These are the Ontario cities where rent is getting much cheaper in 2026

Compared to this same time last year, rents across major markets in Ontario are continuing to drop, according to a new report that highlights some of the cheapest places to rent in the province right now.

One-bedroom unfurnished units now average $1,970 in Ontario, which is down 8.8 per cent year-over-year, based on data from liv.rent's May 2026 Ontario Rent Report. The biggest declines are in Brampton (down 10.8 per cent) and downtown Toronto (down 10.2 per cent).

However, this May, all rent prices for unfurnished one-bedroom units increased throughout the GTA, except in downtown Toronto and Markham, which recorded average rent prices of $1,997 and $1,950, respectively.

City of Toronto rent prices over the past few months. Source: liv.rent.

On the other hand, Vaughan-Richmond Hill, North York, and Etobicoke were the only places in the GTA that saw an increase in rent price for all types of unfurnished units, including one-bedroom, two-bedroom, and three-bedroom properties.

Downtown Toronto saw declines across all unit types, with one-bedroom units down 5.94 per cent month-over-month. Looking beyond the downtown core, the City of Toronto's average monthly rent for an unfurnished one-bedroom unit dropped year-over-year by $206 this month, representing a new average of $1,942 per month.

Rent prices across Ontario markets this May. Source: liv.rent.

Downtown Toronto and Markham saw the biggest declines in rents for unfurnished one-bedroom units, at -5.97 per cent and -2.84 per cent, respectively.Etobicoke, North York, and Ottawa saw the biggest increases, however, at 7.5 per cent, 3.83 per cent, and 1.59 per cent, respectively.

Despite recording significant rent declines, downtown Toronto still had the highest rent per square foot in May at $2.86/sq. ft., while Brampton had the lowest at just $1.36/sq. ft.

Average rent per square foot across major Ontario markets. Source: liv.rent.

Out of all the markets analyzed, Oshawa is the cheapest municipality to rent out of this May, with an average unfurnished one-bedroom unit priced at $1,587, $1,885 for a two-bedroom, and $2,373 for a three-bedroom.

Etobicoke recorded some of the priciest rents seen throughout the province this month, with $2,176 for an average one-bedroom, $2,748 for a two-bedroom, and a $3,402 for a three-bedroom.