A new report shows that post-secondary students in Toronto are paying hundreds of dollars more in rent than any other city in the country, and many are leaning on their family to make ends meet.
On Tuesday, consumer insights group Studenthaus released the findings of its “State of Canadian Student Living” survey, which collected responses from over 6,000 students and 22 post-secondary schools in 16 cities.
In it, researchers found that students in Canada living away from home are paying an average of $1,146 per month on rent.
But the story changes in the country’s biggest city, where students at the University of Toronto pay an average of $1,689 per month and those at Toronto Metropolitan University pay $1,640.
Of the students surveyed at UofT and TMU, most say they consider their rent to be affordable at 61 and 73 per cent, respectively. However, the data also shows that most of those students are receiving some, or full, financial support from their family. York University was not included in the report.
“Toronto students are paying hundreds more every month in rent than the national average, relying primarily on support from family members to keep them afloat,” Julian Wells, CEO and founder of Studenthaus said in an email to CTV News Toronto.
Of the more than 300 U of T students who responded, 82 per cent said they receive help from their families to keep a roof over their heads, with 70 per cent of those respondents saying their rental costs are paid in full by their parents.
Fifty-one students were surveyed at TMU and 66 per cent said their parents help them out. At least 70 per cent of those students said their rental costs are fully covered.
On average, U of T students ranked their satisfaction with their housing situation at 3.9 out of 5, while TMU students scored theirs at 3.84.
The median cost of rent was found to be significantly cheaper at Western University in London ($950) and McMaster University ($875) in Hamilton. Not only that, but respondents at those schools reported having the highest level of satisfaction with their housing among those surveyed at 4.09 and 4.08, respectively.
“Basically, Ontario students are bifurcated. You either pay some of the highest rents in the country or some of the lowest rents in the country, depending on the market,” Wells said.
The cheapest monthly rent among Ontario post-secondary schools surveyed in the report was Carleton University in Ottawa at $850 per month.
Wells explained that students in Vancouver and Victoria are paying a similar premium, albeit at a few hundred dollars less with rents in the neighbourhood of $1,200 per month on average.
