April 2024 Toronto Rent Report

At a glance

• Toronto has seen a comparatively small year-over-year increase in rent prices
  • Looking at unfurnished one-bedroom units, the city of Toronto has seen just a slight $17 (0.76%) average rate increase since April 2023. Comparatively, Metro Vancouver saw a +4.99% average increase in rent prices for one-bedroom unfurnished units.
• The GTA had a more diverse spread of property types being rented this April
  • There was a notable increase in the number of houses, townhouses, and partial houses rented this month, compared to previous periods. In March, apartments represented 95.63% of all active listings, whereas this month they made up 76.30% of current postings. Partial houses represented 14.29% of active listings, with townhouses (5.52%) and houses (3.90%) making up the remainder.
• Markham continues to be one of Canada’s most expensive cities to rent in
  • For the second straight month, Markham finds itself among Canada’s five most expensive cities in terms of average rent prices for one-bedroom unfurnished units. This April, the city is ranked fifth with an average rate of $2,404 – with the top four cities all in Metro Vancouver.

Download the full report here for a comprehensive summary of this month’s rental data.

Toronto’s average rent prices have fallen this April for the second consecutive month. As of this month, the city of Toronto’s average monthly rent price for an unfurnished one-bedroom has dropped by $20 to a new monthly average of $2,253 this April.

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

Average rent prices for unfurnished, one-bedroom units in Toronto have decreased this April, by $20. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased by just $17 since April 2023.

Planning on raising rent this year? Ontario’s Annual allowable rent increase limit for 2024 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.

Month-to-month rent change

This chart breaks down the percentage change in rent prices across all GTA cities/municipalities between March and April 2024.

Unfurnished Toronto rent trends

Average rates for unfurnished one-bedroom units in the GTA were relatively stable this month with few noteworthy changes. This month, the largest month-to-month increases were seen in Brampton (+3.61%) and Mississauga (+2.94%), while North York (-5.75%), Downtown Toronto (-2.13%), and Etobicoke (-2.06%) had the most significant decreases from month to month.

Furnished Toronto rent trends

In terms of furnished one-bedroom units, the largest month-to-month increases were in Etobicoke (+5.36%), Downtown Toronto (+3.88%), and Brampton (+3.49%), with the most notable month-to-month decreases in Markham (-15.27%), Scarborough (-8.35%), and North York (-6.70%).

Toronto furnished vs unfurnished averages

This April, prices for furnished one-bedroom units rose while rates for unfurnished one-bedroom units fell. This month, the average one-bedroom furnished unit rents for $19 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 municipalities throughout the Greater Toronto Area. This April, Downtown Toronto ($4.06/sq. ft.) has the most expensive average rent per square foot, followed by Etobicoke ($3.79/sq. ft.) and North York ($3.34/sq. ft.).

Active listing data

We’ll also look at detailed statistics for currently active listings available on the market 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 April 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 76.30%. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 14.29% of active listings.

Active listings by number of bedrooms

In terms of the number of bedrooms, we saw a much more even spread across active listings on the market this April. One-bedroom units were the most common type of listing in the GTA this month at 48.60%, while two-bedroom units represented 37.04% of the region’s active listings.

Looking for our full April 2024 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

City breakdown

This April, Oshawa 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 Oshawa currently stands at $1,749, while in North York, the same type of unit rents for an average of $2,404 – a difference of $655.

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.

• Of these municipalities, Brampton had the lowest average rent prices for all types of unfurnished units, as well as one- and two-bedroom furnished units.
• Downtown Toronto had the highest average rates for all types of units except for one-bedroom unfurnished units, where Markham had the most expensive rent prices.
• Rates fell for all types of unfurnished units in North York this month.

Rental averages for other Ontario cities

We’ve also explored data from cities and municipalities in other regions within and surrounding the GTA. Looking at these additional cities, Niagara Falls is the least expensive to rent in this April at $1,575/month for an unfurnished, one-bedroom unit, while Markham is the most expensive, at an average of $2,404 this month.

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.

Most expensive cities in Canada

This April, four out of five of the country’s most expensive cities are located in B.C., with Markham representing Ontario as the fifth most expensive city in the country. West Vancouver is the most expensive city in the country to rent in, while North Vancouver, Vancouver, and Burnaby also make the list.

Downloadable resources

Our complete April 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.

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

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

March 2024 Metro Vancouver Rent Report
March 2024 Toronto Rent Report
March 2024 Calgary & Edmonton Rent Report
March 2024 Montreal Rent Report