Follow us on:

How to Find a Budget-Friendly Apartment in Toronto

Toronto is arguably one of Canada’s most expensive cities to live in. Whether you own a home or rent, supply is low and prices are high. Just because the average costs are high doesn’t mean that finding an affordable apartment condos in Toronto is impossible; it just means you have to be more creative in your search.

After all, people of all socioeconomic levels live and work in Toronto, so there must be housing out there for everyone.

If you’re looking for affordable rentals in Toronto, here are some tips to find them!

Look for basements

If you’re going to find a budget-friendly apartment in Toronto, it’s likely going to be in the basement of someone’s house. Basement apartments have a bad reputation for being dark and unwelcoming, but with the right lighting and furnishings, they can look fairly bright and cheery.

The thing is, if you work a lot or have an active social life, chances are you aren’t spending that much time at home anyway. Think of it as a place to sleep and eat some meals, and try not to focus on the subterranean aspect of the rental.

If you can afford the rent and it’s close to transit or work, that’s all you need, right?

Office room with desk and chair

Embrace the bachelor lifestyle

For minimalists, a bachelor apartment won’t be the worst thing in the world. There are so many great storage pieces and convertible furniture you can use to make it a happy home, even with less space.

Embrace the cozy lifestyle with beds that double as seating. Sure, it’s nice to have a private bedroom separate from the living space, but with Toronto prices, a bachelor might be the best you can get on your budget. Make the best of it.

Cozy studio student apartment

Think outside the core

It’s unlikely that you will find an affordable rental in downtown Toronto or in any of the hip urban neighbourhoods in the city. Luckily, Toronto has a good transit system that allows most people to commute to the core from the outskirts.

Look for affordable rentals in places like Scarborough, Etobicoke and North York. Prices in these Toronto communities will be noticeably lower than those in the urban centres.

Aerial city landscape view

Ultimately, your best bet is a basement bachelor apartment in the Toronto suburbs.

If living in the core is essential, think about getting a roommate to offset the cost.

Start your search using You can set your price range, neighbourhood and type of dwelling to narrow it down.