How much should I budget for rent?

The cost of rent varies significantly based on the city or province, size of the accommodation, and whether it’s furnished. As a rough guide:

Toronto: Average monthly rent for a 1-bedroom apartment is around $2,300 CAD.
Vancouver: Similar prices to Toronto, with 1-bedroom rentals averaging $2,500 CAD.
Calgary/Winnipeg: Generally lower, with monthly rents starting at $1,200 CAD. Keep in mind that in addition to rent, you’ll need to budget for utilities such as electricity, water, and internet.

Learn More: How to Budget for Living Expenses in Canada

WRITTEN BY

RD Souza

© Prepare for Canada 2026