheaper housing, especially in the wake of the 2020-2021 lockdowns.

While Toronto currently sits at $1,938 for a one-bedroom and $2,628 for a two-bedroom, there are cheaper options around Ontario.

At the moment, the overall most affordable cities to rent in Ontario are London, Windsor, and Kingston with one-bedroom prices listed at $1,304, $1,325 and $1,358 respectively.

"Many residents of Toronto have considered moving out of the city because of the high rent," a spokesperson for Rentals.ca told Narcity.

"If a tenant decided to move to Windsor, a unit in the 500-square-foot range would be $500 cheaper than Toronto, while a unit in the 800-square-foot range would be $900 cheaper, and a unit in the 1,000-square-foot range would be $1,300 cheaper."