- The average rental price for one-bedroom unfurnished units in the Greater Toronto Area has risen $20 to $1,979 this August
- Furnished, one-bedroom units in Downtown Toronto increased in price by an average of +16.31% this month
- Niagara falls was the cheapest place to rent in outside of the GTA, with an average price of $1,542 per month for an unfurnished, one-bedroom unit
Rent prices in the GTA have increased a further $20 this August, continuing an upward trend that began in January. Prices have increased in nearly every GTA municipality this month, although just barely — nowhere near the drastic increases of May and June. We’ll examine these trends in more detail for both furnished and unfurnished units 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
With students beginning to return for the fall semester and interest rates on the rise, rent prices in the Greater Toronto Area have risen again this August, marking the city’s seventh consecutive month-to-month increase. At present, the GTA’s average rent is $1,979 for an unfurnished, one-bedroom unit — a $20 increase from July. Prices could soon reach a peak with the fall fast approaching, although increased competition could keep prices sky-high throughout the winter. Both Metro Vancouver and Montreal have seen similar upward trends throughout 2022, so Canada’s major rental markets could be in store for even higher prices through the remainder of the year.
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Month-to-month rent change
This chart breaks down the percentage change in rent across all GTA cities/municipalities from July to August 2022.
Unfurnished Toronto rent trends
For unfurnished units, the GTA’s individual municipalities increased in price almost without exception this August. Vaughan-Richmond Hill (+11.33%), Markham (+10.15%), and Etobicoke (+4.40%) saw the biggest increases in price this month, with Downtown Toronto also seeing a relatively large +4.24% rise as well. The only decline in price to speak of was Mississauga, which only saw a very modest -0.53% drop.
Furnished Toronto rent trends
Furnished units saw equally large average price increases this month, with sweeping changes across the GTA’s various municipalities. Downtown Toronto was the most notable of these with a +16.31% increase, but Etobicoke (+15.01%), Vaughan-Richmond Hill (+14.12%), and Markham (+5.98%) all saw significant increases this August, while Mississauga (-9.08%) and Scarborough (-3.95%) were the only municipalities to see an average decline.
Toronto furnished vs unfurnished averages
August sees the gap in price widen between furnished and unfurnished one-bedroom rentals, with a more typical margin now separating the two types of units. At present, furnished one-bedroom units cost $112 more than unfurnished units, on average. 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 in August 2022, while Downtown Toronto retains its status as the most expensive.
The average price for an unfurnished one-bedroom unit in Brampton has dropped to $1,686 from month-to-month, while in Downtown, the same type of unit goes for $2,231, a difference of $545.
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.
- Downtown Toronto had the most expensive rent prices for all listing types, for the second month in a row.
- Two-bedroom, unfurnished units in Brampton are cheaper than one-bedroom unfurnished units in the majority of GTA municipalities
- On average, Scarborough had the cheapest three-bedroom units for both furnished and unfurnished rentals.
Rental averages outside of the GTA
We’ve explored data from neighbourhoods, cities, and municipalities outside of the Greater Toronto Region. For these cities, Niagara Falls was the cheapest to rent in this month at $1,542 for an unfurnished, one-bedroom unit, while Oakville was the most expensive at $2,042.
Our complete August 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.
Is your rental priced competitively?
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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Subscribe to receive these monthly updates on the Toronto rental market. Discover last month’s Rent Reports below:
July 2022 Toronto Rent Report
July 2022 Vancouver Rent Report
July 2022 Montreal Rent Report
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