February 2020 Toronto Rent Report

February 2020 Toronto Rent Prices

Let’s take a look at Toronto rent trends 2020 for February.  Rental rates dipped in February but we predict they’ll recover as we move further into the spring.

February 2020 Toronto rent prices

Toronto Furnished vs. Unfurnished Rentals

What is the average rent in Toronto? The highest average rent in Toronto for an unfurnished one bedroom apartment is $1,888 down from January’s $1,928 while the average rent in Toronto of a furnished apartment also decreased to $1,986 from January’s $2,009.

>> Recommended Reading: Should you rent furnished or unfurnished?February 2020 Toronto rent prices

Neighbourhood Breakdown

February 2020 Toronto rent prices

To assist you in your rental decision, here is a breakdown of rental averages across other neighbourhoods in the GTA. Comparing 1, 2, and 3 bedroom rates for both unfurnished and furnished listings across each neighbourhood.

Brampton had the lowest average rent in the GTA for an unfurnished, 1 bedroom unit at $1,633 (down from January’s $1,650) while the highest average 1 bedroom rent in the GTA for a similar home in February was in Downtown Toronto at $2,252 (down slightly from January’s $2,453).

Most Expensive Cities in Canada

Average cost of living in Toronto continues to be the highest in Canada in a city by city comparison.

February 2020 Toronto rent pricesVancouver comes in at a close second, with the average reported rent of $1,767 as of February. There are many similarities, and differences between the two most popular and expensive cities in Canada. Check out our article on the cost of living comparison between Vancouver and Toronto here

Here is the full Toronto rent report for you to save and reshare with ease:

February 2020 Toronto rent prices

Remember though, despite paying premium rates to live in Toronto’s downtown core, tenants are saving in other ways, primarily, on car-related expenses (vehicle, insurance, fuel and repairs). In addition, time is money, and living near where you work pays mental health dividends in terms of reduced commuting times and associated stress.

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For more rental stats, read our previous post January 2020 Toronto Rental Report or compare rents with Vancouver: February 2020 Vancouver Rent Report or Montreal: January 2020 Montreal Rent Report

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