Toronto Airbnb Market Report: Supply, Demand & Occupancy Data
Table of contents
- Key Takeaways: Toronto Airbnb Market at a Glance
- Toronto Short-Term Rental Market Snapshot
- How Toronto’s Airbnb Supply Has Changed Since 2023
- Guest Demand and Seasonality in Toronto
- Where Toronto’s Airbnbs Are: Listings by Neighbourhood
- Supply Mix by Property Type and Size
- Who Operates Toronto Airbnbs
- Short-Term Rental vs Long-Term Lease in Toronto
- Medium-Term Rentals (28+ Nights)
- Market Outlook: Demand and Supply Signals
- Toronto Airbnb Market FAQs
- Methodology and Data Sources
By MasterHost Research | Published November 6, 2026 | Next update: January 2027
Data periods differ by source, so each table states its own: Airbnb listings to September 16, 2026; City registrations to November 6, 2026; occupancy and rates for November 2025 to October 2026, with monthly data for October 2025 to September 2026; long-term rents from October 2025.
Measured September to September, the Toronto Airbnb market grew faster in 2026 than in any year since 2023. Active short-stay listings in the City of Toronto rose 30.1% in a year to 7,969 by September 2026, while guest reviews grew 25.0%. According to AirROI, the average listing filled 47.3% of its open nights in the 12 months to October 2026.
Inside Airbnb and City of Toronto open data cover supply, and AirROI is our only source for occupancy and rates.
Key Takeaways: Toronto Airbnb Market at a Glance
- Active short-stay listings in the Toronto Airbnb market rose 30.1% in a year, and 48.1% since September 2023, to 7,969 (Inside Airbnb, September 16, 2026).
- The City counted 8,619 active operator registrations on November 6, 2026, up 5.8% from 8,147 at the end of 2023.
- Guest reviews, our demand proxy, grew 25.0% in a year and 51.3% in three years (Inside Airbnb, 12 months to September 2026).
- Occupancy was 47.3% in the 12 months to October 2026, ranging from 39.0% in January 2026 to 64.3% in August 2026 (AirROI).
- Hosts with five or more listings ran 4.1% of short-stay supply in September 2026, compared to 3.4% in September 2023 (Inside Airbnb).
Toronto Short-Term Rental Market Snapshot
Supply outpaced demand over the past year: active listings rose 30.1%, while reviews per listing slipped 4.0%.
| Metric (City of Toronto) | Latest | 1-year change | 3-year change |
|---|---|---|---|
| Active short-stay Airbnb listings, September 16, 2026 | 7,969 | +30.1% | +48.1% |
| Active operator registrations (City), November 6, 2026 | 8,619 | not published | +5.8% (from December 31, 2023) |
| Guest reviews, 12 months to September 2026 | 163,178 | +25.0% | +51.3% |
| Guest reviews per active listing, same window | 20.5 | -4.0% | +2.2% |
| Occupancy rate, November 2025 to October 2026 | 47.3% | not published | not published |
| Average daily rate (ADR), same period | C$250 | not published | not published |
| Revenue per available night (RevPAR), same period | C$126 | not published | not published |
Active means at least one guest review in the previous 12 months. Inside Airbnb’s own Toronto map skips that filter, so its figures differ, for example 8,605 listings under 28 nights and 69.9% entire homes.
Sources: MasterHost analysis of Inside Airbnb snapshots (September 2023, 2025 and 2026). Registrations come from City of Toronto Open Data and the City’s March 2024 by-law update, while occupancy, ADR and RevPAR come from AirROI, whose Toronto market is separate from Mississauga, Vaughan and Markham.
AirROI publishes no yearly or three-year change for occupancy, ADR or RevPAR. It also averages each metric across listings, so ADR multiplied by occupancy does not equal its RevPAR.
How Toronto’s Airbnb Supply Has Changed Since 2023
Toronto gained a net 2,588 active short-stay listings between September 2023 and September 2026, and 2,103 of that gain came after December 2025.
Chart: active short-stay and 28+ night listings, September 2023 to September 2026, according to Inside Airbnb data.
Growth came in two waves. First, listings dipped from 5,381 to 4,702 in December 2023, then rose to 6,587 by September 2024, before easing to 6,123 a year later and 5,866 by December 2025. The second wave took supply to 7,557 in June 2026, the month the FIFA World Cup arrived, and it kept rising after the tournament ended.
The City’s rules shape this supply: a City-funded McGill University study estimated they had returned 3,320 to 5,100 homes to the long-term market by May 2023 (see our guide to Toronto’s Airbnb rules).
Registrations Versus Listings
At the end of 2023, the City had 8,147 active registrations, or 151 for every 100 active short-stay listings. Its Year in Review 2025 lists 7,410 registered operators, without an as-of date. By November 2026, the ratio had narrowed to 108, comparing November registrations with September listings.
In 2025 alone, the City approved 2,795 new registrations, renewed 5,096 and revoked or denied 2,512. Registrations cover every platform, while our listing count includes only reviewed Airbnb listings. On Airbnb itself, 7,749 active short-stay listings (97.2%) display a City registration number.
Entire Homes Gained Share
Entire homes made up 70.3% of active short-stay listings in September 2026, compared to 62.4% in 2023. Over the same period, private rooms fell from 37.1% to 28.8%.
Sources: MasterHost analysis of Inside Airbnb data (snapshots from September 3, 2023 to September 16, 2026). City figures come from the Short-Term Rental By-law Implementation Update (March 21, 2024), the Short-Term Rentals 2025 Snapshot, the Rental Standards Services Year in Review 2025 and City Open Data (November 6, 2026). The housing estimate is from Wachsmuth and Buglioni, Short-term and medium-term rentals in the City of Toronto (UPGo, McGill University, October 2023).
Guest Demand and Seasonality in Toronto
August is Toronto’s busiest Airbnb month, with 64.3% occupancy in August 2026, while January is the quietest, at 39.0% (AirROI).
Guest reviews, our measure of completed stays, rose from 107,855 in the 12 months to September 2023 to 129,153 a year later, then 130,581 in the year to September 2025 and 163,178 in the year to September 2026. Demand also peaks in summer: of all reviews posted from 2023 to 2025 on listings active in September 2026, 56.5% came from May to September and only 6.9% from January and February.
Chart: monthly occupancy and average daily rate, October 2025 to September 2026, according to AirROI.
| Month | Occupancy rate | Average daily rate |
|---|---|---|
| October 2025 | 53.1% | C$216 |
| November 2025 | 47.1% | C$213 |
| December 2025 | 44.7% | C$212 |
| January 2026 | 39.0% | C$204 |
| February 2026 | 39.6% | C$204 |
| March 2026 | 43.2% | C$211 |
| April 2026 | 47.1% | C$220 |
| May 2026 | 51.0% | C$236 |
| June 2026 | 54.2% | C$339 |
| July 2026 | 50.5% | C$277 |
| August 2026 | 64.3% | C$263 |
| September 2026 | 63.3% | C$243 |
Source: AirROI Toronto market data, monthly averages per active listing, updated November 5, 2026.
What Events Did to the Numbers
Here is how Toronto’s main event months compared with the same months of 2025:
- FIFA World Cup (six Toronto matches, June and July 2026): the June rate rose about 46%, from C$233 to C$339, while occupancy stayed flat at 54.2% (54.0% a year earlier).
- August (Toronto Caribbean Carnival parade on August 1, CNE from August 21): occupancy rose to 64.3% from 60.2%, and August produced 13.1% of 2023 to 2025 reviews.
- September (CNE to September 7, TIFF from September 10 to 20): occupancy climbed to 63.3% from 56.9%, while the rate rose to C$243 from C$228.
- Winter: January and February stayed below 40%, at a C$204 rate.
For the tournament in detail, see our article on Toronto Airbnb hosts during FIFA events.
Summer Bookings Come Earlier
Guests also plan summer stays further ahead. According to AirROI, August 2026 stays were booked 60 days in advance on average, compared to 29 days for January. Stays also got shorter in peak months, at 6.5 nights per booking in September against 10.5 in March.
Sources: MasterHost analysis of Inside Airbnb review data, covering reviews posted 2023 to 2025 on the active short-stay listings in the September 16, 2026 snapshot. Event comparisons use MasterHost analysis of AirROI data, with 2025 months read from AirROI’s monthly charts. Event dates come from Destination Toronto (six World Cup matches), Exhibition Place (CNE) and TIFF.
Where Toronto’s Airbnbs Are: Listings by Neighbourhood
Waterfront Communities-The Island holds one in five active short-stay listings (1,614 of 7,969), and the ten largest neighbourhoods hold 3,834 listings, nearly half of supply. City data shows the same concentration, as Spadina-Fort York ward holds 30.6% of registrations. Among the ten largest, growth was fastest in Kensington-Chinatown (+190.5%) and Moss Park (+154.6%), while Bay Street Corridor averaged the fewest reviews per listing (16.7, against 20.5 citywide). For nightly rates by area, see our Toronto Airbnb prices guide.
| Neighbourhood | Active short-stay listings, Sep 2026 (share) | Change since Sep 2023 | Guest reviews per listing (average, 12 months) |
|---|---|---|---|
| Waterfront Communities-The Island | 1,614 (20.3%) | +87.9% | 24.4 |
| Niagara | 388 (4.9%) | +64.4% | 19.0 |
| Moss Park | 331 (4.2%) | +154.6% | 18.0 |
| Annex | 270 (3.4%) | +83.7% | 17.3 |
| Church-Yonge Corridor | 248 (3.1%) | +100.0% | 19.9 |
| Trinity-Bellwoods | 225 (2.8%) | +54.1% | 24.3 |
| Kensington-Chinatown | 215 (2.7%) | +190.5% | 25.7 |
| Dovercourt-Wallace Emerson-Junction | 201 (2.5%) | +54.6% | 24.3 |
| Bay Street Corridor | 191 (2.4%) | +99.0% | 16.7 |
| South Riverdale | 151 (1.9%) | +32.5% | 22.0 |
| All of Toronto (140 neighbourhoods) | 7,969 | +48.1% | 20.5 |
Source: MasterHost analysis of Inside Airbnb data (September 3, 2023 and September 16, 2026), using the City’s 140 neighbourhood boundaries (Niagara is the Toronto neighbourhood around Liberty Village and Fort York); ward share from City of Toronto Open Data (November 6, 2026).
Supply Mix by Property Type and Size
Condos and apartments made up 45.0% of active short-stay listings in September 2026, compared to 35.7% in 2023, so they replaced private rooms as the largest group.
| Property type | Share of active short-stay listings, Sep 2023 | Share, Sep 2026 |
|---|---|---|
| Condo or apartment | 35.7% | 45.0% |
| House or townhouse | 21.1% | 20.7% |
| Guest suite or guesthouse | 5.5% | 4.5% |
| Private room | 37.1% | 28.8% |
| Other (shared and hotel rooms, other types) | 0.6% | 1.0% |
Source: MasterHost analysis of Inside Airbnb data (5,381 listings in September 2023; 7,969 in September 2026). “Condo or apartment” groups Airbnb’s entire rental unit, condo, serviced apartment and loft types; registration shares come from City of Toronto Open Data (November 6, 2026).
City registrations, which record the type of building rather than the listing, are 41.9% condominiums and 38.1% single or semi-detached houses. For the buildings themselves, see our list of the best condos for Airbnb in Toronto.
| Size (entire homes) | Share, Sep 2023 | Share, Sep 2026 | Occupancy rate (AirROI, 12 months to Oct 2026) |
|---|---|---|---|
| Studio or not stated | 4.9% | 4.5% | 49% (studio) |
| 1 bedroom | 44.4% | 43.1% | 49% |
| 2 bedrooms | 28.4% | 32.0% | 48% |
| 3 bedrooms | 15.2% | 14.1% | 46% |
| 4 or more bedrooms | 7.0% | 6.4% | 44% (4), 38% (5+) |
Sources: MasterHost analysis of Inside Airbnb data (3,357 entire homes in 2023, 5,604 in 2026; the 2023 file records no zero-bedroom listings, so studios appear as not stated); AirROI.
Two-bedroom homes gained the most share, while occupancy falls with size, from 49% for studios to 38% for homes with five or more bedrooms.
Who Operates Toronto Airbnbs
Single-listing hosts ran 72.8% of Toronto’s active short-stay listings in September 2026, compared to 68.5% in 2023.
| Hosts grouped by listings they run | Number of hosts, Sep 2026 | Listings (share), Sep 2026 | Listings (share), Sep 2023 |
|---|---|---|---|
| 1 listing | 5,802 | 5,802 (72.8%) | 3,686 (68.5%) |
| 2 to 4 listings | 714 | 1,841 (23.1%) | 1,510 (28.1%) |
| 5 to 9 listings | 35 | 222 (2.8%) | 116 (2.2%) |
| 10 or more listings | 8 | 104 (1.3%) | 69 (1.3%) |
Source: MasterHost analysis of Inside Airbnb data (September 3, 2023 and September 16, 2026), counted by Airbnb host account. Ratings, Superhost shares and minimum stays cover the same active short-stay listings.
Ratings edged up, from an average of 4.80 in 2023 to 4.83 in 2026, and Superhosts now run 54.7% of listings, compared to 45.8%. Meanwhile, the average minimum stay fell from 2.3 to 1.7 nights, and 58.7% of listings now accept one-night stays, up from 40.5%.
Short-Term Rental vs Long-Term Lease in Toronto
A self-managed Toronto Airbnb matches a new long-term lease after 97 to 163 booked nights a year, depending on size, which fits under the City’s 180-night cap on entire homes.
For the lease side, we use CMHC’s October 2025 rent on units that changed tenants in the Toronto CMA, because it reflects a new lease. A one-bedroom averaged C$2,073 a month, down from C$2,179 a year earlier, as vacancy rose from 2.5% to 3.0%.
| Unit size | New-lease rent per month | Nights to match it, self-managed | With a 15% management fee |
|---|---|---|---|
| Studio | C$1,708 | 163 | 202 |
| 1 bedroom | C$2,073 | 146 | 181 |
| 2 bedrooms | C$2,547 | 121 | 150 |
| 3 bedrooms | C$2,893 | 97 | 121 |
Source: MasterHost analysis of CMHC Rental Market Survey data (Table 6.0, Toronto CMA turnover units, 3+ bedrooms for the last row) and AirROI results by bedroom count. Nights needed = (annual rent + C$710) / (AirROI nightly rate x 0.77), or x 0.62 with the fee. C$710 covers the City registration (C$390) and insurance (C$320, AirROI’s estimate), and 23% of revenue covers platform fees, utilities, supplies and repairs (AirROI’s cost shares).
The 6% Municipal Accommodation Tax is collected from guests by Airbnb (Airbnb Help Centre) and is not counted as host revenue.
With a management fee, studios and one-bedrooms need more than 180 nights. In addition, short-term rentals must be the operator’s principal residence, so the comparison describes a home the owner also lives in. Furnishing, financing and property tax are excluded.
For full income and cost estimates, see our Toronto Airbnb prices guide, and for how the 180-night limit works, see our guide to starting an Airbnb in Toronto.
Medium-Term Rentals (28+ Nights)
Listings requiring 28 nights or more made up 38.0% of Toronto’s active Airbnb listings in September 2026, down from 48.1% in 2023, and their guest reviews fell 44.5% over the same period.
| Inside Airbnb snapshot | Active 28+ night listings (share of active listings) | Of these, exactly 28 nights | Guest reviews, prior 12 months |
|---|---|---|---|
| September 2023 | 4,988 (48.1%) | 3,929 | 30,373 |
| September 2024 | 5,295 (44.6%) | 4,177 | 24,888 |
| September 2025 | 5,316 (46.5%) | 4,224 | 27,090 |
| September 2026 | 4,875 (38.0%) | 3,874 | 16,849 |
Source: MasterHost analysis of Inside Airbnb data (snapshots of September 3, 2023; September 5, 2024; September 11, 2025 and September 16, 2026); active means at least one guest review in the previous 12 months. The 28-night threshold follows the City of Toronto definition of a short-term rental as a stay of less than 28 consecutive days. Inside Airbnb’s own map, which also counts listings without a recent review, shows 13,445 listings requiring 28 nights or more.
Most of these listings (79.5% in 2026) sit exactly at 28 nights, the point where a stay stops counting as a short-term rental under the City’s definition. As a result, they do not need a City registration. Demand for them is thinning, since reviews per listing fell from 6.1 in 2023 to 3.5 in 2026. Their share of all guest reviews also dropped, from 22.0% to 9.4%.
Market Outlook: Demand and Supply Signals
Toronto drew a record 28.2 million visitors in 2025, according to Destination Toronto, while active short-stay supply grew 30.1% in the year to September 2026.
| Factor | Latest data | What to watch |
|---|---|---|
| Tourism | 28.2 million visitors in 2025: domestic up 3%, overseas up 8% (Destination Toronto) | Whether records continue after the World Cup year |
| Cross-border travel | US-resident trips to Canada by car and air up 17.2% year over year in September 2026 (Statistics Canada), after US visits to Toronto fell 6% in 2025 | Whether the rebound holds |
| Events | June 2026 rate C$339, about 46% above June 2025, with flat occupancy (MasterHost analysis of AirROI data) | The event calendar after the World Cup year |
| Supply | Listings up 30.1%, reviews up 25.0% (Inside Airbnb, September 2026) | Fewer stays per listing if supply keeps outpacing demand |
| Nightly rates | C$250 over the 12 months to October 2026, with monthly averages from C$204 to C$339 (AirROI) | How much of the range comes from event months |
| Interest rates | Bank of Canada raised its policy rate to 2.5% on October 28, 2026 | Financing costs for buyers |
Sources: Destination Toronto (January 28, 2026), Statistics Canada (October 13, 2026), Bank of Canada (October 28, 2026), AirROI and MasterHost analysis of Inside Airbnb data.
In the Toronto Airbnb market, supply deserves the closest watch, because new listings arrived faster than new guests. Visitor and cross-border numbers, on the other hand, point up. In June 2026, rates rose while occupancy held flat. None of this is a forecast.
If keeping up with a market this busy feels like a second job, MasterHost’s Toronto team can run your listing for you.
Toronto Airbnb Market FAQs
1. How many Airbnbs are there in Toronto?
On September 16, 2026, Inside Airbnb counted 22,050 Toronto listings, and its Toronto map shows 8,605 of them with a minimum stay under 28 nights. Of those, 7,969 had at least one guest review in the previous 12 months, the active count this report uses. By comparison, the City had 8,619 active operator registrations on November 6, 2026.
2. Is Toronto’s Airbnb supply growing or shrinking?
It is growing. Active short-stay listings rose 30.1% in the year to September 2026 and 48.1% since September 2023, while listings requiring 28+ nights fell 2.3% over three years.
3. How has Airbnb occupancy in Toronto changed since 2023?
AirROI puts occupancy at 47.3% for the 12 months to October 2026 but publishes no yearly or three-year change. As a demand measure, guest reviews per active listing rose 2.2% between September 2023 and September 2026, although they fell 4.0% in the last year (Inside Airbnb).
4. What is the busiest month for Airbnb in Toronto?
August, with 64.3% occupancy in August 2026, according to AirROI. For rates, however, June 2026 peaked at C$339 during the World Cup.
5. How many nights does a Toronto Airbnb need to match a long-term lease?
A self-managed one-bedroom needs about 146 booked nights to match CMHC’s October 2025 new-lease rent of C$2,073 a month, or about 181 with a 15% management fee. Toronto caps entire-home rentals at 180 nights a year, so the managed figure sits just above that limit.
Methodology and Data Sources
This report draws on 12 Inside Airbnb snapshots, City registration data and one analytics provider, AirROI, for occupancy and rates. Inside Airbnb and City figures describe the City of Toronto, while CMHC rents cover the Toronto CMA.
| Source | What we used and the period covered |
|---|---|
| Inside Airbnb | Listings, hosts, neighbourhoods, room and property types, minimum stays and reviews, from 12 snapshots between September 3, 2023 and September 16, 2026 (March 2026 excluded as incomplete) |
| City of Toronto Open Data and City reports | Active registrations by property type and ward (November 6, 2026; the file updates daily); registrations at December 31, 2023 (March 2024 by-law update); 2025 approvals, renewals and revocations (2025 Snapshot) and 7,410 registered operators (Year in Review 2025, undated) |
| AirROI | Our single source for occupancy, rates and RevPAR: November 2025 to October 2026, monthly data for October 2025 to September 2026 (2025 months for same-month comparisons read from AirROI’s charts) and results by bedroom count (updated November 5, 2026), counting 10,945 listings active at any point in that period, including part-year and 28+ night listings, so its count is not comparable with our 7,969 active short-stay listings on September 16, 2026 |
| CMHC Rental Market Survey | Turnover-unit rents (Table 6.0) and vacancy (Table 1.1.1), Toronto CMA, October 2025 |
| Destination Toronto, Statistics Canada, Bank of Canada, Exhibition Place, TIFF | Visitors in 2025, cross-border trips in September 2026, the policy rate decision of October 28, 2026, and 2026 event dates |
| Wachsmuth and Buglioni (UPGo, McGill University) | City-funded estimate of homes returned to long-term rental by the City’s rules, using May 2023 data (published October 2023) |
| Airbtics | Comparison only, not used in the body, because they use different listing sets and occupancy definitions: for September 2025 to August 2026, Airbtics reports a 71% median occupancy and a C$189 average nightly rate across 9,551 listings |
| Ontario Short-Term Rental Statistics | Checked, not used: the latest file covers November 2025 and reports the Greater Toronto Area region, not the City of Toronto |
| Term | Definition |
|---|---|
| Active listing | A City of Toronto listing with at least one guest review in the 12 months before the snapshot (Inside Airbnb’s Toronto map applies no review filter, so it shows 8,605 listings under 28 nights against our 7,969) |
| Short-stay and medium-term | Active listings with a minimum stay under 28 nights, or of 28 nights or more, matching the City’s short-term rental definition |
| Guest reviews | All reviews posted on active short-stay listings in the 12 months before each snapshot, used as a measure of demand rather than an occupancy rate |
| Occupancy, ADR and RevPAR | As published by AirROI, so occupancy is the share of open nights booked, averaged across active listings |
| Same-month comparisons with 2025 | MasterHost analysis of AirROI data: a 2026 month against the same month of 2025, with 2025 values read from AirROI’s monthly charts |
| Break-even nights | (Annual rent + C$710) / (nightly rate x 0.77), or x 0.62 with a 15% management fee |
Annual comparisons use September snapshots, so each year covers the same season. Counts are rounded only at the last step, and percentages may not add to 100.
We refresh this report every quarter or half-year. This is market research, not investment, tax or legal advice.
More from this series: Vancouver Airbnb Market Report.
