February 2021 Toronto Rent Report

Toronto is perennially the most expensive city in Canada to rent. This winter, we’re seeing a unique trend that we expect to continue into the spring that will be music to renters’ ears.

Right now, the borders are still closed to international travel and the city isn’t seeing the usual number of tourists, international students, and immigrants which has had a big effect on the city’s overall vacancy which is way up.

This month, we’re taking a closer look at the reported average rent prices for February across the Greater Toronto Area. Based on data gathered from our own liv.rent platform and other listing websites, our rent report shares key market data and trends to help keep landlords and tenants make informed decisions as we continue to head into 2021 full steam.

Jump to the following Toronto Rent Report sections:

February 2021 Toronto Rent Trends

Here we take a look at the average rent of a 1 bedroom, unfurnished apartment over a 6-month period from September 2020 to February 2021. The drop in rental rates continues in Toronto, a trend that is expected to continue into spring.

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 January to February’s figures. Some of the volatility of last month appears to have abated in some neighbourhoods in the GTA, though unfurnished rentals have dropped across the board. Most noticeable dip this month came from Brampton: where last month saw the area’s rates rise 5.07%, February saw a dip of 1.21%. In furnished rentals, Etobicoke saw a dramatic rebound to 5.20% from -3.23% in January.

Toronto Furnished vs. Unfurnished Averages

What is the average rent in Toronto? The average rent in Toronto for an unfurnished one-bedroom apartment is $1,676 down from January’s $1,700. The average rent in Toronto of a furnished apartment rose, however, to $1,749 from January’s $1,717.

Neighbourhood Breakdown

Brampton continues to have the lowest average rent in the GTA for an unfurnished, 1 bedroom unit at $1,363, down from January’s $1,450. Curiously, a furnished rental in Brampton cost less this month at $1,320. While the highest average 1 bedroom rent in the GTA for a similar home in February was, predictably, in Downtown Toronto at $1,873, down again from January’s $1,903.

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 slide in average rents in Toronto pushed rents lower but Toronto remains the most expensive city in Canada in a city by city comparison. Toronto’s average rent in January was $1,676 compared to Vancouver’s $1,661.

Vancouver has always been a close second but the decline in rental rates has been less dramatic there, resulting in a smaller disparity between markets. There are many similarities and a few key differences between the two most popular and expensive cities in Canada, discussed in our Cost of Living comparison – link below.

Downloadable Resources

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Looking for the full report? Download it for free here.

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Learn More

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