Renting in Toronto

Toronto is one of Canada's most expensive places to rent, but rents are flat to slightly falling: Rentals.ca put the average asking rent 1.4% lower in August 2026 than a year before, and new rental buildings still offer one or two months free. That easing may be ending, as condo completions drop and rental listings shrank 13% in a year (Urbanation, Q2 2026), so expect less room to negotiate in 2027. The hard part for a newcomer is passing screening without a Canadian credit history, especially for the condo leases that agents handle downtown.

Checked 1 October 2026Deposits, contracts and notice periods: Canada rules

The Toronto skyline and the CN Tower from the lake

The situation right now

Rents have come down from their 2023–2024 peak. Rentals.ca and Urbanation put Toronto's average asking rent at C$2,570 in August 2026, 1.4% lower than a year earlier, and CMHC found that rents on new leases in purpose-built buildings fell in 2025 while the GTA vacancy rate rose to 3.0%, the highest since the pandemic. The usual explanations hold up: a record number of new condos were finished and rented out by investors, the federal government cut new study permits (155,000 planned for 2026 against about 305,900 in 2025) and temporary residents, and unemployment rose. Condo one-beds leased through the Toronto Regional Real Estate Board's MLS averaged C$2,316 in the City of Toronto in April–June 2026; across the GTA the one-bed average was 2.3% lower than a year before.

There are early signs of a turn. Urbanation counted a record 18,923 condo leases in the GTHA in Q2 2026 while active rental listings fell 13% to 5,366, or 0.9 months of supply, and condo rents rose 2.5% on the quarter. Condo completions are dropping fast, so fewer new units will come on to the rental market. Rentals.ca found Toronto listings about 6% lower year on year in July 2026, and two- and three-bed rents already rising. Urbanation expects rents to rise again as completions fall; that is a forecast, not yet a trend.

Toronto has two rental markets. A large share of new lets, especially downtown, are condos owned by individual investors and leased through real estate agents on the MLS (Realtor.ca): you apply through an agent with a standard form, a credit report and a job letter, and the landlord pays the agents. The other half is purpose-built rental buildings run by companies, from 1960s towers (rent-controlled once you are in) to new towers built after 15 November 2018, which have no cap on yearly increases and still offered one or two months free in 2026. CMHC put the condo vacancy rate at only 1.0% in October 2025, against 3.0% for purpose-built apartments.

Ontario law applies (see the Canada page): the landlord can take only last month's rent as a deposit plus a refundable key deposit, must use the Ontario standard lease and cannot hold a missing Canadian credit history against you. The City adds its own rules: RentSafeTO inspects apartment buildings of three or more storeys and ten or more units, landlords need a City licence before a renovation that forces you out (since 31 July 2025), and short-term rentals are allowed only in the host's own principal residence.

Subsidised housing is not a route for newcomers: 104,851 households were on the City's rent-geared-to-income waiting list in March 2026, and only 750 were housed that quarter. On a normal salary, a newcomer starts in a room (roughly C$725–980 a month on Kijiji), an older rental building, or a condo one-bed at C$2,100–2,500, and should allow four to eight weeks.

Behind the scores

DifficultyHard

Agents screen MLS condo applications with a Canadian credit report, job letter, pay slips and landlord references; newcomers lack the first and the last and fall back on savings, a guarantor or rent they offer upfront, which a landlord may accept but not require (RTA s. 106; OHRC). The condo segment is tight and tightening (1.0% vacancy, 0.9 months' supply). Social housing is closed to newcomers (104,851 households waiting, 2026-03). As of September 2026.

CostVery expensive

Condo one-bed leases on the MLS C$2,269–2,475 a month in central districts C08 and C01 (TRREB, Q2 2026; city average C$2,316), hydro metered separately, no fixed building charge. Median full-year full-time pay, Toronto CMA, C$74,600 gross (StatCan 11-10-0240-01, 2024): about C$4,720 a month net after 2026 federal and Ontario tax, health premium, CPP and EI (our calculation): 48–52%. Cross-checks: liv.rent city-wide one-bed C$1,973 (2026-09): 42%; all earners' median C$49,500: over 60%. As of June 2026.

CompetitionSome

Purpose-built vacancy 3.0% in the GTA, 2.8% in central Toronto; condos 1.0% (CMHC, 2025-10). Condo rental supply 0.9 months, active listings down 13% a year, record leasing; new rental buildings 6.8% vacant, 64% offering free months (Urbanation, Q2 2026). No figure exists for days on market or applicants per listing in Toronto. As of June 2026.

Scam riskVery common

Toronto Police arrested and charged a suspect on 12 June 2026 over flats at Yonge and Finch advertised online to international students, who paid deposits without viewing between April and June 2026 (CTV News, 2026-06-12, reporting the police release). The suspect was charged within the last twelve months. As of June 2026.

Condo towers on Toronto’s waterfront
Condo towers on Toronto’s waterfront

What it costs

TypeTypical asking rentSource
Room in a shared flat or houseMiddle half of about 110 room ads sampled on Kijiji's City of Toronto room category on 1 October 2026 (2,031 ads in total); the median was C$850. Rooms near the University of Toronto and downtown are at the top of the range. A house with four or more rooms let to separate people needs a City multi-tenant house licence.C$725–980 a month(€460–630 a month)Kijiji, City of Toronto room rentals (our sample), October 2026
One-bed flat (new lets)Condo one-beds leased through the MLS averaged C$2,316 in the City of Toronto in Q2 2026, from C$2,077 in C13 (Don Mills) to C$2,475 in C01 (downtown core) and C$2,623 in C02 (Annex, Yorkville). Purpose-built one-beds that were vacant in October 2025 averaged C$2,020 city-wide (CMHC). liv.rent's average asking rent for an unfurnished one-bed was C$1,973 in September 2026, 3.7% less than a year earlier. Studios: C$1,862 for condo bachelors (TRREB, Q2 2026).C$1,970–2,480 a month(€1,250–1,600 a month)TRREB Rental Market Report Q2 2026; CMHC Rental Market Report 2025; liv.rent September 2026, June 2026
Two-bed flat (new lets)Vacant purpose-built two-beds averaged C$2,567 city-wide in October 2025 (CMHC). Condo two-beds on the MLS averaged C$3,154 in the City of Toronto in Q2 2026, C$3,494 in C01 and C$2,420–2,660 in much of Scarborough. Rentals.ca found Toronto two-bed asking rents up 0.3% on a year in August 2026, while one-beds and studios were still falling.C$2,570–3,490 a month(€1,650–2,250 a month)TRREB Rental Market Report Q2 2026; CMHC Rental Market Report 2025, June 2026
Three-bed flat or house (new lets)Vacant purpose-built three-beds averaged C$3,059 city-wide in October 2025 (CMHC); condo three-beds on the MLS C$3,882 in the City of Toronto in Q2 2026. Houses and townhouses are mostly let through agents too. Rentals.ca found Toronto three-bed asking rents up 3.5% in a year to August 2026.C$3,060–3,880 a month(€1,950–2,500 a month)TRREB Rental Market Report Q2 2026; CMHC Rental Market Report 2025, June 2026

Asking rents on the portals; what people actually pay is often lower for older contracts and higher for furnished short lets. Deposits and what can legally be charged on top are on the Canada page. The euro values are there to compare cities: rounded, a month, at the exchange rates of 23 October 2026 (how we convert).

A streetcar on a Toronto street with the CN Tower behind
A streetcar on a Toronto street with the CN Tower behind

Local tips

Gathered from local forums, city subreddits and expat groups, rewritten in our own words. They are what people who have done this say helped; none of it is a guarantee.

  1. Start looking six to eight weeks before your move

    Leases normally start on the first of a month, and tenants must give 60 days' notice, so most flats come on the market one to two months ahead. Browse earlier to learn prices, but apply four to eight weeks before your date. May to September is the busiest period, with students arriving for September.

    Source: City of Toronto renter rights page; CMHC Rental Market Report 2025

  2. Know whether you are renting a condo or a rental building

    A condo is owned by one investor and leased through agents on Realtor.ca: you sign the Ontario standard lease with the owner, the condo's own rules (pets, short lets, moving times) also apply, and the agent usually wants an application, a credit report and a job letter within a day or two. A purpose-built building is run by a company: you apply on its website or in its rental office, and in older buildings the rent is then capped each year.

    Source: TRREB Rental Market Report Q2 2026; CMHC Rental Market Report 2025

  3. Ask whether the rent is capped, and look at section 15 of the lease

    Units first occupied after 15 November 2018, which includes most condos completed since 2019 and new rental towers, have no limit on yearly increases. Landlords are told to say so as an extra term in section 15 of the standard lease. Ask the year the building was completed, and budget for bigger rises in a new building than in a 1970s tower, where the 2027 cap is 1.9%.

    Source: ontario.ca rent increase guideline page (updated June 2026)

  4. Use the free months in new buildings, and compare net rent

    In Q2 2026, 64% of purpose-built projects in the GTHA offered incentives, most often one or two months free; Urbanation put the discount at about C$377 a month on average. Compare the net cost over a year, and ask in writing what the rent will be after the free months and at renewal.

    Source: Urbanation Q2 2026 rental release; CMHC Rental Market Report 2025

  5. Check what is included: hydro, parking and locker

    Listings state whether heat, water, hydro (electricity), parking and a storage locker are included. In many condos and new rental buildings each unit has its own electricity meter and the bill comes separately from a metering company: ask who bills it and what a typical month costs. Parking and lockers are often rented separately.

    Source: Toronto listings on Realtor.ca and Kijiji, 2026

  6. Build a newcomer file before you apply

    Agents expect a full package within hours of a viewing: passport, employment letter with salary and start date, recent pay slips or bank statements, a reference from your last landlord, and a credit report. If you have no Canadian credit history, add proof of savings and, if you can, a guarantor in Canada, and say so up front. You may offer rent in advance, but a landlord may require only last month's rent as a deposit, and paying months ahead to a stranger is risky.

    Source: City of Toronto renter rights page; Ontario Human Rights Commission; NOW Toronto (October 2024)

  7. Look up the building before you sign

    For any building with three or more storeys and ten or more units, check the RentSafeTO evaluation score and active violations on the City's map. Once you live there, the landlord must answer urgent requests (heat, water, electricity) within 24 hours and others within seven days; if not, call 311.

    Source: City of Toronto RentSafeTO and housing property standards pages

  8. Look along the GO train lines if Toronto is out of budget

    Condo one-beds leased for an average C$1,918 in Oshawa, C$2,052 in Brampton and C$2,189 in Mississauga in Q2 2026, against C$2,316 in the City of Toronto. GO Transit trains and buses run into Union Station, but add fares and travel time. The TTC caps adult fares after 47 paid trips a month since 1 September 2026.

    Source: TRREB Rental Market Report Q2 2026; TTC, monthly fare capping (September 2026)

Neighbourhoods

  • Downtown core: CityPlace, King West, Liberty Village (C01) higher rents

    The biggest condo rental market in Canada: 4,233 condo leases in Q2 2026 alone, one-beds averaging C$2,475 and studios C$1,934 (TRREB). Glass towers, small units, walking distance to the financial district; competition is heaviest here in late summer.

  • St Lawrence, Church-Wellesley, Regent Park (C08) mid-range

    East of Yonge downtown, with condo one-beds at about C$2,269 (TRREB, Q2 2026) plus older rental towers around St James Town and Regent Park. Close to TMU and the core, cheaper than the west side of downtown.

  • Annex and Yorkville (C02) higher rents

    Next to the University of Toronto, with Victorian houses split into flats and luxury condos in Yorkville; condo one-beds average C$2,623 (TRREB, Q2 2026). Students compete for rooms here from May to September.

  • Yonge and Eglinton (C10) mid-range

    A dense midtown condo and rental-tower area on subway Line 1, popular with young professionals; condo one-beds about C$2,224 (TRREB, Q2 2026). Quieter than downtown, with a straight subway ride to the core.

  • Leslieville and Riverdale (E01) higher rents

    East-end neighbourhoods of houses with upper and basement flats and a few low-rise condos, served by streetcars; condo one-beds averaged C$2,449 (TRREB, Q2 2026). Much of the stock is private landlords letting floors of houses.

  • North York Centre: Yonge from Sheppard to Finch (C14, C15) mid-range

    Condo towers along subway Line 1, with one-beds around C$2,220–2,270 (TRREB, Q2 2026), popular with students at York and Seneca and with newcomers. A June 2026 police case involved fake rentals here aimed at international students.

  • Etobicoke: Humber Bay Shores and Etobicoke City Centre (W06, W08) mid-range

    Lakeside condo towers at Humber Bay (one-beds about C$2,419) and cheaper towers around Islington and Kipling stations (about C$2,172) (TRREB, Q2 2026). Good for people working downtown or west, by GO train or Line 2.

  • Scarborough and the 905 (Mississauga, Brampton, Vaughan, Markham) lower rents

    Scarborough City Centre condo one-beds averaged C$2,134, and vacant one-beds in Scarborough's rental buildings C$1,916 (CMHC, October 2025). Outside the city, Mississauga (C$2,189), Vaughan (C$2,130) and Brampton (C$2,052) are cheaper (TRREB, Q2 2026); commute time is the cost.

The Gooderham flatiron building among Toronto’s towers
The Gooderham flatiron building among Toronto’s towers

What landlords ask for

Have these ready as PDFs before the first viewing; in Toronto the flat often goes to whoever sends a complete file first.

  • Passport and visa, study or work permit. There is no immigration check to rent, but landlords will want to see that you can stay for the lease term.
  • Employment letter on company letterhead with your salary, position and start date, plus recent pay slips; or, for students, proof of enrolment and funding.
  • A credit report (Equifax or TransUnion). The landlord or agent runs it with your consent using your name, date of birth and address; you do not have to give your SIN. If you have no Canadian credit history, say so and show bank statements instead; the Ontario Human Rights Commission says a lack of credit history must not count against you.
  • References from previous landlords, with phone numbers and e-mail addresses, including landlords abroad.
  • The OREA Form 410 rental application for MLS condo leases, or the landlord's own form for rental buildings. Applying must be free: application fees are illegal in Ontario.
  • A guarantor in Canada if you have no local income or credit; a landlord who asks one applicant for a guarantor must ask everyone in the same situation.
  • On signing: last month's rent as a deposit (no more than one month) plus the first month, and possibly a refundable key or fob deposit. Ask for proof of tenant insurance if the lease requires it.

Scams typical of Toronto

Scam risk here is rated 4 of 5. Toronto Police arrested and charged a suspect on 12 June 2026 over flats at Yonge and Finch advertised online to international students, who paid deposits without viewing between April and June 2026 (CTV News, 2026-06-12, reporting the police release). The suspect was charged within the last twelve months. The general patterns, and what to do if you have already paid, are in the scam guide.

  • Deposits for flats the 'landlord' cannot rent

    In June 2026 Toronto Police charged a suspect who had advertised apartments around Yonge and Finch online, mostly to international students, taken deposits from people who never viewed or met them, then stopped answering. The signs: no viewing, pressure to pay to 'hold' the unit, and a person who cannot show proof that they own or manage it.

  • Copied MLS listings at a lower price

    A real condo listing from Realtor.ca is reposted on Kijiji or Facebook Marketplace with the same photos and a lower rent, by someone who claims to be the owner and is 'abroad'. Search the address and the photos, compare with the MLS listing, and contact the listing brokerage through its own office number.

  • Fake agents

    Fraudsters use the names of real agents or invent brokerages, send an OREA Form 410 and ask for a deposit by e-transfer. Check the person on the RECO register, call the brokerage at the number on its website, and pay only on signing a lease, ideally by cheque or bank draft to the landlord or brokerage.

  • Holiday lets and sublets sold as long lets

    Toronto allows short-term rentals only in the host's principal residence, so a furnished 'long-term' flat run by someone with several units, or by a tenant subletting without consent, is a warning sign. Ask for the owner's name, the landlord's written consent for any sublet, and the standard lease.

  • Illegal fees and 'months upfront' demands

    An application fee, a damage or pet deposit, a 'holding fee', compulsory post-dated cheques or a demand for six or twelve months in advance are not allowed: the landlord may require only last month's rent and a refundable key deposit. A request for your SIN before you have even seen the unit is another red flag.

How long it takes

Allow four to eight weeks for a flat, longer from June to September. In the first week, gather your passport and permit, employment letter, pay slips or bank statements, landlord references and, if you have one, a credit report; decide how you will make up for a missing Canadian credit history (savings, guarantor, a larger offer of rent upfront only if you choose to). Set alerts on Realtor.ca (with an agent if you want one), Kijiji, liv.rent and Zumper, and book viewings as soon as listings appear, usually one to two months before the move-in date. Apply quickly for condos you like, with your documents ready to send the same day. Before you pay anything, check the agent on the RECO register or the building on RentSafeTO, and see the unit in person. On signing, you pay the first month and at most a last month's deposit, and get the Ontario standard lease; arrange hydro with the utility or sub-meter company and tenant insurance before your keys.

Where to get help

  • Federation of Metro Tenants' Associations (FMTA): Tenant HotlineToronto's tenant federation runs a free hotline (416-921-9494, hotline@torontotenants.org) for questions on rent increases, repairs, evictions and deposits, and helps tenants set up building associations. The City refers tenants here.
  • Canadian Centre for Housing Rights (CCHR)A Toronto-based non-profit working on tenants' rights and rental discrimination; under the City's Tenant Support Program it gives legal services to private-market tenants disputing above-guideline rent increases.
  • Legal Aid Ontario: community legal clinicsFind the free community legal clinic for your Toronto neighbourhood, which can advise and represent low-income tenants at the Landlord and Tenant Board. Legal Aid's Toronto line: 416-979-1446.
  • City of Toronto: renter rights and 311The City's guide to what a landlord may and may not ask, deposits and repairs. Call 311 to report a landlord who ignores repairs, an illegal multi-tenant house or a short-term rental that is not a principal residence.
  • City of Toronto: Rental Renovation Licence (renovictions by-law)Since 31 July 2025, a landlord who gives an N13 notice to renovate must get a City licence, show building permits, and offer temporary housing or rent-gap payments if you return, or compensation if you do not. Check the public registry and report violations.
  • Canadian Anti-Fraud CentreThe national centre that collects fraud reports (1-888-495-8501). If you have lost money to a rental scam, tell your bank at once, report it to Toronto Police on the non-emergency line (416-808-2222) and report it here too.

Questions people ask about renting in Toronto

Can my landlord raise the rent by more than the guideline?

Only if your unit was first occupied after 15 November 2018 (most new condos and rental towers) or the Landlord and Tenant Board approves an above-guideline increase. Otherwise the cap is 2.1% in 2026 and 1.9% in 2027, once a year with 90 days' written notice. The landlord should say in section 15 of the standard lease if the unit is exempt; if unsure, ask the year the building was completed or call the LTB (ontario.ca, as of 2026-06).

I have no Canadian credit history. Will anyone rent to me?

Yes, but expect more questions. A landlord may ask for a credit check, income and references, but must look at them together, and a missing credit history should not count against you (Ontario Human Rights Commission). Offer an employment letter, bank statements, a landlord reference from abroad and, if possible, a guarantor. A landlord may accept rent paid in advance that you offer, but cannot require more than last month's rent as a deposit.

Do I pay the agent if I rent a condo through Realtor.ca?

Normally not. On MLS leases in Toronto the landlord pays the commission, typically equal to one month's rent split between the agents, and Ontario law forbids a landlord or agent charging a tenant a fee or premium to rent. You can have your own agent at no direct cost (Toronto brokerage FAQ, 2026).

Are rents in Toronto still falling?

Slightly, and the fall is slowing. Asking rents were 1.4% lower in August 2026 than a year earlier (Rentals.ca and Urbanation), liv.rent's one-bed average 3.7% lower in September, and condo one-beds 2.3% lower in Q2 2026 (TRREB). But condo rents rose 2.5% from Q1 to Q2 and listings fell 13%, and Urbanation expects rents to rise as fewer condos are completed.

Can I get subsidised or affordable housing as a newcomer?

Not quickly. The rent-geared-to-income list had 104,851 households in March 2026, and the City calls it a long-term plan. Affordable homes at or below average market rent in new buildings are allocated by random draw when a building opens applications; there were none open on 1 October 2026 (City of Toronto).

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