July 2023 Toronto Rent Report

At a glance

• The GTA’s average monthly rate for a one-bedroom, unfurnished unit has increased by $34 this July – to $2,268.
• For back-to-back months now, Downtown Toronto had the most expensive average rent prices in the GTA for one-, two-, and three-bedroom, unfurnished units.
• Oshawa is now the cheapest place in the GTA to rent a one-bedroom, unfurnished unit. On average, the same type of unit costs $719 less to rent here than in Downtown Toronto.

Looking for our full July 2023 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

Toronto’s average rent prices have increased again this July, with the GTA’s average monthly rent price for an unfurnished, one-bedroom unit now standing at $2,268, a $34 increase from the previous month. This rise in rates follows yet another increase to the Bank of Canada’s interest rates, as well as significantly increased demand for rental housing heading deeper into the busy summer renting season.

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.

Toronto rent trends

Average rent prices for unfurnished, one-bedroom units in Toronto have increased for the second straight month, rising by a further $34 since a similar increase was seen in June. The Bank of Canada notably resumed their interest rate increases with the most recent June 7th announcement, which may lead to landlords having to raise their prices further throughout the summer. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased by $309 since July 2022.

Planning on raising rent this year? Ontario’s Annual allowable rent increase limit for 2023 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 across all GTA cities/municipalities between June and July 2023.

Unfurnished Toronto rent trends

This July, there were few significant changes in the average rent prices for unfurnished units in the GTA’s individual municipalities. Of the few notable shifts, the largest increases were seen in Markham (+3.71%) and Downtown Toronto (+2.46%), while Vaughan-Richmond Hill (-3.19%) and Brampton (-1.74%) saw slight decreases.

Furnished Toronto rent trends

Average rental rates for furnished units decreased for the most part this month, with a few exceptions. The only month-to-month increases were seen in Vaughan-Richmond Hill (+3.69%) and Mississauga (+0.88), while the largest decreases happened in Brampton (-6.02%) and Scarborough (-5.09%).

Toronto furnished vs unfurnished averages

This July, prices for furnished, one-bedroom units fell (-3.61%), while prices for unfurnished, one-bedroom units rose slightly (+1.51%). In spite of this, furnished units still rent for a good deal more than unfurnished ones. This month, the average one-bedroom, furnished unit rents for $110 more than a one-bedroom, unfurnished unit – meaning that landlords choosing to rent their units furnished can expect to earn more profits over time, particularly if they decide to rent their units on a short-term basis. Renters who bring their own furniture will still see some savings in the GTA.

Rent per square foot

Our monthly Rent Reports also look more closely at average rent per square foot in municipalities throughout the Greater Toronto Area. This July, Downtown Toronto ($3.74/sq. ft.) has the most expensive rent in terms of cost per square foot, while Etobicoke ($3.28/sq. ft.) and North York ($3.08/sq. ft.) have comparable average costs for space. This month, the least expensive average rent per square foot can be found in Brampton ($2.06/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 July 2023, the most common rental property type in the Greater Toronto Area was apartments, representing 79.23% of active listings on the market. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 11.35% 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 51.00%, while two-bedroom units represented 35.53% of the region’s active listings.

City breakdown

This July, Oshawa is the cheapest municipality of the areas we look at for our Rent Reports, and Downtown Toronto is the region’s most expensive place to rent.

The average price for an unfurnished one-bedroom unit in Oshawa currently stands at $1,736, while in Dowtown Toronto, the same type of unit rents for an average of $2,455 – a difference of $719.

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.

• For back-to-back months now, Downtown Toronto had the most expensive average rent prices in the GTA for one-, two-, and three-bedroom, unfurnished units.
• The cheapest type of listing this month was one-bedroom, unfurnished units in Brampton, which rented for just $1,513 on average.
• Average monthly rent prices for one-, two-, and three-bedroom, unfurnished units in Brampton all rose this month.

Rental averages for other Ontario cities

We’ve explored data from other cities and municipalities in other regions within and surrounding the GTA. For these additional cities, London is the least expensive to rent in this July at $1,563 for an unfurnished, one-bedroom unit, while Downtown Toronto is the most expensive, at an average of $2,455 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.

Our complete July 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.

Downloadable resources

Make a splash at your next video meeting and rep the latest rental averages and trends with our custom virtual backgrounds — always free to download.

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:

June 2023 Metro Vancouver Rent Report
June 2023 Toronto Rent Report
June 2023 Calgary & Edmonton Rent Report
June 2023 Montreal Rent Report