March 2024 Toronto Rent Report

At a glance

• Markham is the fourth most expensive city to rent in Canada this March
  • During 2023, Markham and Mississauga were largely responsible for the GTA’s increase in rent prices. Across Ontario, Markham saw the largest year-over-year increase in rent price (+17.8%) for a furnished one-bedroom unit
• Behind Markham, Vaughan-Richmond Hill has also seen a significant year-over-year rent increase
  • This applies to both furnished (+8.9%) and unfurnished (+11.3%) one-bedroom units. Looking at the GTA, Vaughan-Richmond Hill also saw the largest year-over-year increase in search volume for searches related to renting in the city (+25%)
• Average rent prices in Ontario are seeing an even more pronounced slowdown than in B.C.
  • During 2023, the average increase in rent price in Ontario was +15.2% for a furnished one-bedroom unit vs. just a +0.6% average rent increase in 2024. Compared to the city of Vancouver which saw a slight increase in year-over-year rent prices (+0.5%), Toronto observed a drop (-6.9%) in rates for furnished one-bedroom units

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

Toronto’s average rent prices have fallen this month after a short-lived increase in February. After a significant rise last month, the city of Toronto’s average monthly rent price for an unfurnished one-bedroom has dropped by $51 to a new monthly average of $2,273 this March.

We’ve published our 2024 Canada Rental Market Trend Report with 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 decreased this March, by $51. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased by just $60 since March 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 February and March 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 North York (+1.40%), alongside minor increases in Markham (+0.50%) and Brampton (+0.25%). The most significant decreases this month occurred in Etobicoke (-3.22%), Mississauga (-2.44%), and Scarborough (-1.42%).

Furnished Toronto rent trends

In terms of furnished one-bedroom units, the largest month-to-month increases were in Mississauga (+10.08%), Scarborough (+5.45%) and Brampton (+4.03%). The most significant month-to-month decreases occurred in Etobicoke (-7.83%) and Downtown Toronto (-4.32%) this March.

Toronto furnished vs unfurnished averages

This March, prices for both furnished and unfurnished one-bedroom units fell. This month, the average one-bedroom furnished unit rents for $31 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 March, Downtown Toronto ($3.50/sq. ft.) has the most expensive average rent per square foot, followed by North York ($3.37/sq. ft.) and Mississauga ($3.23/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 March 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 95.63%. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 2.18% 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 March. One-bedroom units were the most common type of listing in the GTA this month at 48.95%, while two-bedroom units represented 36.29% of the region’s active listings.

Looking for our full March 2024 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 North York 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 $1,745, while in North York, the same type of unit rents for an average of $2,507 – a difference of $762.

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.

• Of these municipalities, Brampton had the lowest average rent prices for 1br furnished units, while Markham and Downtown Toronto tied for the most expensive at $2,551/month.
• Prices for two-bedroom unfurnished units fell in every municipality except for Brampton, while rates for three-bedroom unfurnished units decreased everywhere but North York.
• Rates fell for all types of units, furnished and unfurnished, in Downtown Toronto this month.

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 March at $1,521/month for an unfurnished, one-bedroom unit, while North York is the most expensive, at an average of $2,507 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 March, four out of five of the country’s most expensive cities are located in B.C., with Markham as the fourth most expensive city in the country. North Vancouver is the most expensive city in the country to rent in, while West Vancouver, Vancouver, and Richmond also make the list. Markham has been largely responsible for the GTA’s year-over-year rent price increases since 2023, a +17.8% increase in the average rate for a furnished one-bedroom unit.

Downloadable resources

Our complete March 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:

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