The Average Rent In Toronto Just Plummeted & These Units Are A Lot Cheaper Now

As temperatures drop in Toronto, marking the coldest day seen by the city in almost three years, so do rental prices, with the average cost of a one-bedroom unit falling remarkably for the month of January.

According to a new report from rental platform liv.rent, the average rent of an unfurnished, one-bedroom unit in the city has dropped $88 and is now $1,678 per month.

Downtown Toronto saw the biggest decrease in rent for both unfurnished and furnished units, at -16.37% and -25.27%.

The update has made furnished one-bedroom units just $25 more than unfurnished ones.

"After finishing 2021 on a yearly high, the GTA's average rent has fallen $88 to a new level of $1678. The winter months typically see a decline in rental prices across Canada, and January looks to see the beginning of that trend," an excerpt from the rental report reads.

Toronto prices are slowly getting back to normal after increasing to groan-worthy highs in December — although, mind you, they're still expensive.

Thankfully, other areas of the GTA offer some cheaper alternatives.

Brampton and Mississauga once again established themselves as the GTA's most affordable municipalities for a furnished one-bedroom unit this month, with the average rent at just under $1,500 a month.

Unfurnished units in Brampton and Mississauga fell 7.34% and 7.41%, respectively, at $1,502 and $1,721 per month for a one-bedroom.

It's also worth noting that, on average, a furnished three-bedroom unit in North York costs just $22 more than a furnished two-bedroom unit.

If you're done with the GTA altogether, Niagara Falls was found to have the most affordable rent, with an unfurnished one-bedroom going for an average of $1,196 a month.