December 2024 Toronto Rent Report

At a glance

• Ongoing decline: Toronto rental rates fall again
  • Rental prices for an unfurnished one-bedroom unit in Toronto fell by $16 in December. Year-over-year, rents are also down by $123, underscoring a notable annual decline. While it’s common for rental prices to dip during the Fall and Winter seasons, the ongoing year-over-year decrease indicates a broader downward trend in the Canadian rental market.
• North York leads as the most expensive area for rent per square foot this month
  • North York experienced an increase of $0.21 per square foot this December, bringing its average rent to ($3.41/sq. ft.), making it the most expensive area for rent. Downtown follows at ($3.15/sq. ft.), with Markham securing third place at ($3.07/sq. ft.).
• Brampton offers some of the lowest rental prices
  • This December, Brampton recorded the lowest average rental rates for all types of one- and two-bedroom units. The average rent for a one-bedroom unfurnished unit in Brampton is $1,696, significantly lower than Downtown’s average of $2,365—a difference of $669/month.

As of December 2024, the City of Toronto’s average monthly rent price for an unfurnished one-bedroom saw a YoY drop of $123 to a new monthly average of $2,161 this month.

We’ve published our 2024 Canada Rental Market Trend Report with an in-depth analysis of average rent prices, driving factors, 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

Compared to last month, the average rent price for an unfurnished one-bedroom unit in Toronto dropped by $16 this December. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in Toronto has decreased, dropping by $123 since December 2023.

Planning on raising rent this year? Ontario’s Annual allowable rent increase limit for 2025/2026 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 prices across all GTA cities/municipalities between November and December 2024.

Unfurnished Toronto rent trends

Rates for unfurnished one-bedroom units in the GTA varied depending on the neighbourhood. When looking at one-bedroom units, Downtown saw the largest increase at (+1.16%) while Markham saw the largest decrease at (-3.80%).

Furnished Toronto rent trends

This month, average rates for furnished one-bedroom units in the GTA saw two major changes. Scarborough saw the largest month-to-month decrease at (-7.41%), while Vaughan-Richmond Hill saw the largest increase at (+4.97%).

Toronto furnished vs unfurnished averages

This December, prices for furnished and unfurnished one-bedroom units both saw a decrease. The average one-bedroom unfurnished unit rents for just $22 more than a one-bedroom furnished unit. This means that at present, landlords won’t see profits renting out their units furnished – although they may still be able to capitalize on the 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 cities throughout the Greater Toronto Area. This December, North York ($3.41/sq. ft.) has the most expensive average rent per square foot, followed by Downtown ($3.15/sq. ft.) and Markham ($3.07/sq. ft.).

Active listing data

We’ll also look at detailed statistics for currently active listings available 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 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 86.29%. Partial Houses (e.g. basement suites) were the second-most common unit type this month, representing 8.31% of active listings.

Active listings by number of bedrooms

In terms of the number of bedrooms, we saw a more even spread across active listings on the market this December. Two-bedroom units were the most common type of listing in the GTA this month at 45.90%, while one-bedroom units represented 44.66% of the region’s active listings. Three-bedroom units make up the remaining 9.44%.

Looking for our full December 2024 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

City breakdown

This December, Brampton is the cheapest municipality to rent in out of the areas we look at for our Rent Reports, while Downtown is the region’s most expensive place to rent this month.

The average rent price for an unfurnished one-bedroom unit in Brampton currently stands at $1,696, while in Downtown, the same type of unit rents for an average of $2,365 – a difference of $669 between the two.

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.

• Brampton had the lowest average rental rates for all types of one- and two-bedroom units while Scarborough had the lowest rates for all types of three-bedroom units.
• Scarborough saw prices decrease across all types of furnished and unfurnished units.
• Prices for unfurnished two-bedroom units fell in all areas except Markham and Vaughan-Richmond Hill this December.

Rental averages for other Ontario cities

We’ve also looked at data from 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 for all types of unfurnished units. Downtown Toronto is the most expensive for one- and two-bedroom unfurnished units and Vaughan-Richmond Hill is the most expensive for three-bedroom units.

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.

Most expensive cities in Canada

This December, four of Canada’s five most expensive cities are located in Metro Vancouver with one being located in the GTA. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Markham and Burnaby.

Downloadable resources

Our complete December 2024 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.

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:

May 2024 Metro Vancouver Rent Report
May 2024 Toronto Rent Report
May 2024 Calgary & Edmonton Rent Report
May 2024 Montreal Rent Report