October 2024 Toronto Rent Report

At a glance

• Average rent prices are down MoM and YoY in Toronto
  • Toronto has seen a steady decline in its rental prices over the last year. Average rental prices are down $49/month MoM from $2,248 in September to $2,199 in October and $157/month YoY from $2,356 in October 2023 to $2,199 in October 2024 representing a (-6.89%) decrease in price.
• Markham takes the top spot as the most expensive neighbourhood
  • Markham now has the highest average rental prices for one-bedroom unfurnished units at $2,351/month overtaking downtown Toronto at $2,320/month. Downtown Toronto is still the most expensive neighbourhood for all other types of unfurnished units.
• Rent prices in GTA have decreased in all areas for unfurnished two-bedroom units
  • Two-bedroom unfurnished units in GTA have seen a decrease in price in every area we collect data for this October. Brampton and Downtown Toronto saw a more widespread decrease in prices as all types of unfurnished units saw prices decrease.

As of October 2024, the City of Toronto’s average monthly rent price for an unfurnished one-bedroom saw a YoY drop of $157 to a new monthly average of $2,199 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 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 for an unfurnished one-bedroom unit in Toronto decreased by $49 this October. Looking at a year-over-year comparison, the average monthly rent for an unfurnished, one-bedroom unit in Toronto has decreased, dropping by $157 since October 2023.

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 September and October 2024.

Unfurnished Toronto rent trends

Rates for unfurnished one-bedroom units in the GTA varied depending on the area. When looking at one-bedroom units, Markham saw the largest increase at (+3.92%) while Etobicoke saw the largest decrease at (-4.23%).

Furnished Toronto rent trends

Average rates for furnished one-bedroom units in the GTA saw two major changes this month. The largest month-to-month increase was seen in Mississauga at (+9.17%) while Vaughan-Richmond Hill saw the largest decrease at (-7.76%).

Toronto furnished vs unfurnished averages

This October, prices for furnished one-bedroom units saw an increase, while rates for unfurnished one-bedroom units dropped. The average one-bedroom furnished unit rents for $47 more 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 cities throughout the Greater Toronto Area. This October, Downtown ($3.77/sq. ft.) has the most expensive average rent per square foot, followed by Scarborough ($3.69/sq. ft.) and Mississauga ($3.68/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 October 2024, the most common rental property type in the Greater Toronto Area was apartments, representing the majority of all listings in the GTA at 86.74% decreasing from 90.19% last month. Partial Houses (e.g. basement suites) were the second-most common unit type this month, representing 7.20% of active listings, up from 7.08% last month.

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 October. One-bedroom units were the most common type of listing in the GTA this month at 47.23%, while two-bedroom units represented 43.15% of the region’s active listings. Three-bedroom units make up the remaining 9.62%.

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

City breakdown

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

The average rent price for an unfurnished one-bedroom unit in Brampton currently stands at $1,704, while in Markham, the same type of unit rents for an average of $2,351 – a difference of $647 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.

• Prices have decreased for all types of unfurnished units in Brampton and Downtown Toronto.
• North York and Vaughan-Richmond Hill were the only areas where rental prices decreased for one-bedroom furnished units.
• Prices decreased for unfurnished two-bedroom units in every area we collect data for this month.

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, London is the least expensive to rent in this October for one two and three-bedroom unfurnished units. Markham has the highest rental price for one-bedroom unfurnished units while Downtown Toronto is the most expensive for two and three-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 October, 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 October 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

Our monthly rent reports use data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites – looking at available basement suites, apartments, condos, townhouses, semi-detached houses, and single-detached houses for each area.

When collecting this data, we do exclude luxury properties listed at over $5,000, as well as rooms for rent and shared accommodation. Investing in manual data collection means that we only consider the current month’s listing, since we can filter out duplicate listings and older ads that haven’t been removed.

Another key difference between our data collection methods and some government agencies like the CMHC is that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied, and may be rent-controlled or rented for significantly lower than the current rates.

As we are a Canadian rental platform founded and based in Vancouver, we want to ensure that we’re providing a completely accurate depiction of the rental market in the cities we look at.

---

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

Learn More

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