December 2021 Toronto Rent Report

The Greater Toronto Area’s rental averages continue their ascent this month, reaching a new yearly high of $1,766 for December 2021. This is largely owing to price action in Downtown Toronto itself, but surrounding communities saw equally significant increases this month.

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Let’s take a look now at the latest data and see which neighbourhoods are experiencing the most change in furnished and unfurnished rental rates.

Jump to the following Toronto Rent Report sections:

Toronto rent trends

Following last month’s significant upward trend, rent for one-bedroom unfurnished apartments in Toronto continues to climb this month. After seemingly levelling off for most of 2021, the past two months have seen Toronto’s rental averages increase by a total of $73. Though it’s too early to say whether or not this is an anomaly, both renters and landlords should prepare for these new averages.

Month-to-month rent change

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

Unfurnished Toronto rent trends

Unfurnished rental prices saw some major fluctuations for December 2021. Downtown Toronto is usually fairly stable in terms of its rental averages, but saw a massive +14.41% increase this month. Elsewhere, Brampton’s own averages for a one-bedroom unfurnished unit rose +7.04%, while Vaughan-Richmond Hill’s fell by a similar amount (-5.61%)

Furnished Toronto rent trends

After a comparatively stagnant November, rent for furnished units has seen major gains this month across the GTA. In Downtown Toronto, the average price of a one-bedroom furnished unit rose a whopping +26.19%. Mississauga (+15.86%) also saw significant gains this month, as did Vaughan-Richmond Hill (+18.51%).

Toronto furnished vs unfurnished averages

We’re continuing to closely monitor the price difference in Toronto rental trends, looking at the price difference between furnished and unfurnished units. Owing to the significant increase in furnished rental prices practically across the board, unfurnished units are once again markedly cheaper to rent, with a difference of $167 for the month of December.

City breakdown

Markham has taken over from Brampton as the most affordable GTA municipality while the most expensive remains Toronto itself.

After prices fell fairly significantly this month, Markham has now become the most affordable place to rent in the GTA for an unfurnished one-bedroom unit, which now goes for $1,593 on average. In Toronto, the same kind of unit averages $2,184 — a difference of $591.

Because Canada’s cities 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 rent has soared this month, with one-bedroom units now going for an average of $2,184
• Two-bedroom furnished units in Mississauga are only $338 more expensive than one-bedroom units.
• Furnished one-bedroom units in Brampton are $79 cheaper than unfurnished units.

Rental averages outside of the GTA

We’ve explored data from neighbourhoods, cities, and municipalities outside of the Greater Toronto Region. Looking at this new information, the city of London had the most affordable rent for an unfurnished one-bedroom, at just $1,250, while Oakville had the most expensive, at $1,820.

Our complete December 2021 Rent Report has information on other key areas, broken down into region and unit type for a more 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 here.

Downloadable resources

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Renting in Ontario

For 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

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

November 2021 Vancouver Rent Report
November 2021 Toronto Rent Report
November 2021 Montreal Rent Report