August 2020 Toronto Rent Report
This month, we take a closer look at the reported average rent prices for the month of August across the Greater Toronto Area. Based on data gathered from numerous listing websites and our own liv.rent platform, our rent reports seek to identify and share key market data and trends, to help inform and educate landlords and tenants alike.
Jump to the following Rent Report sections:
August 2020 Toronto Rent Trends
As the province re-opens for business and many Canadians slowly return back to the workplace. We’re taking a look at the average rent of a 1 bedroom, unfurnished apartment over the 6-months. We notice a reversal of July’s slight upward trend in rental rates with August data seeing a dip in the GTA’s rents.
Month-to-Month Rent Change
Below, we show the percentage change in average rent from July to August’s figures. We saw the greatest volatility in the Vaughan/Richmond Hill region of the GTA – a slight 2.22% rise in rates for unfurnished listings but a significant drop of 13.94% for furnished rentals.
Toronto Furnished vs. Unfurnished Averages
What is the average rent in Toronto? The average rent in Toronto for an unfurnished one-bedroom apartment is $1,773, down from July’s $1,792. The average rent in Toronto of a furnished apartment decreased to $1,788 from July’s $1,843.
RECOMMENDED READING: Average Rents near Transit in the Greater Toronto Area
Brampton had the lowest average rent in the GTA for an unfurnished, 1 bedroom unit at $1,511, down further from July’s $1,600. While the highest average 1 bedroom rent in the GTA for a similar home in August was in Downtown Toronto at $2,012, down slightly from July’s $2,017.
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
The 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 $1,660 as of August. 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.
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Compare to other cities’ August Rent Reports:
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):
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