Although Toronto remains the third most expensive city to rent in the country, the cost has slightly diminished since January.

According to the national rental report issued by Rentals.ca for February, rents in Toronto for a one-bedroom apartment decreased by 0.4 percent to a monthly average of $2,511.
However, rents rose by 2.2 percent year-over-year.

While Toronto has the third most expensive rent in Canada, rent growth did not rise by 17.1 percent as it did in Edmonton over the past year despite Edmonton residents paying an average of $1,479 monthly for rent).

In Ontario, the average rent for one-bedroom apartments in February was $2,239 monthly, and two-bedroom apartments $2,711, revealing an annual increase of 5.1 percent and 5.3 percent respectively.

The report also stated that rents for all types of residential properties in Canada reached another record level in January 2024, increasing by 10.0 percent annually to an average of $2,196, adding that rents increased on average across the country by 0.8 percent monthly, pushing the annual rent growth rate to its highest level in four months.

Compared to January 2020, the average asking rents across the country rose by 20 percent – equivalent to a monthly price difference of approximately $373.

The report indicates that rents for one-bedroom apartments in Canada increased by 12.6 percent in January, the fastest growth over the year compared to two- and three-bedroom units.

Here is what the average monthly rent for one-bedroom apartments in Ontario looked like in February:

A

Toronto, $2,511 •

Mississauga, $2,325 •

Vaughan, $2,304

Etobicoke, $2,252 •

Scarborough, $2,220

Burlington, $2,204 •

Brampton, $2,188 •

Ottawa, $2,040

Waterloo, $1,997 •

Guelph, $1,979 •

Kitchener, $1,937 •

Barrie, $1,934 •

Kingston, $1,877 •

London, $1,846 •

Oshawa, $1,836 •

Hamilton, $1,795