Toronto's rental market showed further signs of stabilization in June, with average rents rising for a third straight month and the pace of annual declines easing, according to a national rent report.
Rent increases and annual trends
The average asking price for a rental in Toronto grew 1.2% in June from May to $2,537 per month, according to the National Rent Report from Rentals.ca and Urbanation. This marks the city's third consecutive monthly gain since March, following 29 straight months of declines. On an annual basis, Toronto rents were down only 1.9% from June 2025.
“Canada’s rental market continued to show signs of improvement in June, with rents rising for a third straight month and the pace of annual declines easing from earlier in the year,” said Shaun Hildebrand, president of Urbanation, in a statement. “Toronto’s gradual stabilization could be an early signal that the market is beginning to bottom out this cycle.”
Neighbourhood variations
North York recorded the highest average rent in Toronto at $2,563 per month. Other areas with above-average rents included Oakville ($2,438), Etobicoke ($2,427), Burlington ($2,381), Mississauga ($2,360), Vaughan ($2,277), Brampton ($2,231), Ajax ($2,217), and Scarborough ($2,210).
Across Ontario, the average cost to rent an apartment declined by 4.6% annually in June, the report noted.
National perspective
Nationally, the average asking price for all residential properties in Canada was down 4.3% year-over-year in June to $2,033, marking 21 consecutive months of annual decreases. However, the rate of decline is easing: March saw a 5.3% drop, while April and May recorded declines of 4.7%.
Nova Scotia remained the most expensive province to rent an apartment or condo for a second consecutive month, with landlords asking an average of $2,360. British Columbia followed at $2,347. The higher average in Nova Scotia was attributed to a greater concentration of listings in newer projects and a larger proportion of larger units.
Affordability concerns persist
Affordability remains the top concern for renters. According to Rentals.ca’s Spring Renter Preference Survey, nearly three-quarters (72%) of respondents are looking for rentals at or below $2,000 per month, while 70% cited high rent prices as their biggest challenge.
