Toronto Rents Are Reasonable?
There are various reports and research ranking the best cities in the world. And one thing you’ll commonly see is that Toronto always ranks high, usually staying in the top ten, regardless of which ranking you look at. Mercer Quality of Living Survey, PricewaterhouseCoopers (PwC) Cities of Opportunity report, and the Economist Intelligence Unit are just a few to name.
However, the striking difference between Toronto and other top class cities are what you pay to rent there. Another recent report published by RentCafe mentions that Toronto is 13th out of the 30 top financial centres in the world, but it only has the 26th highest rent among the top 30 cities.
If you live within an hour commuting distance from downtown Toronto, in Etobicoke for example, renting a one bedroom apartment can cost $900 and a 2 bedroom for $1,200. Rent in Midtown, which is about a half an hour commute from downtown, you will be paying $1,400 for a one bedroom and $2,000 for a two bedroom. In downtown, a one bedroom apartment can go for $2,000 and a two bedroom can go for $3,000.
Keep in mind that these examples are not to be taken as a sure thing. There are price fluctuations in the same area or even in the same building, as various factors such as location, floor, view, square footage, and many others elements play in determining rent price.
I have made a video on this and you can watch it by clicking here (Is It Expensive to Rent in Toronto?) or on the top left picture. After watching, it is up to you to determine whether the world’s best place to live (Toronto) is expensive to rent or not.