At a glance
- Toronto’s average monthly rent price for an unfurnished, one-bedroom unit is now $2,284, a $45 decrease since November.
- Average monthly rent prices for one-, two-, and three-bedroom furnished and unfurnished units all fell in Downtown Toronto this month
- Across Toronto, rent prices for an unfurnished one-bedroom unit have now increased by an average of $202 since December 2022.
Looking for our full December 2023 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.
Average monthly rent prices in Toronto have dropped again this December, for the third consecutive month. As of December, the city of Toronto’s average monthly rent price for an unfurnished, one-bedroom unit now stands at $2,284, a $45 decrease from November. In a recent announcement, the Bank of Canada once again held the country’s interest rates at their current levels, which could play a part in stabilizing rental rates heading into the new year.
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.
Download The Latest Toronto Rent Report
For the complete Toronto rent report, download here.
Toronto rent trends
Average rent prices for unfurnished, one-bedroom units in Toronto have decreased for the third straight month, by $45 this December. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased by $202 since December 2022.
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.
>> Recommended Reading: What is Ontario’s maximum allowable rent increase?
Is your rental priced competitively?
Find out with a free rent estimate. Our team of rental experts will calculate your unit’s true value based on your listing details & current market trends.
Month-to-month rent change
This chart breaks down the percentage change in rent prices across all GTA cities/municipalities between November and December 2023.
Unfurnished Toronto rent trends
Average rates for unfurnished, one-bedroom units in the GTA’s municipalities saw a number of notable changes. This month, the only month-to-month increases were seen in Scarborough (+1.60%) and Markham (+0.67%). Prices for unfurnished one-bedroom units fell in the majority of municipalities this month, with the biggest declines taking place in Etobicoke (-6.02%) and Vaughan-Richmond Hill (-5.23%).
Furnished Toronto rent trends
Looking at furnished units, the largest month-to-month increase was in Vaughan-Richmond Hill (+12.55%), with the most significant declines in Etobicoke (-6.46%) and Scarborough (-3.74%).
Toronto furnished vs unfurnished averages
This December, prices for furnished, one-bedroom units rose significantly (+8.17%), while rates for unfurnished, one-bedroom units fell (-1.94%) across the city of Toronto. This month, the average one-bedroom, furnished unit rents for $94 more than a one-bedroom, unfurnished unit. This means that during this time of year at least, landlords are unlikely to see significantly higher profits renting out their units furnished – although there is still some 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 December, Downtown Toronto ($3.79/sq. ft.) has the most expensive rent in terms of cost per square foot, while North York ($3.72/sq. ft.) has a similarly high cost for space. This month, the least expensive average rent per square foot can be found in Brampton ($1.86/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 December 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 a substantial 80.87%. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 11.38% 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 49.51%, while two-bedroom units represented 35.21% of the region’s active listings.
City breakdown
This December, Oshawa is the cheapest municipality to rent in out of the areas we look at for our Rent Reports, and Downtown Toronto is unsurprisingly the region’s most expensive place to rent.
The average rent price for an unfurnished one-bedroom unit in Oshawa currently stands at $1,810, while in Downtown Toronto, the same type of unit rents for an average of $2,516 – a difference of $706.
Read More: Rental Vacancy Rates In The City Of Toronto
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.
- Average rent prices for one-, two- and three-bedroom unfurnished units fell in Downtown Toronto, as well as rates for one- and two-bedroom furnished units.
- Rent prices for unfurnished one-bedroom units fell in every municipality except for Markham and Scarborough.
- Brampton had the lowest average prices for one-, two-, and three-bedroom unfurnished units this December.
Rental averages for other Ontario cities
We’ve explored data from other cities and municipalities in other regions within and surrounding the GTA. Looking at these additional cities, London is the least expensive to rent in this December at $1,624/month for an unfurnished, one-bedroom unit, while Downtown Toronto is the most expensive, at an average of $2,516 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.
Is your rental priced competitively?
Find out with a free rent estimate. Our team of rental experts will calculate your unit’s true value based on your listing details & current market trends.
Downloadable resources
Our complete November 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.
Download The Latest Toronto Rent Report
For the complete Toronto rent report, download here.
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
Our monthly rent reports use data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites – looking at available basement suites, apartments, condos, townhouses, semi-detached houses, and single-detached houses for each area.
When collecting this data, we do exclude luxury properties listed at over $5,000, as well as rooms for rent and shared accommodation. Investing in manual data collection means that we only consider the current month’s listing, since we can filter out duplicate listings and older ads that haven’t been removed.
Another key difference between our data collection methods and some government agencies like the CMHC is that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied, and may be rent-controlled or rented for significantly lower than the current rates.
As we are a Canadian rental platform founded and based in Vancouver, we want to ensure that we’re providing a completely accurate depiction of the rental market in the cities we look at.
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Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:
November 2023 Metro Vancouver Rent Report
November 2023 Toronto Rent Report
November 2023 Calgary & Edmonton Rent Report
November 2023 Montreal Rent Report
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