Here's how much it costs to rent a one bedroom in Toronto

Toronto is still the third most expensive to rent in the country, but the cost has fallen slightly since January.

Rents for a one-bedroom apartment in Toronto fell 0.4 per cent to a monthly average of $2,511, according to Rentals.ca's February national rent report. However, rental prices increased by 2.2 percent year-on-year.

Outside of Toronto, Richmond Hill, Etobicoke, Markham, North York, Mississauga and Vaughan are in the top 10 most expensive.

While Toronto has the third-most expensive rent in Canada, rent growth hasn't seen the same 17.1 per cent jump as Edmonton's over the past year (though Edmontonians pay an average of $1,479 a month).

In February, the average monthly rent for one-bedroom apartments and condos in Ontario was $2,239, and for two-bedroom apartments it was $2,711, up 5.1% and 5.3% year-over-year, respectively.

Asking rents across all housing types in Canada hit another record high in January 2024, rising 10.0 per cent year over year to an average of $2,196, the report said, adding that rents across the country averaged 0.8 per month. increased by percent. The month pushed the annual rate of rental growth to a four-month high.

However, compared to January 2020, the average rent across the country has increased by 20 percent, which equates to a price difference of about $373 a month.

When looking at property types, the report found that custom-built rental apartments saw the fastest growth last year, with monthly rents rising 13.5 percent to an average of $2,107. Condominium rents were also proportionally more expensive, averaging $2,372 in January and up 4.1% year-over-year nationally.

The report noted that one-bedroom rents in Canada rose 12.6 percent in January, the fastest year-over-year growth compared to two- and three-bedroom apartments.

Room rents have also hit “record highs,” the report said, with the cost of a break-up in Ontario averaging $1,109 a month. The average rent for a one-bedroom apartment in Toronto is $1,311 per month, the second highest in Canada.

The average monthly rent for a one-bedroom apartment in Ontario in February is as follows:

• 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

• Kitchen, $1,937

• Barry, $1,934

• Kingston, $1,877

• London, $1846

• Oshawa, $1,836

• Hamilton, $1,795

• Niagara Falls, $1,634

• St. Catharines, $1,595

• Windsor, $1,537