For three years, Toronto landlords have been told rents were falling. The October numbers show a turn. Toronto's average asking rent for apartments and condos rose 1.6% from a year earlier, the first increase after 36 straight monthly declines, according to Rentals.ca and Urbanation. The rest of the country is still falling. Here's what the data says, what it doesn't, and how to price your unit.
+1.6% Toronto asking rents vs. Oct 2025, first rise in 36 months | $2,036 Canada average asking rent, down 3.2% year over year |
25th straight month of annual declines nationally | 1.9% Ontario's 2027 rent increase guideline |
The Numbers (October 2026)
| Measure | Result |
|---|---|
| Toronto, apartments and condos | Up 1.6% from October 2025, the first rise after 36 months of declines |
| Canada, all residential | $2,036 average asking rent, down 3.2% from a year earlier |
| Canada, change from September | Up 0.1% |
| Canada, condo apartments | $2,048, down 5.5% |
| Canada, purpose-built rentals | $2,040, down 2.1% |
| Mississauga, Vaughan, Markham, Oakville | Down 4.3%, 4.8%, 5.4% and 7.7% |
Nationally, this was the 25th straight month of annual declines, although the pace of the decline is slowing. Urbanation president Shaun Hildebrand said, "The window for cheaper rents is closing in Toronto and Vancouver," and tied the change to declining supply.
What the Numbers Don't Tell You
- These are asking rents, not signed leases. They show what units are listed for, not what tenants agreed to pay.
- 1.6% is a citywide average. Your unit's price depends on the building, floor, size and condition.
- The GTA outside Toronto is still down. Mississauga, Vaughan, Markham and Oakville all fell, so a unit in the 905 may not follow Toronto's turn.
- One month is not a trend. Rentals.ca's report covers October only.
What This Means for Your Pricing
If you're listing a unit, price it against current listings for similar units in your building and street, not against last year's rent or the national headline. If you're renewing a tenant, the 2027 guideline is 1.9%, which is the maximum for most units and not an automatic increase. See our rent increase guideline explainer.
Here's why a good tenant can still be worth more than a small rent bump:
| Monthly rent | 1.6% higher | Added per month | One vacant month costs |
|---|---|---|---|
| $2,000 | $2,032 | $32 | $2,000 |
| $2,500 | $2,540 | $40 | $2,500 |
| $3,000 | $3,048 | $48 | $3,000 |
At $2,500, a 1.6% gain adds $40 a month. One extra vacant month costs $2,500, which equals more than five years of that gain. Pricing to the market and keeping your unit rented usually matters more than chasing the last dollar.
A Quick Checklist Before You List
- Pull 5 to 10 comparable listings in the same building or street, and note how long each has been listed.
- Be ready to move fast. If supply is shrinking, well-priced units with complete applications may rent sooner, but nothing here guarantees that.
- Screen carefully. Speed shouldn't replace checking income, references and credit.
- Know the current rules. Several Residential Tenancies Act changes took effect in 2026. See what's changed for Ontario landlords.
Our October 23 post, Market Rents Are Falling: Should You Raise Rent by 1.9%?, covered the national picture. This update shows Toronto itself has turned, while the national trend has not. For the cost of an empty unit, see Turnkey Rental Management's guide to the real cost of a slow vacancy.
Sources: Rentals.ca and Urbanation, October 2026 National Rent Report, Global News, BNN Bloomberg and Ontario.ca, Residential rent increases.
Need your unit priced to the market, or your notices handled properly? Contact our team or see the rental forms we use.
This article summarizes market data as of November 2026 and general Residential Tenancies Act principles. It is not legal advice. Consult a paralegal or lawyer for guidance on your situation.
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