November 2023 Toronto Rent Report

At a glance

• Toronto’s average monthly rent price for an unfurnished, one-bedroom unit now stands at $2,329, a $27 decrease from October.
• For the third consecutive month, Downtown Toronto had the most expensive average rent prices in the region for all listing types.
• Unfurnished, one-bedroom units now rent for an average of $131 less than furnished, one-bedroom units in Toronto.

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

Average monthly rent prices in Toronto have fallen again this November, for the second consecutive period. As of this month, the city of Toronto’s average monthly rent price for an unfurnished, one-bedroom unit now stands at $2,329, a $27 decrease from October. In a recent announcement, the Bank of Canada once again held the country’s interest rates at their current levels, which could play a part in stabilizing rental rates heading into the new year.

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 decreased for the second straight month, by $27. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in the GTA has increased by $235 since November 2022.

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 across all GTA cities/municipalities between October and November 2023.

Unfurnished Toronto rent trends

Average rates for unfurnished, one-bedroom units in the GTA’s municipalities saw a number of notable changes. This month, the largest increases were seen in Brampton (+4.72%), North York (+2.71%) and Mississauga (+2.31%), while the largest month-to-month decreases in price occurred in Vaughan-Richmond Hill (-5.89%) and Downtown Toronto (-2.81%).

Furnished Toronto rent trends

Furnished units were also a mixed bag this month in terms of price fluctuations. North York (-7.55%) and Mississauga (-4.06%) saw the most notable declines in average rent price this month, while Etobicoke (+4.84%) and Brampton (+4.83%) saw similarly large month-to-month increases.

Toronto furnished vs unfurnished averages

This November, prices for furnished, one-bedroom units fell significantly (-11.46%), while rates for unfurnished, one-bedroom units fell only slightly (-1.14%) across the city of Toronto. This month, the average one-bedroom, furnished unit rents for $131 less than a one-bedroom, unfurnished unit. This means that during this time of year at least, landlords are unlikely to see significantly higher profits renting out their units furnished – although there is still some demand for short-term rentals.

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 November, Downtown Toronto ($3.89/sq. ft.) has the most expensive rent in terms of cost per square foot, while North York ($3.48/sq. ft.) has a similarly high cost for space. This month, the least expensive average rent per square foot can be found in Markham ($1.71/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 November 2023, the most common rental property type in the Greater Toronto Area was apartments, representing the vast majority of all listings in the area at 77.95%. Partial Houses (e.g. basement suites) were the second-most rented unit type this month, representing 14.60% 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 50.95%, while two-bedroom units represented 35.04% of the region’s active listings.

City breakdown

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

The average rent price for an unfurnished one-bedroom unit in Oshawa currently stands at $1,792, while in Downtown Toronto, the same type of unit rents for an average of $2,526 – a difference of $734.

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 the third consecutive month, Downtown Toronto has the highest average monthly rent prices for all listing types.
• Prices for one-, two-, and three-bedroom, unfurnished units increased in North York and Mississauga.
• Brampton had the lowest average prices for one- and two-bedroom, furnished units, as well as the cheapest rent for all types of unfurnished units.

Rental averages for other Ontario cities

We’ve explored data from other 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 November at $1,564/month for an unfurnished, one-bedroom unit, while Downtown Toronto is the most expensive, at an average of $2,526 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.

Downloadable resources

Our complete November 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.

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:

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