Average Student Rent and Monthly Housing Costs in Toronto 2026

Average Student Rent and Monthly Housing Costs in Toronto 2026

The average student rent in Toronto in 2026 remains one of the largest expenses international students need to plan for before studying in Canada. Depending on location and housing type, the University of Toronto estimates that students in the Greater Toronto Area can spend approximately CAD 1,220 to CAD 2,700 per month on housing alone.

Students who share an apartment or rent a room farther from Downtown can often stay near the lower end of this range. Those choosing a private apartment near the University of Toronto or Toronto Metropolitan University may spend considerably more.

CMHC forecasts the average rent for a two-bedroom purpose-built apartment in the Toronto CMA at CAD 2,120 per month in 2026, with the rental vacancy rate rising to approximately 3.8%.

Average Student Rent and Monthly Housing Costs in Toronto

A practical 2026 student housing budget looks roughly like this:

These figures should be treated as planning ranges. Exact prices depend on neighborhood, apartment type, furnishings, utilities and lease conditions.

Toronto Rental Market in 2026

Toronto’s rental market is somewhat easier for tenants than it was several years ago.

CMHC’s Summer 2026 Housing Market Outlook forecasts:

• Rental vacancy rate: 3.8%.
• Average two-bedroom rent: CAD 2,120/month.
• 2025 average two-bedroom rent: CAD 2,046.
• 2024 average two-bedroom rent: CAD 1,974.

Higher vacancy means students may have more properties to compare, but inexpensive housing near campuses and rapid transit remains competitive.

Monthly Costs Beyond Rent

International students should never budget for rent alone.

The University of Toronto’s official 2026 cost-of-living guide estimates typical monthly expenses at:

Hydro and grocery costs can exceed these estimates depending on consumption and lifestyle.

How Much Does an International Student Need Per Month in Toronto?

Using U of T’s official estimates, a student sharing relatively inexpensive accommodation should expect total living expenses to approach CAD 1,800–2,000 per month or more, even before tuition and books.

A student living alone in a more expensive unit can easily spend CAD 3,000–3,700+ per month once rent, food, internet, transportation, phone service and personal expenses are included.

The biggest variable is housing. Reducing rent by sharing accommodation can therefore have a much larger effect on the annual budget than small cuts to entertainment or phone expenses.

How Much Does University of Toronto Residence Cost?

University residence prices vary significantly by building, room type and meal plan.

For the 2026–2027 academic year, examples at U of T St. George include:

• New College: approximately CAD 14,965–20,770 including meal plan.
• University College: CAD 16,548–21,236 including meal plan.
• Knox Residence: approximately CAD 18,772–20,358 including meal plan.
• Chestnut Residence: approximately CAD 22,858–27,120 including meal plan.
• CampusOne: approximately CAD 29,089–33,965 for 12 months, including required meal-plan costs in the published range.

For example, a double room at University College with its standard meal plan costs CAD 16,548, while a Morrison Hall single with the larger meal plan costs CAD 21,236.

Students should compare residence fees with private rent carefully because residence packages often include food, utilities and other services.

Toronto Metropolitan University Housing Costs

TMU’s official 2026–2027 budgeting information estimates:

• On-campus accommodation: CAD 9,000–15,100+ for the academic year, before applicable meal-plan costs.
• Off-campus housing: approximately CAD 15,000–21,000+ for 12 months.
• Transportation: approximately CAD 128+ per month.
• Personal expenses: approximately CAD 400–700 per month.
• Food plan: approximately CAD 5,565–7,571 depending on the plan.

TMU’s residence fees include internet, laundry charges, residence programming and insurance fees. Mandatory meal plans apply to several residence configurations.

York University Residence Costs

York University provides some comparatively lower-cost residence options.

For 2026–2027, eight-month Keele Campus accommodation includes:

• Founders double: CAD 9,072.
• Bethune double: CAD 9,336.
• Founders single: CAD 10,694.
• Bethune single: CAD 11,002.
• Calumet suite double: CAD 11,462.
• Bethune four-person suite single: CAD 13,294.

Dining plans are required in traditional residences but optional in several suite-style options with cooking facilities.

This can make suite accommodation attractive to students who want to control their food costs.

Is Sharing an Apartment Cheaper?

In most cases, yes.

With CMHC forecasting an average two-bedroom rent of CAD 2,120 in Toronto, two students dividing the rent equally would pay approximately CAD 1,060 each before utilities.

Sharing can also reduce the individual cost of:

• Internet.
• Electricity.
• Furniture.
• Household supplies.
• Kitchen equipment.

U of T specifically recommends sharing as a way for students to lower Toronto housing expenses.

How to Reduce Student Housing Costs in Toronto

Students trying to keep their monthly budget under control should:

1. Rent a private room instead of an entire apartment.
2. Share a two- or three-bedroom unit.
3. Search outside Downtown Toronto.
4. Live near TTC subway or major transit routes.
5. Compare Scarborough, Downsview and York University Heights.
6. Check whether electricity and internet are included.
7. Avoid paying a premium for luxury condominium amenities.
8. Compare university residence packages with the full cost of private housing.

A cheaper apartment farther from campus is only worthwhile if transportation costs and commuting time remain reasonable.

Does the Study Permit Financial Requirement Cover Toronto Living Costs?

Students should distinguish between Canada’s immigration proof-of-funds requirement and the actual cost of living in Toronto.

For study permit applications submitted on or after September 1, 2026, U of T notes that the required minimum annual living-expense funds for a single applicant have increased to CAD 23,448, excluding tuition and travel.

That works out to less than CAD 2,000 per month, so students paying high Toronto rents should not assume that the immigration minimum will necessarily cover their real expenses.

Is Toronto Expensive for International Students?

Yes, particularly for students who want to live alone Downtown.

For 2026, a sensible planning range is:

• Budget-conscious student sharing housing: around CAD 1,800–2,200+ per month.
• Typical student with moderate spending: around CAD 2,200–2,800+.
• Student living alone: CAD 3,000+ can be realistic.

These figures exclude tuition.

The most effective way to lower the cost of living in Toronto for international students is generally to share housing and choose a neighborhood with good public transportation rather than insist on living immediately beside campus.

Official Sources

• University of Toronto – Living Costs in Toronto 2026
• University of Toronto – Compare Residence Fees 2026–2027
• Toronto Metropolitan University – Tuition and Living Costs
• York University – Undergraduate Residence Rates 2026–2027
• CMHC – Summer 2026 Housing Market Outlook