June 2020 Toronto Rent Report

June 2020 Toronto Rent Prices

This month, we take a closer look at the reported average rent prices for the month of June across the Greater Toronto Area. These are our third set of figures collected for a complete COVID-19 pandemic period and a downward trend in rental rates is evident, though it recently appears to be leveling out.

Month-to-Month Rent Change

Below, we show the percentage change in average rent from May to June’s figures. The biggest decrease was in Mississauga, where rent for unfurnished listings dropped by 3.64%, while the biggest increase was seen there, too, with furnished listings experiencing a 4.61% boost.

Toronto Furnished vs. Unfurnished Rentals

What is the average rent in Toronto? The average rent in Toronto for an unfurnished one bedroom apartment is $1,780, down slightly from May’s $1,784. The average rent in Toronto of a furnished apartment also decreased to $1,850 from May’s $1,947.

RECOMMENDED POST: Coronavirus (COVID-19) Canada – Update For Landlords and Tenants

Neighbourhood Breakdown

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 $1,643 (down from May’s $1,654) while the highest average 1 bedroom rent in the GTA for a similar home in June was in Downtown Toronto at $2,051 (down from May’s $2,056). 

May 2020 Toronto Rent Report, May 2020 Toronto rent pricesMay 2020 Toronto Rent Report, May 2020 Toronto rent prices

Most Expensive Cities in Canada

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

Vancouver comes in at a close second, with the average reported rent of $1,639 as of June. There are many similarities, and a few key 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 to get a full view. 

COVID-19 Resources 

For information regarding Coronavirus (COVID-19) and landlords and tenants, refer to our comprehensive resource posts. They include information on the various federal and provincial assistance initiatives available to help support landlords (small business relief) and tenants (rent relief):

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

DOWNLOAD:  The complete June 2020 – Toronto Rent Report

Be sure to subscribe to our mailing list for all future updates on the Toronto rental market 2020.

Compare to other cities’ June Rent Reports:

June 2020 Vancouver Rent Report
June 2020 Montreal Rent Report

See last month’s Rent Reports:

May 2020 Vancouver Rent Report
May 2020 Toronto Rent Report
May 2020 Montreal Rent Report

 


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