Toronto Rent Report, October 2026

Toronto asking rents turned higher in October 2026. The average asking rent for apartments and condominiums was $2,590 per month, up 1.4% from September, the largest monthly gain among Canada's six largest markets, and up 1.6% from a year earlier, according to the Rentals.ca and Urbanation National Rent Report published November 5, 2026. It is Toronto's first annual increase after 32 consecutive months of decline, and the largest annual gain of the six largest markets. Rents remain 2.0% below their level two years ago and 10.9% below three years ago.

Nationwide, the average asking rent for apartments and condos was $2,041 in October, and the average across all property types was $2,036, down 3.2% year over year in the 25th consecutive month of annual declines. Ontario apartment and condo rents rose 0.5% from September to $2,242 and were down 2.5% over the year. Across all property types, Ontario's $2,252 average was down 3.4% over the year, the largest annual decline of any province.

The Canada Mortgage and Housing Corporation (CMHC) recorded a purpose-built rental vacancy rate of 3.0% in October 2025, its most recent authoritative survey.

The table below shows CMHC's in-place averages for the existing purpose-built stock as of October 2025. These are what current tenants pay across the broader rental stock, and they sit below the asking rent because asking figures capture newer and higher-end listings.

• Studio (CMHC, Oct 2025): $1,491 / month
• 1 Bedroom (CMHC, Oct 2025): $1,761 / month
• 2 Bedroom (CMHC, Oct 2025): $2,045 / month
• 3 Bedroom+ (CMHC, Oct 2025): $2,294 / month
• All apartments (CMHC, Oct 2025): $1,917 / month

Larger units led the October gain on the asking side. Toronto's apartment and condo asking rents for one-bedroom units were $2,233 in October (down 1.2% over the year), while two-bedroom units reached $2,971 (up 2.8%) and three-bedroom units $3,643 (up 4.3%), according to Rentals.ca. Across Ontario, three-bedroom asking rents were $3,045, down 0.4% over the year.

Central and downtown neighborhoods continue to command the highest rents in Toronto. Walkable communities near transit and the downtown core carry premium demand from young professionals and downtown workers.

Highest-priced areas

• Downtown / Financial District, office core and transit hub
• Yorkville, premium inner-city with luxury retail
• Liberty Village / CityPlace, condo-rental heavy neighborhoods
• The Annex, university-adjacent and walkable

The former boroughs and the GTA (Rentals.ca, October 2026)

Rentals.ca tracks several of the former boroughs and surrounding cities as separate markets from Toronto, and asking rents for apartments and condos mostly sat below last year's levels:

• North York: $2,513
• Etobicoke: $2,428
• Scarborough: down 8.9% over the year
• Oakville: $2,423, down 7.7% over the year
• Markham, Vaughan and Mississauga: down 5.4%, 4.8% and 4.3% over the year

Neighborhood-level rent averages fluctuate month to month based on listing mix. For in-place rents by area, see the CMHC neighborhood rent tables which are updated on CMHC's schedule.

Toronto's purpose-built rental vacancy rate reached 3.0% in October 2025, according to CMHC's most recent survey. Rentals.ca's November report says Toronto condo starts are at marginal levels, leaving fewer new investor units coming to market. Nationally, purpose-built rental apartments continued to post the smallest annual decline of the three property types, down 2.1% to $2,040, while condo rents fell 5.5% to $2,048.

Vacancy by unit type (CMHC, October 2025)

• Studio: 4.2%
• 1 bedroom: 3.6%
• 2 bedroom: 2.5%
• 3 bedroom or more: 1.8%
• Overall: 3.0%

Smaller units carry the highest vacancy, while three-bedroom and larger units remain the tightest segment at 1.8%. Shared accommodation is softer: the average asking rent for a room in Toronto fell 1.2% over the year to $1,198 in October, the highest of the six largest markets, according to Rentals.ca.

Rentals.ca's November report says Toronto and Vancouver are turning first. It says the markets that peaked first in 2023 are the first to stabilize, and that other markets are earlier in the same cycle. Toronto's gain is broader than Vancouver's, led by two-bedroom (+2.8%) and three-bedroom (+4.3%) units, while Vancouver's gain comes from larger units. With Toronto condo starts at marginal levels, fewer new investor units are reaching the rental market.

For most units covered by rent control, Ontario's rent-increase guideline is 2.1% for 2026 and 1.9% for 2027. Increases above it generally require Landlord and Tenant Board approval, and units first occupied after November 15, 2018 are exempt from the guideline.

What this means for renters

• Toronto remains one of Canada's most expensive markets, so budget accordingly
• Two- and three-bedroom asking rents rose over the year while one-bedroom rents were still lower
• Several surrounding cities, including Scarborough, Oakville and Markham, saw annual declines
• Know the guideline before accepting a renewal increase on a covered unit

What this means for landlords

• Price to current comparables, asking rents are rising again but remain below their levels of two and three years ago
• Larger units are where the annual gains are concentrated
• Renewals within the guideline are cheaper than turnover
• Use the Ontario Standard Lease and a timestamped move-in inspection on every tenancy

SQRFT's November 2026 report will publish on the last business day of November.