Last updated on September 25, 2024
The Greater Toronto Area or the GTA comprises of the City of Toronto, Peel Region (Brampton, Caledon, Mississauga), and regional municipalities within Halton, Durham, and York regions.
COVID-19 and inflation trends have affected the Greater Toronto Area (GTA) rental market, leading to unprecedented vacancy rates in downtown Toronto. However, over the past year, rental costs began to increase, and availability decreased. This has been the trend for the last decade. Below are the average rental costs as of August – September 2024.
Downtown Toronto averages tend to be higher than what is listed for bachelor/studio units and 1+ bedroom apartments in the GTA. It is also important to keep in mind that different types of housing range in price. The cost of rental housing differs significantly between a room in a house, a floor of a house, a basement apartment, a unit in an apartment building, or a newer condo unit. Please watch our recorded URent video for a detailed explanation of each housing type.
The average rental costs below are based on the following sources:
- CMHC (Canada Mortgage and Housing Corporation)’s data as of October 2023.
- U of T’s Off-Campus Housing Finder listings from May 1, 2024 – September 25, 2024.
- AMR (Average Monthly Rent) 2024 data published by the City of Toronto.
Toronto/GTA average
| Rental Size | CMHC Average | City of Toronto Average | Housing Finder Average |
|---|---|---|---|
| Room | Not available | $1,117 | $1,285 |
| Bachelor/Studio | $1,414 | $1,427 | $1,832 |
| 1-bedroom apartment | $1,691 | $1,708 | $1,493 |
| 2-bedroom apartment | $1,958 | $1,992 | $2,696 |
| 3+ bedroom apartment | $2,168+ | $2,241+ | $3,458+ |
Near St. George (Downtown Toronto)
| Rental Size | CMHC Average | Housing Finder Average |
|---|---|---|
| Bachelor/Studio | $1,643 | $1,876 |
| 1-bedroom apartment | $2,005 | $2,122 |
| 2-bedroom apartment | $2,574 | $2,730 |
| 3+ bedroom apartment | $3,724+ | $3,525+ |
Near UTM
| Rental Size | CMHC Average | Housing Finder Average |
|---|---|---|
| Bachelor/Studio | $1,142 | $1,245 |
| 1-bedroom apartment | $1,559 | $1,776 |
| 2-bedroom apartment | $1,784 | $2,188 |
| 3+ bedroom apartment | $1,945+ | $2,858+ |
Near UTSC
| Rental Size | CMHC Average | Housing Finder Average |
|---|---|---|
| Bachelor/Studio | $1,273 | $1,400 |
| 1-bedroom apartment | $1,611 | $1,507 |
| 2-bedroom apartment | $1,864 | $1,904 |
| 3+ bedroom apartment | $1,937+ | $3,012+ |
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