November 2022 Toronto Rent Report

Temperatures are cooling off in the Greater Toronto Area and so are the region’s average rent prices. This November, the average monthly rent for an unfurnished, one-bedroom unit has fallen by $55, ending a months-long streak of steady increases. This welcome cool-off period comes amid continually rising interest rates and tough competition for rental units, which may be lessening now that the market has slowed slightly. In other parts of the country like Metro Vancouver, prices remain higher than ever so it remains to be seen how this winter will play out.

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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

The average rent price for an unfurnished, one-bedroom unit in the Greater Toronto Area has declined by a significant amount this November, down $55 from October’s yearly high. This ends a seven-month streak of steady increases and may signal that prices will be marginally lower over the winter as per usual. As always, we’ll continue to keep an eye on developing trends in the GTA and driving factors behind the seismic shifts in Canada’s rental markets.

Month-to-month rent change

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

Unfurnished Toronto rent trends

For unfurnished units, major changes to the rent prices throughout the GTA were slight this month. Vaughan-Richmond Hill (+8.01%) had the biggest month-to-month increases this November, followed by Mississauga (+4.58%). The only somewhat notable decline occurred in Scarborough (-1.52%), while in Downtown Toronto, average monthly rent increased by 2.37%.

Furnished Toronto rent trends

Furnished units in different parts of the Greater Toronto Area saw much more pronounced changes this November. In Scarborough, the average price for a furnished, one-bedroom unit rose by 22.93%, recouping last month’s declines. Other noteworthy increases came in Vaughan-Richmond Hill (+10.79%) and Mississauga (+9.63%), while the only major decline occurred in Downtown Toronto ( -4.14%).

Toronto furnished vs unfurnished averages

For October furnished rental units remain significantly more expensive than unfurnished rentals on average. At present, furnished one-bedroom units cost $245 more than unfurnished units, on average – which is more in line with what we’re used to seeing. This means that landlords choosing to rent their units furnished can expect to earn more profits over time, particularly if they choose to rent their unit on a short-term basis. Renters who bring their own furniture can still find significant savings in the GTA.

City breakdown

Brampton is still the cheapest GTA municipality this October, while Downtown Toronto unsurprisingly remains the most expensive.

The average price for an unfurnished one-bedroom unit in Brampton has dropped to $1,673, while in Downtown, the same type of unit goes for $2,433 – a difference of $760.

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.

• Downtown Toronto had the most expensive one-, two-, and three-bedroom unfurnished units by a wide margin this November.
• A two-bedroom, unfurnished unit in Brampton is just $366 more expensive than a one-bedroom, unfurnished unit on average.
• Etobicoke had the most expensive three-bedroom, furnished units this 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, Oshawa remains the least expensive city to rent in this month at $1,647 for an unfurnished, one-bedroom unit, while Oakville was the most expensive at $2,189.

Our complete November 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

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

October 2022 Toronto Rent Report
October 2022 Vancouver Rent Report
October 2022 Montreal Rent Report