July 2020 Toronto Rent Report

by Kristina - July 2, 2020 - 4 min read

July 2020 Toronto Rent Prices

This month, we take a closer look at the reported average rent prices for the month of July across the Greater Toronto Area. This is our fourth set of figures collected for a complete COVID-19 pandemic period and a slight upward trend in rental rates is evident based on July’s figures

Month-to-Month Rent Change

Below, we show the percentage change in average rent from June to July’s figures. The biggest increase was in Etobicoke, where rent for furnished listings increased by 9.27%, while the biggest decrease was seen in Brampton area with furnished listings experiencing a 5.03% dip.

Toronto Furnished vs. Unfurnished Rentals

What is the average rent in Toronto? The average rent in Toronto for an unfurnished one bedroom apartment is $1,792, up slightly from June’s $1,780. The average rent in Toronto of a furnished apartment decreased to $1,843 from June’s $1,850.

RECOMMENDED READING: Average Rents near Transit in the Greater Toronto Area

Neighbourhood Breakdown

Brampton had the lowest average rent in the GTA for an unfurnished, 1 bedroom unit at $1,600, down from June’s $1,643. While the highest average 1 bedroom rent in the GTA for a similar home in July was in Downtown Toronto at $2,017, down from June’s $2051.

To assist you further 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.

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 second, with the average reported rent of $1,657 as of July. There are many similarities, and a few key differences between the two most popular and expensive cities in Canada. Read 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):

Download the complete July 2020 Rent Report Package for easy sharing here.