April 2022 Toronto Rent Report

Average rental prices seem to have mostly stabilized across the Greater Toronto Area this April, up just $4 since last month. In all but a few GTA cities and municipalities, prices hardly budged in terms of unfurnished, one-bedroom units.

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

Jump to the following Toronto Rent Report sections:

Toronto rent trends

After a rollercoaster winter for the Greater Toronto Area’s rental prices, averages have been comparatively stagnant since February. For April, the region’s rental average for unfurnished, one-bedroom units has settled in at $1,776 – a very slight $4 increase from March. Although rent prices may be considerably higher than they were this time last year, it’s a relief to see some stability in the area’s rental market.

Month-to-month rent change

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

Unfurnished Toronto rent trends

Unfurnished units were mostly stable in terms of month-to-month price change, continuing the relative stagnation that began in February. In Vaughan and Richmond Hill, prices barely budged, up just 0.24% from last month. North York (-0.47%), Scarborough (+0.60%), and Markham (+1.64%) also saw very minor changes, while Mississauga (+6.42%) and Etobicoke (-5.33%) had the most significant changes. In Downtown Toronto, the price of unfurnished, one-bedroom units increased 2.06% this month.

Furnished Toronto rent trends

Furnished units had a few more large-scale changes, most notably in Downtown Toronto itself where average prices increased by 9.49%. Markham saw the price of furnished, one-bedroom units decrease by a huge -24.08%, while Etobicoke (-12.09%) and North York (-6.28%) also had significant price drops this month.

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. Furnished units were considerably cheaper than unfurnished ones this month, with the latter now $120 cheaper on average for the month of April.

City breakdown

Brampton retains its status as the cheapest GTA municipality, and Downtown Toronto likewise continues its tenure as the most expensive.

Average rent prices may have risen in the municipality this month, but an unfurnished one-bedroom unit in Brampton can still be had for an average of just $1,623. In Downtown, the same type of unit goes for $2,044, a difference of $421.

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.

• Everywhere but in Downtown Toronto, furnished one-bedroom units cost less to rent on average than unfurnished ones this month.
• In terms of furnished units, Downtown Toronto has the most expensive one-bedroom units but the cheapest three-bedroom units this month.
• Brampton had the cheapest unfurnished units across the board this month, for one, two, and three-bedroom units.

Rental averages outside of the GTA

We’ve explored data from neighbourhoods, cities, and municipalities outside of the Greater Toronto Region. For these cities, Milton had the least expensive rent for an unfurnished one-bedroom unit, at $1,583, while Oakville had the most expensive at $1,980.

Our complete April 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.

Downloadable resources

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

March 2022 Toronto Rent Report
March 2022 Vancouver Rent Report
March 2022 Montreal Rent Report