Toronto Rent Trends
This month we take a look at the state of the rental market in Greater Toronto based on November’s figures. Rental rates increased over December and we predict continued upward pressure on rates moving into 2020.
Toronto Furnished vs. Unfurnished Rentals
The highest average rent in Toronto for an unfurnished one bedroom apartment is $1,933 up from November’s $1,851 while the average rent in Toronto of a furnished apartment actually decreased to $1,982 from November’s $2,204.
Neighbourhood Breakdown
To assist you in your rental decision, here is a breakdown of rental averages across other neighbourhoods in the GTA. Comparing 1, 2, and 3 bedroom rates for both unfurnished and furnished listings across each neighbourhood.
Vaughan/Richmond Hill had the lowest average rent in the GTA for a 1 bedroom unfurnished unit at $1,712 (up from November’s $1,724) while the highest average 1 bedroom rent in the GTA for a similar home in November was in Downtown Toronto at $2,442 (up notably from November’s $2,102).
Most Expensive Cities in Canada
Average cost of living in Toronto clearly exceeds that of other Canadian cities in this city by city comparison.
Here is the full Toronto rent report for you to save and reshare with ease:
Remember though, despite paying premium rates to live in Toronto’s downtown core, tenants are saving in other ways, primarily, on car-related expenses (vehicle, insurance, fuel and repairs). In addition, time is money, and living near where you work pays mental health dividends in terms of reduced commuting times and associated stress.
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For more rental stats, read our previous post November 2019 Toronto Rental Report or compare rents with Vancouver: December 2019 Vancouver Rent Report.
Or, this month, introducing Montreal: December 2019 Montreal Rent Report
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