GTA rent report, November 2026: Toronto rents are rising again for the first time in almost three years
Canada-wide rents are still falling, but Toronto just turned. What it means if you rent, or if you are a landlord.
By Inderpal Sidhu · Updated November 2026 · 4 min read
Quick answer
Are GTA rents going up or down?
Toronto asking rents rose 1.6% year over year in October 2026, the first increase in almost three years, while Canada-wide rents fell 3.2% to $2,036. In the GTA, the average one-bedroom condo leased for $2,273 and a two-bedroom for $3,013 in Q2 2026 (TRREB). Rents are bottoming out, so the window for cheaper rent is closing.
Updated November 2026 · Inderpal Sidhu, Salesperson, HomeLife Silvercity Realty Inc., Brokerage
The rental market in the GTA just hit a turning point. After almost three years of falling rents, Toronto asking rents went up again in October.
The news
- Toronto: asking rents for apartments and condos rose 1.6% year over year in October 2026, ending 32 straight months of declines (Rentals.ca and Urbanation, November report).
- Canada: the average asking rent was $2,036, down 3.2% from a year earlier, the 25th yearly drop in a row, but the smallest drop since February.
- Ontario overall: asking rents were still down about 2.5% year over year.
- Urbanation’s Shaun Hildebrand said the window for cheaper rents is closing in Toronto and Vancouver as supply declines.
The GTA lease numbers (TRREB, Q2 2026)
| Q2 2026 | vs Q2 2025 | |
|---|---|---|
| Average 1-bedroom condo rent | $2,273 | −2.3% |
| Average 2-bedroom condo rent | $3,013 | −1.7% |
| Condo leases signed | 21,251 | +4.2% |
| Condos listed for rent | 27,844 | +2.9% |
Leasing activity is rising faster than new rental listings. That is usually what comes right before rents start climbing.
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Renters: get matching rentals now while landlords still negotiate. Landlords: get a rent estimate based on this month’s leases.
Why rents are turning
- Fewer new condo completions are coming, so new rental supply is shrinking.
- More people are leasing: TRREB leases were up 4.2% year over year.
- Higher interest rates (the Bank of Canada hiked to 2.5% on October 28) keep some would-be buyers renting longer.
- On the other side, Ontario unemployment hit 7.3% in October, which caps how fast rents can rise.
If you rent
- Signing in the next few months may beat waiting. Asking rents in Toronto have stopped falling.
- You can still negotiate in buildings with many empty units, especially new condo towers: ask for a free month, parking included, or a longer term at today’s rent.
- Your increase on renewal is capped at 1.9% for 2027 if your unit was first occupied before November 15, 2018.
- Paying $2,800+ a month? Compare it with buying: rent vs buy, the real math.
If you are a landlord
- Price to recent leases, not old asking rents. The market is turning, but overpricing still leaves units empty.
- Turnover is your chance to reset rent to market. Mid-tenancy increases are capped (1.9% in 2027) unless your unit is exempt.
- See average rent for your city: Toronto · York · Peel · Halton · Durham.
Want me to find your rental, or a tenant for yours?
Start hereFAQ
Are Toronto rents going up in 2026?
Yes. Toronto asking rents rose 1.6% year over year in October 2026, the first increase in almost three years (Rentals.ca and Urbanation).
What is the average rent in the GTA?
In Q2 2026, a one-bedroom condo leased for about $2,273 and a two-bedroom for about $3,013 on average (TRREB).
How much can my rent go up in 2027?
1.9% for most units in Ontario. Units first occupied after November 15, 2018 are exempt.
Questions? Call, text or WhatsApp me. I answer personally.
Call or text 647-338-6875Sources
Canadian Press via CHCH: asking rents, October 2026
Rentals.ca and Urbanation November 2026 rent report (summary)
TRREB Rental Market Report, Q2 2026
Ontario: residential rent increases (2027 guideline)
General information only, not legal, tax, mortgage or financial advice. Rules and rates change; confirm with a real estate lawyer, mortgage professional and the CRA before you act. Inderpal Sidhu, Salesperson, HomeLife Silvercity Realty Inc., Brokerage.