At a glance
- Markham ranks among Canada’s top five most expensive cities
- Markham has joined West Vancouver, North Vancouver, Vancouver and Burnaby as one of Canada’s five most expensive cities, with the average rent there reaching $2,397/month for an unfurnished one-bedroom unit. This places Markham $682/month above the GTA’s most affordable city, Brampton, where the average rent is $1,715/month.
- Rent in Toronto stays below YoY levels for the fifth month in a row
- This November, the average rent for an unfurnished one-bedroom unit in Toronto fell by $22 compared to last month. Year-over-year, the average monthly rent for these units has dropped by $152 since November 2023, marking the fifth consecutive month that rents have remained below year-over-year levels.
- Average rent drops for both furnished and unfurnished units this month
- This month, rents for one-bedroom units dropped across both furnished and unfurnished options, with unfurnished units decreasing by (-1.30%) to $2,171/month and furnished units seeing a larger decline of (-3.06%), down to $2,177/month. These adjustments reflect a continued softening in the rental market.
Download The Latest Toronto Rent Report
For the complete Toronto rent report, download here.
As of November 2024, the City of Toronto’s average monthly rent price for an unfurnished one-bedroom saw a YoY drop of $152 to a new monthly average of $2,177 this month.
We’ve published our 2024 Canada Rental Market Trend Report with an in-depth analysis of average rent prices, driving factors, and predictions for the year ahead. You can download your copy here.
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.
Toronto rent trends
Compared to last month, the average rent price for an unfurnished one-bedroom unit in Toronto dropped by $22 this November. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in Toronto has decreased, dropping by $152 since November 2023.
Planning on raising rent this year? Ontario’s Annual allowable rent increase limit for 2025/2026 is 2.5%. Find out when and how you can increase rent and ensure you’re complying with provincial guidelines by reading our updated Guide to Ontario Rent Increases.
>> Recommended Reading: What is Ontario’s maximum allowable rent increase?
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.
Month-to-month rent change
This chart breaks down the percentage change in rent prices across all GTA cities/municipalities between October and November 2024.
Unfurnished Toronto rent trends
Rates for unfurnished one-bedroom units in the GTA varied depending on the neighbourhood. When looking at one-bedroom units, Markham saw the largest increase at (+1.96%) while Scarborough saw the largest decrease at (-5.50%).
Furnished Toronto rent trends
Average rates for furnished one-bedroom units in the GTA saw two major changes this month. The largest month-to-month increase was seen in Markham at (+4.80%) while Etobicoke saw the largest decrease at (-13.05%).
Toronto furnished vs unfurnished averages
This November, prices for furnished and unfurnished one-bedroom units both saw a decrease. The average one-bedroom furnished unit rents for just $6 more than a one-bedroom unfurnished unit. This means that at present, landlords are unlikely to see significantly higher profits renting out their units furnished – although they may still be able to capitalize on the demand for short-term rentals.
Rent per square foot
Our monthly Rent Reports also look more closely at the average rent per square foot in cities throughout the Greater Toronto Area. This November, Etobicoke ($3.98/sq. ft.) has the most expensive average rent per square foot, followed by Downtown ($3.38/sq. ft.) and Brampton ($3.33/sq. ft.
Active listing data
We’ll also look at detailed statistics for currently active listings available to see which property types and number of bedrooms are the most represented. For renters, these numbers show which types of units you’re most likely to encounter in the Greater Toronto Area, while for landlords, you can assess how much competition you’ll face based on the current supply.
Active listings by property type
As of November 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 86.27% decreasing from 90.19% last month. Partial Houses (e.g. basement suites) were the second-most common unit type this month, representing 8.15% of active listings, up from 7.08% last month.
Active listings by number of bedrooms
In terms of the number of bedrooms, we saw a more even spread across active listings on the market this November. Two-bedroom units were the most common type of listing in the GTA this month at 45.81%, while one-bedroom units represented 45.53% of the region’s active listings. Three-bedroom units make up the remaining 8.66%.
Looking for our full November 2024 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
City breakdown
This November, Brampton is the cheapest municipality to rent in out of the areas we look at for our Rent Reports, while Markham is the region’s most expensive place to rent this month.
The average rent price for an unfurnished one-bedroom unit in Brampton currently stands at $1,715, while in Markham, the same type of unit rents for an average of $2,397 – a difference of $682 between the two.
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.
- Brampton had the lowest average rental rates for all types of unfurnished units.
- Prices decreased for two-bedroom furnished units everywhere except Markham and Scarborough.
- Downtown Toronto has the highest rent prices for two- and three-bedroom unfurnished units while Markham has the highest for one-bedroom unfurnished units.
Rental averages for other Ontario cities
We’ve also looked at data from cities and municipalities in other regions within and surrounding the GTA. Looking at these additional cities, London is the least expensive to rent in this November for one and two-bedroom unfurnished units while Oshawa has the cheapest three-bedroom unfurnished units. Downtown Toronto is the most expensive for two- and three-bedroom unfurnished units and Markham is the most expensive for one-bedroom units.
For complete data on these cities as well as other municipalities outside of the Greater Toronto Area, download our full report here to view the complete report.
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.
Most expensive cities in Canada
This November, four of Canada’s five most expensive cities are located in Metro Vancouver with one being located in the GTA. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Markham and Burnaby.
Downloadable resources
Our complete November 2024 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.
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 2024 Metro Vancouver Rent Report
May 2024 Toronto Rent Report
May 2024 Calgary & Edmonton Rent Report
May 2024 Montreal Rent Report
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