August 2023 Toronto Rent Report

At a glance

• The Greater Toronto Area’s average monthly rate for a one-bedroom, unfurnished unit has increased by $50 this August – to $2,318.
• Downtown Toronto had the most expensive average rent prices in the region for all listing types except three-bedroom, unfurnished units.
• One-bedroom, unfurnished units rented for over $2,000 per month on average in every GTA municipality besides Brampton.

Looking for our full August 2023 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

Toronto’s rental rates have increased again this August, with the Greater Toronto Area’s region-wide average monthly rent price for an unfurnished, one-bedroom unit now standing at $2,318, a $50 increase from the previous month. This rise in rates follows yet another increase to the Bank of Canada’s interest rates, as well as significantly increased demand for rental housing heading deeper into the busy summer renting season.

We’ve published our 2022 Canada-wide Annual Rent Report with even more rental data and statistics, including overarching trends 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 increased for the third straight month, rising by another $50 to continue a steady upward trend. The Bank of Canada continued their string of interest rate increases with the most recent July 12th announcement, which may lead to landlords having to raise their prices further throughout the summer. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased by $339 since August 2022.

Planning on raising rent this year? Ontario’s Annual allowable rent increase limit for 2023 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 across all GTA cities/municipalities between July and August 2023.

Unfurnished Toronto rent trends

This month, rent prices for unfurnished units in most GTA municipalities were fairly stable, though there were a few exceptions to this. Of the few notable shifts, the largest increases were seen in Brampton (+12.36%), Vaughan-Richmond Hill (+6.10%), and Downtown Toronto (+3.06%), while average decreases in rent were far less noteworthy – the largest being Markham (-0.83%)

Furnished Toronto rent trends

Furnished units were also fairly stable this month, as a whole. The most significant increases occurred in North York (+7.17%), Vaughan-Richmond Hill (+5.73%), and Downtown Toronto (+4.10%), while notable declines were seen in Scarborough (-3.39%) and Etobicoke (-1.74%).

Toronto furnished vs unfurnished averages

This August, prices for furnished, one-bedroom units rose significantly (+5.68%) across the GTA, while prices for unfurnished, one-bedroom units also rose, though not by as much (+2.20%). This means that furnished units continue to rent for considerably more than unfurnished ones, on average. This month, the average one-bedroom, furnished unit rents for $195 more than a one-bedroom, unfurnished unit – meaning 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 will still see some savings in the GTA.

Rent per square foot

Our monthly Rent Reports also look more closely at average rent per square foot in municipalities throughout the Greater Toronto Area. This August, Downtown Toronto ($4.12/sq. ft.) has the most expensive rent in terms of cost per square foot, while Scarborough ($3.30/sq. ft.), Etobicoke ($3.19/sq. ft.) and North York ($3.16/sq. ft.) also have relatively high average costs for space. This month, the least expensive average rent per square foot can be found in Markham ($2.13/sq. ft.).

Active listing data

We’ll also be looking 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 August 2023, the most common rental property type in the Greater Toronto Area was apartments, representing the vast majority of all listings in the area at 80.37%. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 9.15% 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 month. One-bedroom units were the most common type of listing in the GTA this month at 48.92%, while two-bedroom units represented 37.57% of the region’s active listings.

City breakdown

This August, Oshawa remains the cheapest municipality of the areas we look at for our Rent Reports, and Downtown Toronto is the region’s most expensive place to rent.

The average price for an unfurnished one-bedroom unit in Oshawa currently stands at $1,705, while in Dowtown Toronto, the same type of unit rents for an average of $2,530 – a difference of $825.

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 average rent prices for all listing types except three-bedroom, unfurnished units.
• One-bedroom, unfurnished units rented for over $2,000 per month on average in every municipality besides Brampton.
• The least expensive furnished, one-bedroom units can be found in Vaughan-Richmond Hill this month.

Rental averages for other Ontario cities

We’ve explored data from other cities and municipalities in other regions within and surrounding the GTA. For these additional cities, London is the least expensive to rent in this August at $1,555 for an unfurnished, one-bedroom unit, while Downtown Toronto is the most expensive, at an average of $2,530 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.

Our complete August 2023 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

Make a splash at your next video meeting and rep the latest rental averages and trends with our custom virtual backgrounds — always free to download.

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:

July 2023 Metro Vancouver Rent Report
July 2023 Toronto Rent Report
July 2023 Calgary & Edmonton Rent Report
July 2023 Montreal Rent Report