December 2020 Toronto Rent Report

As the winter approaches, Toronto is experiencing an intense second wave of the pandemic and a swath of restrictions intended to curb its spread. With this in mind, we take a closer look at the reported average rent prices for the month of December 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 Toronto Rent Report sections:

December 2020 Toronto Rent Trends

Here we take a look at the average rent of a 1 bedroom, unfurnished apartment over a 6-month period from July to December. The drop in rental rates seems to have slowed though downward pressure persists.

We encourage you to subscribe to our mailing list for updates on the Toronto rental market and for our continued reporting on the impact of COVID-19 on the rental industry.

Month-to-Month Rent Change

Below, we show the percentage change in average rent from November to December’s figures. The volatility of earlier months seems to have subsided for rentals in the GTA. North York saw an increase of 5.55% in the furnished rental category while Vaughan/Richmond Hill experienced the biggest drop – a 6.86% decline – in furnished rentals. Brampton saw it’s unfurnished rentals slide almost as much – a 6.76% decrease.

Toronto Furnished vs. Unfurnished Averages

What is the average rent in Toronto? The average rent in Toronto for an unfurnished one-bedroom apartment is $1,715 down slightly from November’s $1,726. The average rent in Toronto of a furnished apartment declined too, to $1,742 from November’s $1,770.

Neighbourhood Breakdown

Brampton continues to have the lowest average rent in the GTA for an unfurnished, 1 bedroom unit at $1,380, dropping from November’s $1,510. While the highest average 1 bedroom rent in the GTA for a similar home in December was, predictably, in Downtown Toronto at $1,930, down again from November’s $1,993. 

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

Average Rent in Canada

The average rent in Toronto continues to be the highest in Canada in a city by city comparison – $1,715, down from last month’s $1,726, based on 1 bedroom unfurnished rates.

Vancouver comes in second, with the average reported rent of $1,687 as of December. 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 better understanding of both cities.

Downloadable Resources

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Subscribe to receive monthly updates on Canada’s major rental markets. Discover last month’s Rent Reports below:

Vancouver Rent Report
Toronto Rent Report
Montreal Rent Report
Calgary and Edmonton Rent Report

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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):

• Coronavirus (COVID-19) Canada – Support For Landlords
• Tips for Moving During the COVID-19 Pandemic