February 2025 Toronto Rent Report

At a glance

• Average unfurnished rents down $168/month YoY in Toronto
  • The average rent for an unfurnished one-bedroom unit in Toronto has seen a slight increase of $7 this February compared to last month. However, on a year-over-year basis, rents have dropped significantly—down $168 since February 2024. Over the past six months, rental prices have declined by $92, from $2,248 to $2,156.
• Brampton sees a (+14.93%) surge in rental prices
  • Brampton recorded the highest increase in average rents for unfurnished one-bedroom units this month, with prices rising by (+14.39%). Despite the sharp increase, Brampton remains the most affordable city for renting unfurnished units.
• Markham holds its spot as one of Canada’s most expensive rental markets
  • For the fourth consecutive month, Markham remains one of the top five most expensive rental cities in Canada. This February, the country’s priciest rental markets include West Vancouver, North Vancouver, Vancouver, Richmond, and Markham.

liv.rent’s 2025 Canada Rental Market Trend Report is now live! Explore the latest rental trends across Canada, uncover key factors driving price changes, and gain exclusive insights into how landlords and renters perceive the market nationwide. Download your copy here.

As of February 2025, the City of Toronto’s average monthly rent price for an unfurnished one-bedroom saw a YoY drop of $168 to a new monthly average of $2,156 this month.

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 increased by $7 this February. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in Toronto has decreased, dropping by $168 since February 2024.

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 January and February 2025.

Unfurnished Toronto rent trends

Rates for unfurnished one-bedroom units in the GTA varied depending on the neighbourhood. When looking at one-bedroom units, Brampton saw the largest increase at (+14.39%) while Downtown saw the largest decrease at (-3.33%).

Furnished Toronto rent trends

This month, average rates for furnished one-bedroom units in the GTA saw two major changes. No areas saw an increase this month, while North York saw the largest decrease at (-9.16%).

Toronto furnished vs unfurnished averages

This February, prices for unfurnished one-bedroom units saw a (+0.33%) increase while furnished units saw a (+0.86%) increase. The average one-bedroom furnished unit rents for just $15 more than a one-bedroom unfurnished 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 February, Downtown ($3.75/sq. ft.) has the most expensive average rent per square foot, followed by Vaughan-Richmond Hill ($3.68/sq. ft.) and Markham ($3.58/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 February 2025, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 75.69%. Houses were the second-most common unit type this month, representing 11.57% 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 February. One-bedroom units were the most common type of listing in the GTA this month at 51.86%, while two-bedroom units represented 38.78% of the region’s active listings. Three-bedroom units make up the remaining 9.36%.

Looking for our full February 2025 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

City breakdown

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

The average rent price for an unfurnished one-bedroom unit in Oshawa currently stands at $1,674, while in Downtown, the same type of unit rents for an average of $2,302 – a difference of $628 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.

• Rental rates declined for furnished one-bedroom units in all areas this month.
• Brampton and Scarborough saw prices increase for all types of unfurnished units.
• Brampton had the lowest average rental prices for all types of unfurnished units.

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, Oshawa is the least expensive to rent in this February for one-bedroom unfurnished units. Etobicoke is the most expensive for one-bedroom unfurnished 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 February, one of the country’s five most expensive cities are located in the GTA. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Richmond and Markham.

Downloadable resources

Our complete February 2025 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