COVID-19 has affected the Greater Toronto Area (GTA) rental market, leading to unprecedented vacancy rates in downtown Toronto as of February 2021. This is good news for renters – more properties are available to rent! However, there is a potential for rental costs to increase and availability to decrease as the vaccine roll-out continues. This has been the trend for the last decade.
Below are housing costs from the Canada Mortgage and Housing Corporation (CMHC) Rental Market Fall 2020 Report.
Downtown Toronto averages tend to be about $500 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.
Toronto/GTA average
- Room: $1,000
- Bachelor/studio: $1,250
- 1-bedroom apartment: $1,417
- 2-bedroom apartment: $1,622
- 3+ bedroom apartment: $1,837
Near St. George (Downtown Toronto)
- Room: $1,400+
- Bachelor/studio: $1,750+
- 1-bedroom apartment: $1,900+
- 2-bedroom apartment: $2,400+
- 3+ bedroom apartment: $3,500+
Near UTM
- Room: $526
- Bachelor/studio: $1,053
- 1-bedroom apartment: $1,250
- 2-bedroom apartment: $1,495
- 3+ bedroom apartment: $2,004
Near UTSC
- Room: $753
- Bachelor/studio: $1,015
- 1-bedroom apartment: $1,250
- 2-bedroom apartment: $1,413
- 3+ bedroom apartment: $2,821
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