October 2021 Toronto Rent Report

The slight upward trend in September’s rent averages seems to have been an anomaly, as rent in the Greater Toronto Area has once again fallen to its August levels. Overall, there was plenty of price correction across the board, as any major changes from last month have now gone back to relatively normal levels.

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Let’s take a look now at the latest data and see which neighbourhoods are experiencing the most change in furnished and unfurnished rental rates.

Jump to the following Toronto Rent Report sections:

Toronto rent trends

Toronto’s rental averages seem to have stabilized, just shy of their $1,700 peak in September for a one-bedroom unfurnished apartment. This is the same average we saw in August, and could indicate a return to more moderate levels before year’s end.

Month-to-month rent change

This chart breaks down the percentage change in rent across all central Toronto neighbourhoods from September 2021 to October 2021.

Unfurnished Toronto rent trends

Unfurnished rentals largely maintained their September levels, especially in Toronto which remained almost exactly the same with a 0.05% increase.

Furnished Toronto rent trends

Furnished rental prices were particularly volatile this month, with significant drops in Mississauga (-16.03%) and North York (-9.75%) matched by equally large increases in areas like Etobicoke (10.50%). It’s worth nothing that prices of furnished units tend to fluctuate more as the units are typically short-term rentals or guest suites in somebody’s primary residence.

Toronto furnished vs unfurnished averages

Continuing to monitor the close price difference in Toronto rent trends, right now in some neighbourhoods, furnished rentals continue to be cheaper than unfurnished ones on average — but just barely. October sees the two neck-in-neck, with furnished rentals only $1 cheaper on average than their unfurnished counterparts.

Neighbourhood breakdown

Brampton continues its reign as the most affordable GTA neighbourhood while the most expensive remains Toronto itself.

In Brampton, an unfurnished one-bedroom goes for $1,486 on average, but in Toronto, the same kind of unit averages $1,871 — a difference of $385.

Because Canada’s cities are so diverse, we’re breaking down the GTA into its different neighbourhoods to see the price difference within listing types: one-bedroom, two-bedroom, and three-bedroom units, both unfurnished and furnished.

• Furnished units in Mississauga are significantly cheaper than furnished ones on average
• Brampton offers the cheapest rentals across the board, except for unfurnished 3 bedroom units where Scarborough wins out.
• North York is the most expensive neighbourhood for furnished three-bedroom units.

Downloadable resources

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Renting in Ontario

For information on renting in Ontario, refer to these comprehensive resource posts:

• What’s A Standard Rental Application?
• What do you need when applying for a rental?
• What Can A Landlord Ask For On A Rental Application In Ontario?
• 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:

September 2021 Vancouver Rent Report
September 2021 Toronto Rent Report
September 2021 Montreal Rent Report