- The average rental price for one-bedroom unfurnished units in the Greater Toronto Area has increased by $140 this month to a new yearly high of $1,945
- An unfurnished, one-bedroom unit in Downtown Toronto now costs an average of $2,103 per month.
- Oakville is now the most expensive place to rent an unfurnished one-bedroom unit outside of the GTA in Ontario, at an average of $1,996 per month.
Average rental prices in the Greater Toronto Area have made a huge leap this June, increasing a massive $140 since our May rent report. Prices increased in nearly every GTA municipality this month, particularly for unfurnished rentals – although we’ll look at some key trends for furnished units as well throughout this report.
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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.
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Toronto rent trends
The warmer months nearly always bring higher rent prices across Canada’s rental markets, and this June is no different. The GTA’s average rental price for an unfurnished, one-bedroom unit has soared to $1,945 this month all the way up from $1,805 in May. This $140 increase is huge for both renters and landlords, and mimics the steep upward trend we’ve seen in Metro Vancouver over the past two months.
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Month-to-month rent change
This chart breaks down the percentage change in rent across all GTA cities/municipalities from May to June 2022.
Unfurnished Toronto rent trends
As would be expected given the meteoric increase in average monthly rent, unfurnished rentals saw some notable changes this June. Month-to-month, the most significant increases were a +13.04% increase in rent in Markham, with other large leaps in Vaughan–Richmond Hill (+12.95%), Mississauga (+8.29%), and North York (+4.17%). There were no declines in prices for unfurnished, one-bedroom units this month, but Downtown Toronto had more modest increases – up just 3.12% this month.
Furnished Toronto rent trends
Furnished units were a similar story this month, with mostly large increases and only a few declines in certain areas. Leading the uptrends are Brampton (+17.55%), Markham (+16.67%), and Downtown Toronto (+11.34%). The biggest declines in monthly rent prices this month were in North York (-8.84%) and Mississauga (-2.93%).
Toronto furnished vs unfurnished averages
For a while now, the gap in average rent prices for furnished and unfurnished renters has been narrowing in the GTA. This June, furnished one-bedroom units are just barely more expensive than unfurnished ones, by only $37. Though this is just an average, it does signal that renters won’t save as much as usual by bringing their own furniture with them.
City breakdown
Brampton is once again the cheapest GTA municipality, while Downtown Toronto retains its status as the most expensive.
The average price for an unfurnished one-bedroom unit in Brampton has risen slightly to $1,672, but is still the cheapest municipality by far. In Downtown, the same type of unit goes for $2,103, a difference of $431.
Read More: Rental Vacancy Rates In The City Of Toronto
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.
- Furnished, three-bedroom units in Downtown Toronto were notably cheaper this month, at $2,720 compared to $3,176 for two-bedroom units.
- Mississauga has the cheapest one-bedroom, furnished units this month, but the most expensive three-bedroom, furnished units at $3,725.
- Mississauga had the cheapest one-bedroom, furnished units, but the most expensive three-bedroom ones – at an average of $3,725 per month.
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 edged out Oshawa for the least expensive rent for an unfurnished one-bedroom unit, at $1,653 compared to Oshawa’s $1,655, while Oakville was the most expensive at $1,996.
Our complete June 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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Find out with a free rent estimate. Our team of rental experts will calculate your unit’s true value based on your listing details & current market trends.
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Download The Latest Toronto Rent Report
For the complete Toronto rent report, download here.
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
Data collection methodology
Our monthly rent reports use data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites – looking at available basement suites, apartments, condos, townhouses, semi-detached houses, and single-detached houses for each area.
When collecting this data, we do exclude luxury properties listed at over $5,000, as well as rooms for rent and shared accommodation. Investing in manual data collection means that we only consider the current month’s listing, since we can filter out duplicate listings and older ads that haven’t been removed.
Another key difference between our data collection methods and some government agencies like the CMHC is that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied, and may be rent-controlled or rented for significantly lower than the current rates.
As we are a Canadian rental platform founded and based in Vancouver, we want to ensure that we’re providing a completely accurate depiction of the rental market in the cities we look at.
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May 2022 Toronto Rent Report
May 2022 Vancouver Rent Report
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