Photo by Patrick Tomasso on Unsplash
Toronto and Vancouver are two of the world's least affordable cities when it comes to buying. When it comes to renting, however, the Toronto rental market isn't actually that bad according to Berlin-based rental service Nestpick.
To compile their report, Nestpick looked at more than 500,000 apartment listings across 200 cities. Of the top 50 cities, Toronto landed in the middle of the pack as the 27th most expensive city to rent in.
On an international scale, Toronto's downtown core is the 233rd least affordable neighbourhood. Toronto's west end was the second least affordable neighbourhood, followed by Midtown.
According to the study, a minimum wage worker would need to work 195 hours a month to afford rent on a one-person apartment in Toronto. This would mean renting Torontonians would need to earn $5,499 a month to afford a single person apartment. Quite generous considering the average cost of rent in Toronto is closer to $2,300 for . one-bedroom unit.
The top 50 cities on the list are strong economic hubs and lifestyle-oriented cities. The most expensive city on the list was London, U.K. followed by Monaco. San Francisco, U.S.A. came in third. Family-style housing in these cities required a monthly salary range between $21,603 to $15,000 a month. In Toronto, family-sized apartments require $9,000 a month in salary.
Montreal was the only other Canadian city to make the list.