December 2022 Toronto Rent Report

Looking for our full December 2022 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

The Greater Toronto Area’s rent prices have steadied this December, capping off a torrid year for both renters and landlords. To end the year, the GTA’s monthly average rent price for an unfurnished, one-bedroom unit has fallen by just $12. This is the second consecutive month-to-month decline after a long streak of increases, largely owing to Canada’s continually rising interest rates and consistently high demand for rental housing. As we typically see, prices have started to dip heading into the winter months, though whether this trend is short-lived remains to be seen.

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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 fallen slightly this December, down $12 from the previous month’s average. This is now the second back-to-back decline, after a seven-month streak of rental rate increases in the GTA. 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 as we head deeper into the winter renting season.

Month-to-month rent change

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

Unfurnished Toronto rent trends

For unfurnished units, the majority of changes were small this December. Mississauga saw the largest increase at +4.57%, while prices in Downtown Toronto increased by a relatively significant +3.34%. In terms of declines, both Markham (-4.65%) and Brampton (-3.07%) saw similar downward trends, the only two municipalities to see a fall in price this month.

Furnished Toronto rent trends

Furnished units in the GTA’s various municipalities saw larger changes this December. In Scarborough, the average price for a furnished, one-bedroom unit rose by 12.22%, continuing a steep upward trend that began last month. Notable declines occurred in Brampton (-8.80%), Vaughan-Richmond Hill (-4.32%) and Markham (-3.89%), recouping last month’s declines.

Toronto furnished vs unfurnished averages

This December, furnished rental units remain significantly more expensive than unfurnished rentals on average. At present, furnished one-bedroom units cost $299 more than unfurnished units as a whole – which is 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 decide to rent their units 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 December, while Downtown Toronto unsurprisingly remains the most expensive.

The average price for an unfurnished one-bedroom unit in Brampton has dropped to $1,622, while in Downtown Toronto, the same type of unit goes for $2,514 – a difference of $892.

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 units for both furnished and unfurnished listings this December
• For every listing type besides three-bedroom, furnished units, Brampton had the least expensive average rental rates.
• Furnished one-, two-, and three-bedroom units in Brampton were all cheaper on average than their unfurnished counterparts.

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 $1,669 for an unfurnished, one-bedroom unit, while Oakville was the most expensive at $2,321.

Our complete December 2022 Rent Report has information on even more key areas, broken down into region and unit type for a 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 Vancouver rental market. Discover last month’s Rent Reports below:

November 2022 Metro Vancouver Rent Report
November 2022 Toronto Rent Report
November 2022 Calgary & Edmonton Rent Report
November 2022 Montreal Rent Report