- Unfurnished rent in Vaughan & Vaughan-Richmond Hill increased more than faster than other GTA areas.
- Overall rent is simmering just below $1,700 per month for an unfurnished one-bedroom.
- Toronto is still cheaper than Vancouver for unfurnished one-bedrooms but the gap got smaller.
As August rolls around to Toronto, liv.rent is continuing to report on the Summer Simmer, a rental trend we’re tracking right now. Each month, we share our data on the actual cost of rent in Toronto with our community.
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.
When we started 2021, rent prices were lower than usual due to the COVID-19 pandemic and its effects. Then, we saw parity last month between furnished and unfurnished rental averages. Now, we’re tracking a Summer Simmer and seeing Toronto’s rent prices bubble just below Vancouver’s.
Jump to the following Toronto Rent Report sections:
Complete August 2021 Toronto Rent Report: Download Here
Toronto rent trends
Rent has continued to trend downward since May for a one-bedroom unfurnished apartment, although slightly. Now, the price is simmering below $1,700.
In fact, August rental rates are pretty similar to where they were back in March 2021.
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Month-to-month rent change
This chart breaks down the percentage change in rent across all central Toronto neighbourhoods from July 2021 to August 2021.
Unfurnished Toronto rent trends
Primarily, unfurnished rentals were unchanged. Last month we saw a dip in both Brampton and Vaughan which has now reversed as rent has gone up slightly (+8.20%) (+3.84%) in both areas.
Furnished Toronto rent trends
Furnished rent dropped sharply in Mississauga and went up slightly in every other GTA neighbourhood.
Toronto furnished vs. unfurnished averages
Last month, unfurnished and furnished rentals were exactly the same price on average. Now, we’re seeing furnished rentals pull ahead as just slightly more expensive.
We’ll continue to monitor this unique Toronto rent trend as right now in some neighbourhoods, furnished rentals are cheaper than unfurnished ones on average.
Neighbourhood breakdown
Brampton continues to be the most affordable GTA neighbourhood while the most expensive is Downtown.
In Brampton, an unfurnished one-bedroom goes for $1,486 on average, but in Downtown Toronto, the same kind of unit will go for $1,871 — a difference of $385.
Because Canada’s cities are diverse, we’re breaking down the GTA into its different neighbourhoods to see the price difference listing types: one-bedroom, two-bedroom, and three-bedroom units, both unfurnished and furnished.
- Unfurnished units in North York are more expensive than furnished ones.
- Etobicoke & North York have extremely similar price points for unfurnished units, unless you want a three-bedroom where the price difference jumps up almost $300
- Furnished three-bedrooms are nearing at the $3,000 per month mark in Downtown and North York
Average rent in Canada
Since taking out Toronto as the Canada’s most expensive city to rent, Vancouver has remained at the top of the list. The price difference closed a biting the last month.
Downloadable resources
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Complete August 2021 Toronto Rent Report: Download Here
Renting in Ontario
For information on renting in Ontario, refer to these comprehensive resource posts:
- Applying For A Rental In Ontario Part 1: What’s A Standard Rental Application?
- Applying For A Rental In Ontario Part 2: What do you need when applying for a rental?
- Applying For A Rental In Ontario Part 3: What Can A Landlord Ask For On A Rental Application In Ontario?
- Applying For A Rental In Ontario Part 4: How Do I Fill Out A Rental Application?
- Ontario Standard Lease Explained
- Frequently Asked Questions: Everything You Need to Know About Eviction in Ontario
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Subscribe to receive these monthly updates on the Toronto rental market. Discover last month’s Rent Reports below:
July 2021 Vancouver Rent Report
July 2021 Toronto Rent Report
July 2021 Montreal Rent Report
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