June 2021 Toronto Rent Report

This month brings us to the halfway point of 2021, and after we saw a spike in the cost of rent in May, we’re excited to share what’s happened in the Toronto rental market since then.

We’re liv.rent and every month, we create these rent reports to share with our community an accurate look at the real cost of rent in Toronto.

You can get the latest updates on the Toronto rental market straight to your inbox when you subscribe to keep on top of the trends.

We have a rental platform with solutions for every step in the rental process, and the data in the report is primarily from our own platform. It has also been supplemented with data collected manually from other listings sites in Canada. This report and the rental trends herein are created to help our community of tenants and landlords make informed and empowered decisions.

Let’s dive right in and take a look at the reported average rent prices for June across the Greater Toronto Area:

Jump to the following Toronto Rent Report sections:

June 2021 Toronto rent trends

Rental averages for a one-bedroom unfurnished apartment in Toronto seem to have returned to where they were six months ago in January 2021.

May saw a spike in the cost of rent but it’s gone down just slightly since then. We’ve seen a similar trend in Vancouver between May and June.

Month-to-month rent change

Let’s take a look now at the exact percentage change in rent across the different Toronto neighbourhoods and see how it’s changed from last month.

Unfurnished Toronto rent trends

For the month of June, unfurnished rentals in Toronto went up almost across the board in each neighbourhood except for Brampton. It went up the most sharply in the Downtown and North York areas.

Furnished Toronto rent trends

In Brampton and Mississauga, furnished rent dropped by a fair bit but it’s remained more or less unchanged in the other GTA neighbourhoods.

Toronto furnished vs. unfurnished averages

There’s an astoundingly small gap between furnished and unfurnished rental averages in Toronto right now. For example, a furnished one-bedroom apartment is around $27 more expensive for monthly rent than an unfurnished unit.

Neighbourhood breakdown

Brampton is the most affordable GTA neighbourhood is Brampton and the most expensive is Downtown.

In Brampton, an unfurnished one-bedroom goes for $1,455 on average, while in Downtown Toronto, the same kind of unit will go for $1,884 — a difference of $429.

Next, let’s look at the entire GTA to see the average rental rates broken down by listing types: one-bedroom, two-bedroom, and three-bedroom units, both for unfurnished and furnished.

Key takeaways:

• North York & Etobicoke are very close in rental prices
• The most affordable three-bedrooms are in Scarborough
• Furnished and unfurnished one-bedrooms in Vaughan/Richmond hill are extremely close in price

Average rent in Canada

It turns out that Vancouver is still holding on to its slight lead as the most expensive city to rent in Canada. The difference is very close and perhaps Toronto could retake the top spot again.

Downloadable resources

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Subscribe to receive these monthly updates on the Toronto rental market. Discover last month’s Rent Reports below:

May 2021 Vancouver Rent Report
May 2021 Toronto Rent Report
May 2021 Montreal Rent Report

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COVID-19 resources 

For information regarding COVID-19, refer to these 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
• Renting: changes during COVID-19

Renting in Ontario

For information on renting in Ontario, refer to these resource posts about leases and evictions.

• Ontario Standard Lease Explained
• Frequently Asked Questions: Everything You Need to Know About Eviction in Ontario