Rental costs in Toronto/GTA

Last updated on August 28, 2023

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 2023.

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 2022.
• U of T’s Off-Campus Housing Finder listings from May 1, 2022 – April 30, 2023.
• AMR (Average Monthly Rent) 2023 data published by the City of Toronto.

Toronto/GTA average

• Room: CMHC: Not available | City of Toronto: $1,024 | Housing Finder: Not available
• Bachelor/studio: CMHC: $1,306 | City of Toronto: $1,317 | Housing Finder: $1,617
• 1-bedroom apartment: CMHC: $1,527 | City of Toronto: $1,538 | Housing Finder: $1,442
• 2-bedroom apartment: CMHC: $1,779 | City of Toronto: $1,811 | Housing Finder: $2,547
• 3+ bedroom apartment: CMHC: $2,018+ | City of Toronto: $2,096+ | Housing Finder: $3,267+

Near St. George (Downtown Toronto)

• Bachelor/studio: CMHC: $1,496 | Housing Finder: $1,628
• 1-bedroom apartment: CMHC: $1,800 | Housing Finder: $1,555
• 2-bedroom apartment: CMHC: $2,503 | Housing Finder: $2,666
• 3+ bedroom apartment: CMHC: $3,281+ | Housing Finder: $3,355+

Near UTM

• Bachelor/studio: CMHC: $1,160 | Housing Finder: $1,005
• 1-bedroom apartment: CMHC: $1,421 | Housing Finder: $1,060
• 2-bedroom apartment: CMHC: $1,591 | Housing Finder: $1,913
• 3+ bedroom apartment: CMHC: $1,789+ | Housing Finder: $2,804+

Near UTSC

• Bachelor/studio: CMHC: $1,328 | Housing Finder: $689
• 1-bedroom apartment: CMHC: $1,391 | Housing Finder: $1,035
• 2-bedroom apartment: CMHC: $1,527 | Housing Finder: $1,666
• 3+ bedroom apartment: CMHC: $1,755+ | Housing Finder: $2,374+