Blog 5 Rent Reports 5 August 2021 Toronto Rent Report

August 2021 Toronto Rent Report

5 min read
Sarah Anderson

Sarah Anderson

Creative Content Writer at

Published on July 30, 2021

Last updated on August 26th, 2021

  • Unfurnished rent in Vaughan & Vaughan-Richmond Hill increased more than faster than other GTA areas.
  • Overall rent is simmering just below $1,700 per month for an unfurnished one-bedroom.
  • Toronto is still cheaper than Vancouver for unfurnished one-bedrooms but the gap got smaller.

As August rolls around to Toronto, is continuing to report on the Summer Simmer, a rental trend we’re tracking right now. Each month, we share our data on the actual cost of rent in Toronto with our community.

You can get the latest updates on the Toronto rental market straight to your inbox when you subscribe to keep on top of the trends.

When we started 2021, rent prices were lower than usual due to the COVID-19 pandemic and its effects. Then, we saw parity last month between furnished and unfurnished rental averages. Now, we’re tracking a Summer Simmer and seeing Toronto’s rent prices bubble just below Vancouver’s.

Jump to the following Toronto Rent Report sections:

Complete August 2021 Toronto Rent Report: Download Here

Rent has continued to trend downward since May for a one-bedroom unfurnished apartment, although slightly. Now, the price is simmering below $1,700.

In fact, August rental rates are pretty similar to where they were back in March 2021.

Rental trend in Toronto from March to August has officially landed in Toronto

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Month-to-month rent change

This chart breaks down the percentage change in rent across all central Toronto neighbourhoods from July 2021 to August 2021.

Unfurnished Toronto rent trends

Primarily, unfurnished rentals were unchanged. Last month we saw a dip in both Brampton and Vaughan which has now reversed as rent has gone up slightly (+8.20%) (+3.84%) in both areas.

Furnished Toronto rent trends

Furnished rent dropped sharply in Mississauga and went up slightly in every other GTA neighbourhood.

Percent change since last month.

Toronto furnished vs. unfurnished averages

Last month, unfurnished and furnished rentals were exactly the same price on average. Now, we’re seeing furnished rentals pull ahead as just slightly more expensive.

We’ll continue to monitor this unique Toronto rent trend as right now in some neighbourhoods, furnished rentals are cheaper than unfurnished ones on average.

Rental market average in Toronto shows that furnished average rent is just a bit more expensive than unfurnished.

Neighbourhood breakdown

Brampton continues to be the most affordable GTA neighbourhood while the most expensive is Downtown.

In Brampton, an unfurnished one-bedroom goes for $1,486 on average, but in Downtown Toronto, the same kind of unit will go for $1,871 — a difference of $385.

The rental market in Toronto: Downtown is the most expensive and brampton is the least expensive.

Because Canada’s cities are diverse, we’re breaking down the GTA into its different neighbourhoods to see the price difference listing types: one-bedroom, two-bedroom, and three-bedroom units, both unfurnished and furnished.

  • Unfurnished units in North York are more expensive than furnished ones.
  • Etobicoke & North York have extremely similar price points for unfurnished units, unless you want a three-bedroom where the price difference jumps up almost $300
  • Furnished three-bedrooms are nearing at the $3,000 per month mark in Downtown and North York
Average rental rates by listing type for unfurnished units.
Average rental rates by listing type for furnished units.

Average rent in Canada

Since taking out Toronto as the Canada’s most expensive city to rent, Vancouver has remained at the top of the list. The price difference closed a biting the last month.

Canada's most expensive city for renters is Vancouver followed by Toronto.

Downloadable resources

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Complete August 2021 Toronto Rent Report: Download Here

Renting in Ontario

For information on renting in Ontario, refer to these comprehensive resource posts:

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

July 2021 Vancouver Rent Report
July 2021 Toronto Rent Report
July 2021 Montreal Rent Report


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