Toronto residents weigh in on what they think is 'too much' to pay for rent in the city

With Toronto's real estate market taking a nosedive pretty much across the board over the last year-plus, both renters and buyers are finding themselves able to secure better places for lower prices, while landlords, developers and property owners face the prospect of enormous financial losses.

As rental rates and home costs keep on gradually sinking — especially after so many years of the complete opposite — many residents are feeling a little confused about what constitutes a fair price for housing in the city.

blogTO took to the streets to gauge the sentiment of locals and find out the maximum they'd pay for a space right now.

Responses ran the gamut from those who don't appear to be keeping track of realistic costs of living whatsoever to those willing to pay far more than they perhaps should. 

Responding to the question of how much is too much to rent a one-bedroom unit in Toronto, one passerby put forward a price of $2,800 to $3,000, and a second stood firm on the $3,000 mark — quite a lot higher than the city's average of $2,295 for an apartment of that size as of September.

Though more luxurious homes in desirable areas may certainly still go for more than the average price, the range of high $2,000s to $3,000 is actually what the typical two-bedroom unit in the city is now going for.

So, saying this amount is a little high for a one-bed is pretty accurate.

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How much would you be willing to pay for rent in Toronto? 👀

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Another person we spoke with, who admitted they had no idea what price to respond with, came in at the opposite end of the spectrum, with a wildly idealistic "maybe, like, over $1,000?"

Other feedback fell in the middle, with interviewees stating figures of $1,500, $1,200 and $2,300, though at least one said that the number they gave was more a case of what they felt was an acceptable price point, versus the highest amount they would pay.

One person pointed out that the answer is pretty subjective and depends on your earnings. In their opinion, you should try to avoid spending more than 35 per cent of your income on rent, which is something that many use as a benchmark for a "living wage."

When further questioned about what they thought was reasonable and/or too much for actually purchasing a one-bedroom in the city, our bystanders' estimates were likewise pretty disparate, showing how feelings — and knowledge — about real estate prices vary.

While one individual said they simply "didn't know" what a sensible price would be in today's market, others came in with suggestions of $400,000, $500,000 and $600,000-$700,000.

"It's way too expensive for people to afford," added one participant, while another posited the hilariously off-base "$50,000."

While one individual said a one-bed condo should be $400,000, another said $500,000 $600,000-$700,000 was more practical,