Moving guide
Moving to Greater Toronto: renting vs buying and cost of living in 2026
A typical two-bedroom rents for $2,547 a month and the median home is valued at $871K. Here is what it costs to rent or buy in Greater Toronto, how that varies between neighbourhoods, and where to look first.
Cost of living and housing at a glance
- 2 bedroom rent
- $2,547 a month, new lease
- 1 bedroom rent
- $2,073 a month, new lease
- Vacancy rate
- 3% a balanced market
- Median home value
- $871K 2021 Census, owner-estimated value (Toronto has no open assessment data)
- Government closing fees
- $27,790 on the median home
Renting or buying in Greater Toronto
The median home in Greater Toronto is valued at $871K. A typical two-bedroom apartment on a new lease rents for $2,547 a month, or $30,564 a year. That puts the median home at about 28.5 years of two-bedroom rent.
That ratio is only a starting point. Owning adds property tax, one-time government closing fees of about $27,790, insurance, maintenance and, for condos, monthly fees. Renting adds none of those, but it gives you no equity and rents can rise. Whether buying makes sense depends on your deposit, your mortgage rate and how long you will stay, which this guide does not model.
What renting costs
| Apartment size | Average rent, new lease |
|---|---|
| Studio | $1,708 |
| 1 bedroom | $2,073 |
| 2 bedroom | $2,547 |
| 3 bedroom | $2,893 |
Source: CMHC Rental Market Survey, Toronto CMA, October 2025, privately initiated apartment buildings of three or more units. Houses, basement suites and rooms are not included, and listing prices can be higher.
The cheapest and most expensive neighbourhoods
Home values range widely inside Greater Toronto. These are the lowest and highest medians among neighbourhoods with at least 1,500 residents.
Lowest median home values
| Neighbourhood | Median home | Renters | Walkability |
|---|---|---|---|
| Thorncliffe Park | $446K* | 86% | 77 |
| Flemingdon Park | $446K* | 57% | 68 |
| Downtown Hamilton | $458K* | 71% | 78 |
| North End | $475K* | 43% | 55 |
| Taylor-Massey | $482K* | 66% | 82 |
Highest median home values
| Neighbourhood | Median home | Renters | Walkability |
|---|---|---|---|
| Bridle Path-Sunnybrook-York Mills | $2.68M* | 12% | 48 |
| Forest Hill | $2.68M* | 51% | 72 |
| St. Andrew-Windfields | $2.14M* | 36% | 50 |
| Bedford Park & Nortown | $2.02M* | 32% | 74 |
| Lawrence Park | $1.96M* | 32% | 63 |
Where renting is common
The share of households that rent changes a lot from one neighbourhood to the next. Renting is most common in North St. James Town (89%), Thorncliffe Park (86%), Parkdale (85%), and least common in Brooklin (6%), Kleinburg (7%), Fletcher's Meadow (7%).
Getting around without a car
Across 278 neighbourhoods, the typical everyday walkability score is 54 out of 100, and 26% score 70 or more. Each guide shows the score, the transit time to the main hubs and the commute.
Frequently asked questions
Is it cheaper to rent or buy in Greater Toronto?
Renting is cheaper month to month. A typical two-bedroom apartment on a new lease costs about $2,547 a month, while the median home is valued at $871K, or about 28.5 years of that rent. Buying also adds property tax, closing fees, insurance and maintenance, so the right choice depends on your deposit, mortgage rate and how long you plan to stay.
How much is rent in Greater Toronto?
Average rents for new leases are $1,708 for a studio, $2,073 for a one-bedroom, $2,547 for a two-bedroom and $2,893 for a three-bedroom, according to the CMHC Rental Market Survey of October 2025. The vacancy rate is 3%.
Which neighbourhoods are the most affordable in Greater Toronto?
Among neighbourhoods with at least 1,500 residents, the lowest median home values are in Thorncliffe Park ($446K), Flemingdon Park ($446K), Downtown Hamilton ($458K). See the full ranking on our most affordable neighbourhoods page.
What are the closing costs when buying in Greater Toronto?
Toronto buyers pay land transfer tax twice, once to Ontario and once to the City, so the bill is about double Ontario's alone. On the median home of $871K, government fees come to about $27,790. Legal fees, title insurance and adjustments are extra.
Can you live in Greater Toronto without a car?
It depends where you live. Across 278 neighbourhoods, the typical everyday walkability score is 54 out of 100, and 26% of them score 70 or more. Check each guide for the score and for transit times to the main hubs.
Next steps
- All 278 neighbourhoods
- Match me to a neighbourhood
- Compare neighbourhoods
- Most walkable
- Most affordable
- Best for families
Home values are assessed or benchmark values, not sale prices, and rents are survey averages for the whole metro area. Figures are for general information, not financial, tax or legal advice: check current listings and talk to a mortgage professional or lawyer before you decide. Sources are on each neighbourhood guide and on the About the data page.
Spot a mistake or something we missed? Tell us about this page.