Toronto Apartment Living

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Ever wondered what it really costs to rent an apartment and live in Toronto? Well, you’ve come to the right place. Be it your first time in the city or you’re a long-time resident searching for a new rental, knowing what you’re getting yourself into is essential.

In our recent blog, “Understanding the Toronto Rental Market: Why Choose Renting Over Buying a Home?“, we shared some exciting news:

The GTA’s rental market is looking up for renters. There’s a bigger selection of rentals, and prices are coming down, making it a great time to find a place. But even with these favourable conditions, it’s still important to plan your budget and be prepared.

Check out these average monthly costs if you’re planning to rent. Of course, what you actually spend will depend on your own needs, preferences, and lifestyle choices.

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Average Rent for Apartments in Toronto

If you’re keeping an eye on the rental scene, here’s the scoop from Rentals.ca: Ontario’s apartment rents have taken a dive, dropping by 5.2% annually to an average of $2,329 as of January. That’s right—Ontario’s leading the charge in rent drops across Canada, with 4-5% decreases across the board.

And guess what? Toronto’s rents have hit a 30-month low, sliding down for the 12th month in a row. They’re now averaging $2,615, which is 7.6% less than last year.

Here’s the fun part—here’s how average rents are shaping up in Canada as of January 2025:

• Bachelor/Studio: $1,583
• 1 Bedroom: $1,876
• 2 Bedroom: $2,258
• 3 Bedroom: $2,654

Of course, fancy spots like Downtown, Yorkville, and Rosedale are still on the pricey side. But for some great deals, check out the east end, like Leslieville or Riverside, or wander northwest to places like Rexdale and Downsview.

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Utilities and Additional Expenses

Utility bills can seriously hike up your monthly expenses. Most apartment rentals include water, heat, and hydro, but some might leave out heat, hydro, and parking. This often happens in places with individual thermostats, where your bill depends on how much you use it up.

According to Toronto.ca, the average utility allowance for a 1-bedroom apartment in 2025 is $120 per month. That covers hydro, heating, water, and hot water.

Now, let’s talk about your digital life. Internet and cable or streaming services? Expect to shell out around $80 to $120 per month for a reasonable internet package and your basic subscriptions like Netflix.

Tenant insurance is another must-have. It’ll set you back about $25 to $50 a month, depending on your coverage needs and the size of your place.

And don’t forget parking! An underground spot usually costs anywhere from $100 to $200 a month, although you can save a bit if you go for an outdoor spot.

Oh, and keep an eye out for other expenses like laundry fees if you don’t have in-unit washers and dryers, and any condo or amenity fees your building might tack on.

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Budgeting for Move-in and Rental Costs

Moving into a new place in Toronto often means shelling out a fair bit upfront. According to the 2025 Guide on the Cost of Living in Toronto, ON, here’s what you should budget for:

• First and last month’s rent
• Security deposit (usually one month’s rent)
• Moving company or rental truck fees
• Utility setup fees (like electricity, gas, internet, etc.)

These costs can easily top $5,000 for a modest one-bedroom apartment. But don’t stress! With some careful planning and budgeting, you’ll make it work. And hey, creating a detailed moving expense checklist can be a total game-changer. It will be like having a secret weapon to avoid those sneaky surprise costs!

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Lifestyle and Transportation Expenses

Toronto is packed with things to do, and while costs can add up, there’s plenty to love about the city! Groceries for one? Around $350 a month. For an average family of four, Canada’s Food Price Report 2025 predicts a 3% to 5% increase in food prices. This means they might spend around $16,833.67 on food in 2025, which is just up to $801.56 more than last year (CFPR, 2025). With a bit of planning, you’ll manage just fine!

Dining out? That can swing from $15 for a quick bite to $80 or more for a nice dinner out. Getting around town is fairly easy thanks to Toronto’s extensive transit system with subways, buses, and streetcars. A monthly transit pass costs about $156. If you prefer driving, keep in mind that car payments, auto insurance, gas, and parking can add up to about $10,000 a year. However, the freedom and flexibility of having a car can definitely be worth it!

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Tips for Reducing Living Costs

Living in Toronto can be expensive, but there are some handy ways to trim those bills.

Roommates: First off, consider getting a roommate to split the rent and utilities. This can hugely reduce your monthly expenses. Just remember to check with your landlord about their subletting policies.

Neighbourhoods: Look at exploring cheaper neighbourhoods outside the city centre. These areas might be a bit further from all the action, but they generally offer much more affordable rents. And if you don’t need a lot of space, think aboutdownsizing to a smaller apartment or even a studio.

Negotiating: Don’t shy away from negotiating with landlords either. Do your homework on local rental rates and be ready to bargain. This is especially useful if you’re planning to stay for a while or signing a longer lease.

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Renting vs. Buying in Toronto

Deciding whether to rent or buy in Toronto depends on your long-term costs and lifestyle.

Renting: Provides flexibility and lower upfront costs, perfect if you’re not ready to settle down yet.

Buying: Offers stability and potential wealth through property appreciation, though it comes with higher upfront costs and responsibilities.

Consider monthly costs, maintenance, and potential investment returns. Renting might be cheaper short-term, while buying can build equity over time.

For more detailed comparison insights, check out our blog post, “Understanding the Toronto Rental Market: Why Choose Renting Over Buying a Home?” – it might help you decide or perhaps organize your thoughts.

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Sources:

• Rentals.ca
• Toronta.ca
• Cost of Living in Toronto, ON (2025 Guide)
• Canada’s Food Price Report 2025
• OpenAI. “Help me write a blog post by researching the current state of apartment rentals in Toronto. Include data on average rent prices, additional living costs, and practical budgeting tips. Present the information in an engaging and informative way for renters.” GPT-4o by OpenAI, via Copy.ai, 2025. Generated by AI. Accessed March 2025.
• Images used in this blog post were sourced or generated from a Canva account in accordance with Canva’s licensing terms.

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