Average Rent in Toronto (2026): 2-Bedroom and 3-Bedroom Prices

Quick answer

As of August 2026, Toronto's average asking rent for apartments and condos is about $2,570 a month, down roughly 1.4% from a year earlier, per Rentals.ca's National Rent Report (published September 9, 2026). By bedroom count, Rentals.ca puts Toronto's average 2-bedroom asking rent at $2,939 (up 0.3% year-over-year) and 3-bedroom at $3,642 (up 3.5%). A separate, non-comparable measure from CMHC's 2025 Rental Market Report (October 2025 survey, published December 11, 2025) tracks the entire existing purpose-built rental stock rather than only new listings, and puts Toronto's average 2-bedroom rent at $2,034, up 3.5% year-over-year, with a purpose-built vacancy rate of 3.0%.

Why CMHC and Rentals.ca show different numbers

CMHC's Rental Market Report averages rent across the entire purpose-built rental stock, including long-tenured tenants whose rent is protected by Ontario's rent increase guideline -- a lower, stickier number that reflects what the average existing renter actually pays. Rentals.ca's National Rent Report instead tracks asking rents on units currently listed for rent, which reflects the market-clearing price for someone renting today -- higher and more volatile, since it only captures turnover units. Neither number is wrong; they answer different questions. A current tenant's rent looks more like the CMHC figure, while a prospective tenant's next rent looks more like the Rentals.ca figure.

Toronto average rent by bedroom count (August 2026, Rentals.ca asking rents)

2-bedroom: $2,939/month, up 0.3% year-over-year
3-bedroom: $3,642/month, up 3.5% year-over-year

A reliable 1-bedroom figure for this same period was not available from a verifiable source as of this writing and has been omitted rather than estimated.

Frequently Asked Questions

Is Toronto rent going up or down in 2026?

It depends on the measure. Rentals.ca's asking-rent data shows Toronto's overall average rent down about 1.4% year-over-year as of August 2026, continuing a 23-month national trend of falling asking rents. But within that overall decline, 2-bedroom and 3-bedroom asking rents are both up year-over-year, and CMHC's broader rental-stock data shows Toronto's average 2-bedroom rent still rising 3.5% year-over-year as of its October 2025 survey.

What is the average rent for a 2-bedroom apartment in Toronto?

About $2,939/month for new listings as of August 2026 (Rentals.ca), or $2,034/month averaged across the entire existing purpose-built rental stock as of October 2025 (CMHC) -- the gap reflects new-listing prices versus the average of all existing tenancies, including rent-controlled renewals.

Where does this rent data come from?

CMHC's Rental Market Report (a survey of the existing purpose-built rental stock) and Rentals.ca's National Rent Report (asking rents on current listings, compiled with Urbanation). Both are cited directly with publish dates so figures can be checked against the original source.

Average Rent in Toronto