Toronto Asking Rents Rose 1.6% in October: First Annual Increase in Over Two Years

The short answer: Toronto apartment and condo asking rents rose 1.6% year over year to $2,590 in October 2026, the first annual increase after 32 consecutive months of declines, according to the Rentals.ca and Urbanation National Rent Report released November 5. Month over month, Toronto rose 1.4%, the largest gain among Canada's six largest markets. National asking rents are still falling (down 3.2% year over year to $2,036), and several GTA suburbs remain cheaper than a year ago. Urbanation President Shaun Hildebrand says the window for cheaper rents is closing in Toronto and Vancouver.

This post is written by The Starke Group, the Toronto real estate team led by Brett Starke and powered by RARE Real Estate Inc. We have stuck to the figures in the Rentals.ca and Urbanation release, and we have noted where other coverage differs.

What did the October 2026 National Rent Report find?

The November 5 release covers asking rents (advertised rents on vacant listings), not leased rents. The headline national numbers:

• Canada, all property types: average asking rent $2,036, down 3.2% year over year, the 25th consecutive month of annual declines, and the smallest annual decline since February 2026 (-2.8%). Month over month, rents edged up 0.1%. Versus October 2024 ($2,152), the national average is down 5.4%, the lowest October level since 2022.
• Canada, apartments and condos: $2,041, up 0.2% month over month and down 2.5% year over year.
• By property type: purpose-built rentals remained the most resilient segment at $2,040 (-2.1% year over year). Condo asking rents fell 5.5% to $2,048. Houses, townhomes and other secondary-market units fell 6.0% to $2,016.

Among the six largest cities, Toronto led the annual gains. Vancouver posted its first annual increase after 34 months (+0.2% to $2,735). Ottawa was up 0.3% to $2,170. Annual declines continued in Calgary (-2.4% to $1,806), Edmonton (-1.3% to $1,510) and Montreal (-0.3% to $1,948).

Why does Toronto's 1.6% annual increase matter?

Because it breaks a long streak. Toronto apartment and condo asking rents averaged $2,590 in October, up 1.6% from a year earlier. That is the first annual increase after 32 consecutive months of year-over-year declines, and the largest annual gain among the six largest markets. Toronto also posted the largest monthly gain among those markets at +1.4%.

Unit type matters. Toronto three-bedroom asking rents rose 4.3% to $3,643, and two-bedroom asking rents rose 2.8% to $2,971.

This is a different story from two earlier posts on our site. In early October we covered how Toronto asking rents hit their lowest September level since 2021, still deep in the annual-decline streak. On November 2 we covered Urbanation's Q3 leased-rent and vacancy data in Toronto's Rental Market Has Started to Recover, which tracked leased condo rents and purpose-built vacancy, not October asking rents. Today's release is the first annual turn in Toronto asking rents after 32 months. Asking rents and leased rents can move on different timelines, so both reports can be useful without saying the same thing.

One note on coverage: some secondary reports have described Toronto's streak as longer than 32 months. We are using the primary Rentals.ca and Urbanation press release figure of 32 consecutive months of annual decline before October's turn.

Are GTA rents rising everywhere?

No. The City of Toronto turned up on an annual basis, but several surrounding GTA markets are still cheaper than a year ago for apartment and condo asking rents:

• Oakville: down 7.7%
• Markham: down 5.4%
• Vaughan: down 4.8%
• Mississauga: down 4.3%

Hildebrand's quote in the release captures that split: "The window for cheaper rents is closing in Toronto and Vancouver. Rents in Canada's two largest cities are starting to rise for the first time in nearly three years, driven by declining supply, a trend that will continue. Renters still have the advantage in Calgary, Edmonton and much of Ontario outside Toronto, where rents continue to fall." That is Urbanation's view of the direction of travel, not a guarantee of where any single listing will price next month.

What does this mean for Toronto renters?

• Do not assume last year's discounts still apply downtown. An annual asking-rent increase after 32 months of declines is a signal that advertised deals in the City of Toronto are getting a little tighter.
• Widen the search if budget is tight. Oakville, Markham, Vaughan and Mississauga still show meaningful year-over-year asking-rent declines in this report.
• Compare net cost, not the face rent alone. Ask about free months, parking, lockers and what happens at renewal when any incentive ends.
• Treat three-bedrooms carefully. With Toronto three-bedroom asking rents up 4.3% year over year, family-sized units may not give you the same leverage as smaller stock.
• Remember what "asking" means. These figures are advertised rents on vacant units. Your renewal on an existing lease is a different conversation from a new listing online.

What does this mean for landlords and condo investors?

For owners listing a vacant unit in the City of Toronto, the October tape supports pricing closer to current comps rather than automatically discounting from last year's asking levels. Two- and three-bedroom asking rents are up year over year in this report. That does not mean every unit will lease faster or at a higher number. Building, layout, condition and presentation still decide outcomes.

Nationally, condo asking rents are still soft (-5.5% year over year), so underwrite new purchases to today's rent, not a hoped-for rebound. If you own in a 905 market that is still declining year over year, retention and realistic pricing matter more than forcing a City of Toronto headline onto a suburban unit.

How should buyers read this alongside the resale market?

Rental asking rents and resale prices do not move in lockstep. TRREB's October Market Watch still showed GTA sales and prices softer year over year, with new listings falling even faster. We broke those numbers down in our TRREB October 2026 Market Watch post.

If you are comparing renting with buying, run today's rent comps against a real pre-approval, condo fees and property tax. Rate context still matters too. See our earlier note on the Bank of Canada move to 2.5%. A firmer rental market can change the rent-versus-buy math over time. It is not, by itself, a reason to rush a purchase.

Frequently asked questions

Did Toronto asking rents really rise in October 2026?
Yes, on an annual and monthly basis in this report. Rentals.ca and Urbanation put Toronto apartment and condo asking rents at $2,590, up 1.6% year over year and up 1.4% month over month.

Is this the first annual increase in Toronto rents in years?
For asking rents tracked in this report, yes. October was the first annual increase after 32 consecutive months of year-over-year declines, per the Rentals.ca and Urbanation release.

Are national Canadian rents rising too?
Not yet on an annual basis. The national all-property asking rent was $2,036 in October, down 3.2% year over year, the 25th straight month of annual declines, though the decline has narrowed.

Are GTA suburb rents rising with Toronto?
Not in the October suburb readings cited here. Oakville, Markham, Vaughan and Mississauga apartment and condo asking rents were still down year over year.

How is this different from Urbanation's Q3 recovery post?
The Q3 Urbanation release focused on leased rents, vacancy and incentives in the GTHA. This October National Rent Report focuses on asking rents and marks Toronto's first annual asking-rent increase after 32 months.

Want a street-level read on rent versus buy?

The Starke Group, led by Brett Starke and powered by RARE Real Estate Inc., puts rent comps next to live neighbourhood and building data when you are deciding whether to renew, list a rental, or buy. If you want that conversation for your street or building, connect with us.

Source: Rentals.ca and Urbanation, National Rent Report (October 2026 data, released November 5, 2026). Statistics quoted are from that release; analysis and opinions are The Starke Group's.