Toronto rent hasn’t been this low since the pandemic
But it’s still pretty high
Toronto’s average monthly rent across all homes—$2,521—fell 4.8 per cent in 2025 compared with the year before, hitting its lowest level in more than three years, according to a new report from Rentals.ca. One-bedrooms in the city are currently going for $2,222, down 6.4 per cent, while two-bedrooms now cost about $2,828, down 8.5 per cent.
Related: The average monthly mortgage in Toronto is now more than 110 per cent of the average family income
The report also found that Toronto apartment rents are down 16 per cent from three years ago—their lowest since May of 2022. East York had the steepest annual rent decline in all of Canada, down 19.1 per cent to $2,058. Etobicoke also cracked the top 15 in Canada for reductions, down 7.1 per cent.
On the opposite end of the spectrum, North York and Oakville broke the five highest rents in the country, with each market averaging $2,529. Related: Hundreds of affordable units will soon tower over CityPlace
Nationally, average rents declined 3.1 per cent year-over-year to $2,074, a decrease of $100 compared with two years ago. But the national average remains 3.4 per cent, or $68 a month, higher than three years ago.
“Affordability issues, reduced immigration and weakened consumer confidence have impacted demand in the short-term,” the report states. “Meanwhile, record apartment completions are increasing competition for the reduced pool of active renters in the market.”
