This year, rent prices in major cities across Ontario are seeing a decline, as highlighted in a recent report showcasing the most affordable rental locations in the province.
Currently, the average cost for an unfurnished one-bedroom unit is $1,970 in Ontario, reflecting an 8.8 per cent decrease compared to last year, according to liv. rent’s May 2026 Ontario Rent Report. The largest decreases have been noted in Brampton (down 10.8 per cent) and downtown Toronto (down 10.2 per cent).
However, this May brought about increases in rent prices for unfurnished one-bedroom units throughout the Greater Toronto Area (GTA), with exceptions being downtown Toronto and Markham, where average rents were $1,997 and $1,950 respectively.
City of Toronto rent price trends over recent months. Source: liv. rent.
Conversely, Vaughan-Richmond Hill, North York, and Etobicoke were the only areas within the GTA that experienced rising rent prices across all categories of unfurnished units-including one-bedroom, two-bedroom, and three-bedroom apartments.
In downtown Toronto, there were decreases observed across every type of unit; specifically, one-bedroom units dropped by 5.94 per cent month-over-month. Looking outside the downtown area, the City of Toronto saw its average monthly rent for an unfurnished one-bedroom unit fall by $206 this month compared to last year-a new average now stands at $1,942 monthly.
Current rent prices throughout Ontario markets this May. Source: liv. rent.
The most significant drops in rents for unfurnished one-bedroom units occurred in downtown Toronto and Markham with declines of -5.97 per cent and -2.84 per cent respectively. In contrast, Etobicoke saw some of the highest increases at 7.5 per cent while North York and Ottawa followed with rises of 3.83 per cent and 1.59 per cent respectively.
Even with notable reductions in rents overall, downtown Toronto maintained its position as having the highest rent price per square foot this May at $2.86/sq. ft., whereas Brampton recorded the lowest at just $1.36/sq. ft.
Average rent price per square foot across key Ontario markets. Source: liv. rent.
Among all analyzed markets this May, Oshawa emerged as the most affordable place to rent-where an average unfurnished one-bedroom unit costs $1,587; a two-bedroom averages $1,885; and a three-bedroom goes for about $2,373.
On the other hand, Etobicoke listed some of the highest rental rates seen statewide this month-with averages hitting $2,176 for a one-bedroom unit,$2,748 for a two-bedroom,$3,402 for a three-bedroom.
Current rent prices throughout Ontario markets this May. Source: liv. rent.
The most significant drops in rents for unfurnished one-bedroom units occurred in downtown Toronto and Markham with declines of -5.97 per cent and -2.84 per cent respectively. In contrast, Etobicoke saw some of the highest increases at 7.5 per cent while North York and Ottawa followed with rises of 3.83 per cent and 1.59 per cent respectively.
Even with notable reductions in rents overall, downtown Toronto maintained its position as having the highest rent price per square foot this May at $2.86/sq. ft., whereas Brampton recorded the lowest at just $1.36/sq. ft.
Average rent price per square foot across key Ontario markets. Source: liv. rent.
Among all analyzed markets this May, Oshawa emerged as the most affordable place to rent-where an average unfurnished one-bedroom unit costs $1,587; a two-bedroom averages $1,885; and a three-bedroom goes for about $2,373.
On the other hand, Etobicoke listed some of the highest rental rates seen statewide this month-with averages hitting $2,176 for a one-bedroom unit,$2,748 for a two-bedroom,$3,402 for a three-bedroom.
