June 2024 Toronto Rent Report

At a glance

• Toronto’s average rent prices are only +0.27% higher than in June 2023
  • City-wide average rent for a one-bedroom unfurnished unit is only $6 higher in June 2024 compared to June 2023. For context, prices rose by +14.86% between June 2022 and June 2023.
• Rates for furnished units have fallen substantially YoY in Toronto
  • The average monthly rent price for a furnished one-bedroom unit in the city of Toronto has dropped by $304 (-12.32%) since June 2023. Particularly large drops occurred in Scarborough (-21.30%), East York (-17.51%), and North York (-10.66%).
• Rent prices could begin to fall alongside interest rates
  • Average rent prices have largely levelled off in key Canadian rental markets like Vancouver and Toronto. With the Bank of Canada’s June 5th announcement lowering the target overnight rate to 4.75%, it’s possible that rates will finally fall consistently in the coming months.

Download the full report here for a comprehensive summary of this month’s rental data.

Toronto’s average rent prices have levelled off this June after three consecutive month-to-month decreases. As of June 2024, the city of Toronto’s average monthly rent price for an unfurnished one-bedroom has risen by just $1 to a new monthly average of $2,240 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

Average rent prices for unfurnished, one-bedroom units in Toronto have just barely increased this June, by $1. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in Toronto has increased by just $6 since June 2023.

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.

Month-to-month rent change

This chart breaks down the percentage change in rent prices across all GTA cities/municipalities between May and June 2024.

Unfurnished Toronto rent trends

Average rates for unfurnished one-bedroom units in the GTA were relatively stable this month with few noteworthy changes. This month, the largest month-to-month increase was seen in Downtown Toronto (+1.22%), with Etobicoke (-2.73%) seeing the largest month-to-month decrease.

Furnished Toronto rent trends

In terms of furnished one-bedroom units, the largest month-to-month increase occurred in Etobicoke (+8.41%), while rates fell the most in North York (-7.73%).

Toronto furnished vs unfurnished averages

This June, prices for both furnished one-bedroom units fell, while rates for unfurnished one-bedroom units increased slightly. This month, the average one-bedroom furnished unit rents for $77 less than a one-bedroom unfurnished unit. This means that at present, landlords are unlikely to see significantly higher 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 municipalities throughout the Greater Toronto Area. This June, North York ($4.00/sq. ft.) has the most expensive average rent per square foot, followed by Downtown Toronto ($3.45/sq. ft.) and Scarborough ($3.15/sq. ft.).

Active listing data

We’ll also look 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 June 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 78.57%. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 13.35% 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 June. One-bedroom units were the most common type of listing in the GTA this month at 46.76%, while two-bedroom units represented 40.61% of the region’s active listings.

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

City breakdown

This June, Oshawa is the cheapest municipality to rent in out of the areas we look at for our Rent Reports, while Downtown Toronto 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 $1,770, while in Downtown Toronto, the same type of unit rents for an average of $2,412 – a difference of $642.

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 unfurnished units, while Downtown Toronto had the most expensive.
• Brampton also had the cheapest average rent prices for one- and two-bedroom furnished units.
• Average rent prices for three-bedroom unfurnished units fell in all municipalities except for Scarborough and Vaughan-Richmond Hill this June.

Rental averages for other Ontario cities

We’ve also explored data from cities and municipalities in other regions within and surrounding the GTA. Looking at these additional cities, Niagara Falls is the least expensive to rent in this June at $1,589/month for an unfurnished, one-bedroom unit, while Downtown Toronto is the most expensive, at an average of $2,412 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.

Most expensive cities in Canada

This June, all five of the country’s most expensive cities are located in Metro Vancouver. West Vancouver is the most expensive city in the country to rent in, followed by North Vancouver, Vancouver, Burnaby, and Richmond.

Downloadable resources

Our complete June 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