March 2022 Toronto Rent Report

March sees the Greater Toronto Area’s rental averages cool off slightly after a massive $112 increase between January and February. This month, the average price for an unfurnished, one-bedroom unit has fallen $18, despite some fairly significant price increases in various communities across the GTA.

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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

After February’s huge rebound, rental averages for one-bedroom unfurnished apartments in the GTA have largely levelled off, although prices remain high at $1,766 this month – an $18 decrease from February. This slight pull-back is likely just a normal cooling-off period, although it’s too soon to say for certain whether or not a downward trend will form.

Month-to-month rent change

This chart breaks down the percentage change in rent across all GTA cities/municipalities from February 2022 to March 2022.

Unfurnished Toronto rent trends

Unfurnished rental prices experienced relatively moderate gains and losses this month, especially compared to February’s price action across the GTA. Etobicoke saw a -12.19% decrease after rising +22.23% increase last month, although rental prices remain comparatively high. Downtown Toronto‘s rental averages for unfurnished, one-bedroom units increased once again, up another +4.87% since last month.

Furnished Toronto rent trends

Furnished units were a bit more volatile this March, especially outside of Downtown Toronto. Mississauga‘s average rental prices added +10.30%, while Scarborough similarly added +10.67%. Vaughan-Richmond Hill added +9.29%. On the other hand, North York‘s average prices for furnished units fell -6.17% while in Etobicoke, averages dropped -4.19%. In Downtown Toronto, furnished units fell just -0.76%.

Toronto furnished vs unfurnished averages

We’re continuing to closely monitor the price difference in GTA rental trends, looking at the price difference between furnished and unfurnished units. Once again, we’re seeing that furnished one-bedroom units are cheaper on average than their unfurnished counterparts – with the latter cheaper by $42 this February.

City breakdown

Brampton is still the cheapest GTA municipality, and Downtown Toronto is once again the most expensive after Etobicoke’s prices returned to earth this month.

After prices fell slightly this month, an unfurnished one-bedroom unit in Brampton can now be had for an average of just $1,525. In Downtown, the same type of unit goes for $2,003, a difference of $478.

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

• Both furnished and unfurnished one-bedroom units in Downtown Toronto now go for over $2,000/month in rent, at $2,053 and $2,003, respectively.
• It’s cheaper to rent furnished units than unfurnished ones in many GTA communities, including Markham, Mississauga, Brampton, and Vaughan-Richmond Hill.
• Two-bedroom, furnished units are more expensive on average than three-bedroom ones in Downtown Toronto.

Rental averages outside of the GTA

We’ve explored data from neighbourhoods, cities, and municipalities outside of the Greater Toronto Region. For these cities, Oshawa had the least expensive rent for an unfurnished one-bedroom unit, at $1,605, while Oakville had the most expensive at $2,020.

Our complete March 2022 Rent Report has information on even more key areas, broken down into region and unit type for a more complete overview of rental averages in Ontario. To view these and all the other new information we’ve added, be sure to download your copy of the Rent Report below.

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Renting in Ontario

For more 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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February 2022 Toronto Rent Report
February 2022 Vancouver Rent Report
February 2022 Montreal Rent Report