Last reviewed: 6 November 2026. All amounts are in Canadian dollars (CAD). This guide focuses on ordinary private residential tenancies covered by Ontario’s Residential Tenancies Act. Some shared accommodation and other housing arrangements have different rules.

The best affordable apartment in Toronto is one you can continue paying for after the first month. For a new immigrant, that means checking more than the advertised rent: the initial payments, utility bills, transport, application documents and likely future rent increases all matter.

You may be arriving with savings and a job offer, starting work after landing or searching while supporting your family. Each situation calls for a different budget. A downtown condo, an older rental apartment, a basement suite and a room in a shared home should not be compared on rent alone.

This guide explains how to shortlist suitable Toronto apartments, apply without Canadian credit history, calculate your move-in costs and compare relevant services without paying for things you do not need. It does not rank uninspected buildings or promise that a particular apartment is currently available.

The quick answer: where should you start?

Compare purpose-built rental buildings, individual condo rentals and self-contained secondary suites within reach of your work or study destination. If you are searching in Scarborough, North York or Etobicoke, compare specific addresses rather than assuming the whole area is inexpensive.

Start with three questions:

• Can your household cover the full monthly cost from realistic income or a defined savings budget?
• Can you meet the initial payments without using all your emergency funds?
• Do the property, lease and application requirements make sense for your circumstances?

For an illustrative apartment at $2,000 a month, the first month’s rent and a one-month last-rent deposit total $4,000. Moving, furniture, insurance and utility arrangements can add to that figure. This example is a calculation, not a current listing or a Toronto average.

How much does an apartment in Toronto cost in 2026?

Statistics Canada reported an average asking rent of $2,650 a month for a two-bedroom apartment in the Toronto census metropolitan area in the second quarter of 2026. The average paid rent for occupied two-bedroom apartments was $2,160.

Toronto metropolitan area benchmark	Monthly amount	What it describes
Two-bedroom asking rent, Q2 2026	$2,650	Advertised rentals in the statistical sample
Two-bedroom paid rent, Q2 2026	$2,160	What existing renters were paying in the sample

The metropolitan area extends beyond the City of Toronto. These experimental estimates are subject to revision. They are not prices for a specific neighbourhood, a guaranteed offer or a one-bedroom apartment.

The distinction matters: a long-standing tenant’s rent may be below the amount advertised to a new applicant. Budget against actual listings you can apply for, then check their inclusions and condition. Source: Statistics Canada, released 9 September 2026.

Why rental reports show different figures

CMHC’s 2025 report listed a Greater Toronto Area average two-bedroom rent of $2,034 in purpose-built rentals and $2,904 in rental condominium apartments. Its Toronto two-bedroom purpose-built turnover figure, covering units changing tenants, was $2,547.

Those figures measure different housing samples and rental situations. They should not be blended into one supposedly precise 2026 price range. Use them to understand the categories, then obtain current quotes for your shortlist. Source: CMHC 2025 Rental Market Report.

Which apartment type offers the best value for your household?

Start with how much space you actually need, then compare the ongoing cost and tenancy terms.

Housing option	When to investigate it	Questions to resolve
Purpose-built rental apartment	You want to compare several units in one managed building	Included utilities, repairs, rent-control status and building condition
Individually owned condo	A specific location or layout fits your household	Lease terms, insurance, utilities and building move-in requirements
Self-contained basement or secondary suite	A house-based apartment meets your space and location needs	Approvals, exits, damp, heating, sound transfer and utility sharing
Shared apartment with other tenants	You want to divide housing costs	Who signs the lease, payment liability and household rules
Room sharing facilities with the owner	You are considering a different accommodation arrangement	Whether ordinary tenancy protections apply before you agree

An older building is not automatically well maintained, and a new condo is not automatically better value. Compare the apartment you will occupy and the person responsible for managing it.

The Landlord and Tenant Board explains that the Act does not apply where the tenant must share a kitchen or bathroom with the landlord. Get advice if the arrangement involves the owner’s family or its legal status is unclear. LTB guide to the Residential Tenancies Act.

Where should new immigrants look in Toronto?

Build your search around actual destinations: your workplace, a potential employment area, school, childcare or a settlement appointment. Then compare the rent and journey together.

You could build separate shortlists for Scarborough, North York and Etobicoke. Within them, names such as Malvern, Jane and Finch or Rexdale can help organize a search. Thorncliffe Park and Weston or Mount Dennis can be additional areas to investigate. These are search suggestions, not a verified ranking of the cheapest or safest neighbourhoods.

For each address:

1. Check the route at the time you expect to travel, including return journeys after late shifts.

2. Count transfers and the walk between the building and the stop.

3. Check weekend service and current disruptions.

4. Add the real fare or pass cost to your housing budget.

5. Consider groceries, childcare and other trips you will make regularly.

Use the TTC trip planner rather than relying on a listing’s description of being close to transit. Check any regional service separately if your trip crosses municipal boundaries.

Mississauga, Brampton and other nearby cities are separate rental searches. A listing marketed as being in the Toronto area may not be in Toronto itself. Confirm the municipality, full address and journey before treating it as a substitute.

Calculate the full monthly cost before applying

Ask each landlord for the same information so you can compare properties fairly.

Expense	What to confirm
Rent	Actual monthly amount, discounts and what happens when an incentive ends
Electricity, heat and water	Included services, separate meters and any bill-sharing formula
Internet	Available service, installation and contract terms
Insurance	Any lease requirement for liability cover and your chosen belongings cover
Laundry	In-unit equipment or the cost of using shared facilities
Transport and parking	Your real journey, vehicle costs and any separate parking charge
Moving and setup	Furniture, delivery, building booking and utility arrangements

Use written quotes where possible. Avoid assuming that utilities are included because a building is older, or that every condo charges the same extra fees.

A personal affordability test should include food, phone service, dependants, debt payments and a reserve for unexpected costs. If you do not have confirmed income, calculate how long your available savings would cover the whole household budget. Do not treat an unconfirmed job prospect as income already available.

First and last month’s rent: what can a landlord charge?

For a monthly tenancy, a landlord can collect a rent deposit of no more than one month’s rent. It is applied to the final rental month, not held as security for damage. The landlord must pay interest on that deposit each year under the applicable rules. LTB explanation of rent deposits.

The first month’s rent pays for the first rental month. It is separate from the last-rent deposit.

Illustrative monthly rent	First month’s rent	Last-rent deposit	Combined amount
$1,800	$1,800	$1,800	$3,600
$2,000	$2,000	$2,000	$4,000
$2,500	$2,500	$2,500	$5,000

These are arithmetic examples, not available apartments or suggested market prices.

A refundable key deposit can be charged, but it cannot exceed the replacement cost. A separate damage deposit is not permitted. City of Toronto guidance on deposits.

Do not offer a larger security deposit as the standard solution to having no Canadian credit history. If someone requests several months of advance rent, seek advice on the particular demand before paying. Voluntary arrangements and a landlord’s required deposit are not interchangeable.

An illustrative move-in budget

Here is a hypothetical household budget. Every amount must be replaced with the rent and quotes for your own move.

Item	Illustrative amount
First month’s rent	$2,000
Last-rent deposit	$2,000
Moving	$500
Basic furniture and household setup	$900
Utility setup or provider charges, if applicable	$100
First insurance payment, if selected or required by the lease	$30
Total	$5,530

This is not a price survey. It excludes your travel to Canada, temporary accommodation, groceries and emergency reserve. Add any lawful key deposit or other verified costs that apply to your arrangement. If a rental payment has already been credited towards an amount in the table, subtract it from the remaining balance rather than adding it again.

Can you rent without Canadian credit history?

A missing Canadian credit file is different from a record of unpaid debts. The Ontario Human Rights Commission says a lack of rental or credit history should not be treated negatively when assessing a housing application.

It also explains that income information must be considered alongside available rental and credit information. For ordinary non-subsidized housing, a landlord cannot impose a rent-to-income cut-off such as a blanket 30% rule. Your own budgeting target is separate from lawful tenant screening. OHRC guidance for newcomers.

Ask what alternative evidence the landlord will consider. Depending on your circumstances, your application could include:

• A confirmed job offer or employment letter.
• Recent payslips, where available.
• Relevant evidence of savings or other reliable funds.
• Previous landlord references, including overseas references if accepted.
• A short explanation of your recent arrival and available supporting documents.

A clear application helps the landlord understand your circumstances, but no document package guarantees acceptance. Settlement.org’s rental document guidance.

Protect your Social Insurance Number

You do not need to provide your SIN to rent a property. Do not treat it as mandatory application paperwork. A basic credit check can be performed using identifying information such as your name, address and date of birth, with your consent.

Ask why each document is needed and how it will be handled. Verify the landlord or agent before sending sensitive records. Office of the Privacy Commissioner of Canada.

What if a landlord asks for a guarantor?

A guarantor or co-signer agrees to cover obligations specified in the agreement if you do not meet them. Read the exact scope rather than assuming it only covers one missed payment. Settlement.org’s guarantor guidance.

Guarantor requirements must not be imposed in a discriminatory way simply because you are a recent immigrant. OHRC guidance.

Before anyone signs, ask:

1. Which payments and other obligations does the guarantee cover?

2. Does it apply only to you or to other tenants as well?

3. When does it end, and what happens if the tenancy continues?

4. What information must the guarantor provide?

5. Will the landlord accept the proposed arrangement in writing?

If considering a paid guarantor product, confirm that it operates in Ontario and that this landlord accepts it before purchasing. Compare the full fee, renewal charges, refund terms and any right to recover money from you. Paying a provider does not itself prove that the landlord will approve the application or that your rent debt disappears.

Tenant insurance: compare useful protection rather than price alone

Ontario’s standard lease includes a section where the parties can agree that the tenant must hold liability insurance. Contents cover for your own belongings is a separate choice. Check the lease rather than assuming insurance is always optional or universally required by law. Ontario’s standard lease guide.

Tenant insurance can include belongings, personal liability and additional living expenses after a covered loss, subject to the policy’s limits and conditions. The landlord’s building insurance is not a substitute for understanding your own cover. Insurance Bureau of Canada guidance.

Compare quotes using the same address, household details and requested protection. Ask about:

• The liability limit required by the lease.
• The replacement value and limits for your possessions.
• The deductible you must pay towards a claim.
• Exclusions or limits for water damage and valuables.
• Shared accommodation and whether every resident needs separate cover.
• The amount and duration of additional living expense cover.
• The full price and any payment or cancellation charges.

Do not assume every policy covers every flood, theft or temporary move. Ask the insurer to explain unclear terms before you buy. This guide does not endorse a provider or quote an unverified average premium.

Check rent control before choosing an apartment

Ontario’s 2026 rent increase guideline is 2.1%. The published 2027 guideline is 1.9%. The year an eligible increase takes effect determines which year’s guideline applies.

The guideline is not a universal cap. Some units first occupied for residential purposes after 15 November 2018 are exempt, and specific rules apply to new units in existing houses. The date a building was constructed or the date you personally moved in does not, by itself, settle every exemption question.

Ask for the basis of any claimed exemption and keep the answer. Above-guideline increases can also require separate consideration. Ontario rent increase guidance.

In ordinary covered tenancies, rent increases generally require at least 12 months between increases and at least 90 days’ written notice on the proper form. Guideline-exempt units still have notice and timing requirements, even though the size of the increase is not capped by the guideline. LTB guidance on rent increases.

For illustration, 2.1% of $2,000 is $42. That calculation is not permission for a particular increase: the timing, notice and tenancy circumstances must also meet the rules. Do not assume rent control fixes the starting rent for a new tenancy.

Verify the building and landlord before paying

For eligible rental apartment buildings, use RentSafeTO’s tenant resources to investigate evaluations and active violations. The program covers apartment buildings with three or more storeys and 10 or more units. Condos, townhouses and units in private homes are outside this program; absence from its map is not proof that a home is unlawful.

For a basement suite, ask about relevant permits and approvals, safe exits, smoke and carbon monoxide protection, heating, damp and electrical arrangements. Toronto has specific building requirements for secondary suites. Do not rely on an unsupported claim that every apartment has the same registration certificate. City secondary-suite guidance.

Before sending money, verify who has authority to rent the unit. View it in person or arrange an independent inspection by someone you trust. A live video can help you ask questions, but does not prove ownership or authority to collect payment.

Check the address, contact details, proposed lease and payment recipient together. Investigate unusually cheap offers, requests for cryptocurrency or gift cards and pressure to pay immediately. Retain messages and obtain receipts. University of Toronto rental fraud guidance.

Free housing help and longer-term support

You do not have to handle every rental question alone. Start with the City’s financial support and housing-help information to find relevant support.

Settlement services: eligible newcomers can use IRCC-funded services. Eligibility depends on immigration category and other conditions; do not assume every work or study permit holder qualifies. Use the official newcomer service finder to locate an organization and confirm eligibility.

Toronto Rent Bank: eligible residents who are behind on rent or need a rental deposit may qualify for grant assistance. Income, assets, tenancy and other criteria apply. This is not an automatic arrival allowance, so do not commit to a lease assuming a grant will be approved. Toronto Rent Bank.

Rent-Geared-to-Income housing: eligible households can apply through MyAccesstoHousingTO. Demand exceeds availability and waiting times are long, so keep a realistic immediate housing plan. Review the eligibility conditions and maintain your application if you apply. City of Toronto RGI information.

Your application and move-in checklist

Before applying: establish your full monthly budget, shortlist three properties and ask what evidence each landlord accepts. Confirm the address, utilities and proposed start date.

Before paying: obtain a written breakdown, verify the recipient and query any application, damage or unexplained reservation charge. Do not treat a request for payment as proof that it is permitted.

Before signing: read the Ontario standard lease and any additional terms. Most ordinary residential tenancies require the standard form. Check the named parties, rent, included services, insurance terms and any rent-control exemption claim. Ontario standard lease guide.

At move-in: photograph the condition, test supplied appliances and document existing damage. Record meter readings where relevant and save the repair contact details.

During the tenancy: pay rent when due and report repairs in writing. Landlords must maintain the rental property, including supplied facilities and equipment. Do not stop paying rent on your own because a repair remains unresolved; use the appropriate advice and dispute process. LTB maintenance and repairs guide.

Frequently asked questions

Can I rent an apartment before arriving in Toronto?

You can discuss an application before arrival. Verify the landlord, property and agreement independently. If possible, have a trusted person inspect the unit. Avoid allowing a travel deadline to replace those checks.

Must I have a Canadian bank account before I can rent?

Discuss an acceptable payment method with the landlord. A landlord cannot require post-dated cheques or automatic account withdrawals, although you may agree to use them. Keep a receipt for each payment. LTB payment guidance.

Is a refundable key deposit illegal?

No. A limited refundable key deposit is different from a prohibited damage deposit. Ask what replacement cost it represents and get a receipt. City of Toronto deposit guidance.

Do I have to move out when a one-year lease ends?

Normally, a covered monthly tenancy continues month to month if it has not been lawfully ended. If you want to leave, the usual rules require at least 60 days’ notice and a valid termination date; fixed terms and exceptions need checking. Use the correct process rather than assuming the last-rent deposit is notice. LTB guide to ending a tenancy.

Which Toronto neighbourhood is guaranteed to be cheapest?

This guide does not make that claim. Compare current, verified listings for the same household size and include transport and bills. Price, condition and availability vary by address.

Should I choose the lowest insurance quote?

Compare equivalent coverage, deductibles, exclusions and lease requirements first. The lowest price is useful only if the policy suits your situation.

Your next step

Select three actual apartments you can realistically apply for. Ask each landlord for the complete monthly cost, move-in payment breakdown, accepted application evidence and rent-control information.

Choose the home that fits your household, commute and ongoing budget after you have verified the property and terms. Keep enough money for ordinary living expenses after the keys are handed over.

This article provides general information, not advice about an individual tenancy, insurance contract or immigration case. Recheck official guidance and the written terms before committing. Statistical benchmarks and hypothetical budgets are not live rental offers.