Toronto Rents Surge Past Ottawa by Double Digits in Key Areas

Toronto one-bedroom units along the Danforth corridor averaged 2,650 Canadian dollars a month in the second quarter of 2026, a figure 18 percent above the equivalent Ottawa average reported by the Canada Mortgage and Housing Corporation.

The spread matters now because net international migration to the Greater Toronto Area hit 185,000 people in the twelve months ending March, keeping vacancy rates below 1.5 percent in core wards while mortgage rates sit near 4.8 percent for insured five-year terms.

East End listings near Greenwood Avenue and Queen Street East moved in an average of nine days last month, while Midtown buildings at Yonge and Eglinton posted asking rents that cleared 3,100 dollars for two-bedroom suites. The Toronto Regional Real Estate Board recorded 4,872 condominium resales in June, down 11 percent from the same month in 2025 yet still above pre-pandemic levels.

Price and rent gaps inside the city

Citywide detached homes continue to trade at the 1.1 million dollar mark, but downtown condominiums start at 700,000 dollars for 550 square feet. That buyer threshold sits roughly 220,000 dollars above the median resale price tracked in Ottawa’s Centretown and Glebe districts during the same June window. Renters who shift to the outer 416, such as Scarborough along Kingston Road, see one-bedroom units at 2,150 dollars, still 9 percent higher than comparable Ottawa suburban stock.

Outlook for the next six months

Households weighing a move should run current listings through the CMHC rental survey released each quarter and cross-check against Bank of Canada rate announcements scheduled for July 22. Listings data from the Toronto Regional Real Estate Board will next update on August 15 and will show whether the 1.5 percent vacancy floor holds into the fall leasing season.