Average Rent in Toronto 2026 | SpendVerdict

Renting in Toronto remains one of the most significant financial decisions for residents. This page breaks down current rent benchmarks, what share of income housing typically consumes, and how to assess whether a Toronto rental fits your budget. All figures are sourced from CMHC and Statistics Canada income data.

Toronto Rent Benchmarks at a Glance

Based on CMHC Rental Market Report 2024 data, monthly rents in Toronto span a wide range depending on unit type, neighbourhood, and building age. Here is how the distribution breaks down (all figures in local currency, monthly):

Low end (10th percentile): $1,500/month Median rent: $2,400/month High end (90th percentile): $3,800/month

The median of $2,400 is the most useful single benchmark for budgeting purposes. If you are seeing listings well above $3,800, you are looking at the top tier of the Toronto rental market. Listings closer to $1,500 represent the most affordable segment and are typically smaller units or located further from the city core.

Note: These figures reflect 2024 data, the most recent available. Data not available for a 2026-specific projection.

How Fast Are Toronto Rents Growing?

According to the CMHC Rental Market Report 2024, one-bedroom rent growth decelerated to +2.7% year-over-year. This is a meaningful slowdown compared to the sharper increases seen in prior years, suggesting the Toronto rental market may be stabilising at elevated levels rather than continuing to accelerate.

Data not available for projected 2025 or 2026 growth rates. Renters should treat the 2024 figures as the most reliable baseline currently available and monitor CMHC updates as they are released.

Rent-to-Income Ratios in Toronto

How much of your income does Toronto rent actually consume? The data shows a wide spread depending on where you fall in the income distribution:

25th percentile earners: 26% of gross income goes to rent Median earners: 35% of gross income goes to rent 75th percentile earners: 46% of gross income goes to rent

The widely cited affordability threshold is 30% of gross income. By that standard, median-income renters in Toronto are already slightly above the threshold at 35%, while lower-income renters at the 75th percentile of rent burden are significantly stretched at 46%. Only higher-income renters at the 25th percentile of rent burden sit comfortably below the 30% guideline.

What Does Affordability Look Like by Income Level?

The rent-to-income ratios above make clear that Toronto affordability is highly dependent on individual income. A renter paying the median rent of $2,400/month would need a gross monthly income of roughly $8,000 to stay at or below the 30% threshold. Data not available for a full breakdown of affordability by specific income bands or household types beyond the percentile figures provided.

If your rent-to-income ratio exceeds 35%, financial planners generally recommend reviewing discretionary spending carefully, as housing costs at that level leave limited room for savings or unexpected expenses.

How to Use These Benchmarks

These figures give you a market-level view, but your personal affordability depends on your specific income, household size, and financial goals. Use the benchmarks as follows:

Budget check: Compare your target rent against the median ($2,400) to understand where you sit in the market. Affordability check: Divide your monthly rent by your gross monthly income. Aim to stay at or below 30%. Negotiation context: If a listing is priced above the 90th percentile ($3,800), you are in premium territory and should expect premium finishes or location to justify the cost.

Data not available for neighbourhood-level rent breakdowns within Toronto.

Data Sources and Confidence

All rent figures on this page are drawn from the CMHC Rental Market Report 2024, supplemented by Statistics Canada income data. CMHC is Canada's national housing agency and the primary authoritative source for Canadian rental market statistics.

Confidence level for these benchmarks: Medium. The medium confidence rating reflects that rental market conditions can shift between annual CMHC reporting cycles, and that 2024 data is being applied as the closest available proxy for 2026 conditions. Users should check for updated CMHC reports as 2025 and 2026 data becomes available.

Use the SpendVerdict Rent Affordability Calculator to see how Toronto's average rent compares to your income and get a personalised affordability score.