Need some help to post your property? Our team is ready for it. Contact us today!

Rental Market Summary - Toronto, ON

About

Chy Square is an app that helps you find the best and coolest home and neighbourhood. This report includes the average price of a studio, 1 bedroom and 2 bedroom condos, apartments and homes in Toronto, North York, Mississauga and Scarborough.

 

Toronto, ON

TypeJune 2020July 2020
Toronto (studio)$1,557$1,525 (-2.05%)
Downtown (studio)$1,685$1,678 (-0.41%)
Midtown (studio)$1,541$1,552 (0.71%)
Toronto (1bd)$1,865$1,903 (2.04%)
Downtown (1bd)$2,050$2,038 (-0.58%)
Midtown (1bd)$1,922$1,877 (-2.34%)
Toronto (2bd)$2,255$2,269 (0.62%)
Downtown (2bd)$2,656$2,636 (-0.75%)
Midtown (2bd)$2,558$2,539 (-0.74%)

While the average home prices in June show a strong recovery or reach an all-time high during, according to TRREB, the downward trends had continued in the Toronto's rental market during July. However, unlike in past months, we now see more green colours in different types of homes.

The rental rates in Toronto plunged -2.05% for a studio apartment to $1,525. However, a one-bedroom in Toronto went up 2.04% to $1,903 and a two-bedroom increased 0.62% to $2,269. A downtown studio dropped -0.41% to $1,678 during July. A one-bedroom dropped -0.41% to $2,038 and a two-bedroom dropped -0.75% to $2,636. In Midtown, the average rent of studios went up 0.71% to $1,552 during the period. A midtown one-bedroom dropped -2.34% to $1,877 and a two-bedroom decreased slightly by 0.74% to $2,539.

Short-term rentals were popular in Toronto before the COVID-19. The supply of condo, apartment and house had been limited during the same period, but such trends have been changed over the last few months. A few days ago, the City Council requested "the feasibility of a plan for the City to lease vacant, short-term rental units currently offered through AirBnB and other rental platforms". Until the decision will be made, many variables including the number of newly employed people and recovery of the tourism industry will play their roles.

 

North York, ON

TypeJune 2020July 2020
North York (studio)$1,464$1,345 (-8.13%)
North York (1bd)$1,876$1,895 (1.01%)
North York (2bd)$2,280$2,316 (1.58%)

 

Mississauga, ON

TypeJune 2020July 2020
Mississauga (studio)$1,195$1,249 (4.52%)
Mississauga (1bd)$1,645$1,622 (-1.4%)
Mississauga (2bd)$1,890$1,819 (-3.75%)

 

Scarborough, ON

TypeJune 2020July 2020
Scarborough (1bd)$1,474$1,484 (0.68%)
Scarborough (2bd)$1,859$1,845 (-0.75%)

 

NOTE

  • Currency: Canadian Dollar (CAD)
  • N/A means that we do not have data during the period
  • Some types of houses (for example, 3+ bedroom homes) are not tracked due to insufficient number of properties

 

Chy Square Inc.

1 King Street West, Toronto

ON M5H 1A1, Canada