Top 20 Short-Term Rental Condos in Toronto

Why These Buildings Dominate Toronto STRs

Toronto’s short-term rental market is concentrated in a surprisingly small number of condo buildings. Based on City of Toronto registration data, roughly 60 percent of all condo STR listings come from just 20 addresses. These buildings share a common profile: waterfront or downtown locations, proximity to transit and entertainment, high unit counts, and investor-friendly amenities.

For owners considering whether to list their unit on Airbnb or a similar platform, understanding where STR activity is concentrated provides useful context. High-registration buildings signal neighbourhoods with proven demand, but also more competition and potentially stricter condo board oversight.

Top 20 Toronto Condos by STR Registrations

What Makes a Condo STR-Friendly

Not every condo building in Toronto allows short-term rentals, and even those that do may impose restrictions. Before purchasing a unit for STR purposes or listing your existing unit, check these factors:

• Condo declaration and rules. Some condo boards have amended their declarations to prohibit or restrict short-term rentals. Post-November 2018 declarations in Ontario can include outright bans. Review the declaration, rules, and any recent amendments before committing.
• City of Toronto registration. All STR operators must register with the city and display their registration number on listings. Registration costs $53.22 annually and must be renewed each year.
• Principal residence requirement. Toronto requires that entire-home STRs be your principal residence. You can rent out your primary home for up to 180 nights per year when you are away. This rule does not apply to private room rentals where the host is present.
• Municipal Accommodation Tax (MAT). A 6 percent tax applies to all short-term accommodations in Toronto. Platforms like Airbnb collect and remit this automatically, but if you list independently you are responsible for collecting and remitting it.
• Insurance. Standard condo insurance typically does not cover STR activity. You need a policy that explicitly covers short-term rental use, including liability for guest injuries and property damage.

Key Neighbourhoods for STR Investment

The top 20 list reveals clear geographic clusters where STR demand is strongest:

• CityPlace dominates with 7 of the top 20 buildings. High unit counts, waterfront proximity, and relatively lower price points make it the epicentre of Toronto’s condo STR market.
• Entertainment District accounts for 5 buildings. Proximity to restaurants, theatres, and nightlife drives consistent tourist demand year-round.
• Waterfront contributes 3 buildings. Lake views and proximity to the Rogers Centre, Ripley’s Aquarium, and the CN Tower make these units attractive to visitors.
• King West and Liberty Village round out the list. These neighbourhoods attract both tourists and business travellers looking for alternatives to hotels.

Before You Buy a Condo for STR

Purchasing a condo specifically for short-term rental income requires a different analysis than buying a primary residence or long-term rental. Consider these factors:

• The principal residence rule limits your strategy. If this will not be your primary home, you cannot legally operate an entire-home STR in Toronto. You would be limited to renting a private room while you are present, or operating as a long-term rental instead.
• Run the numbers with realistic occupancy. Average Toronto Airbnb occupancy hovers around 65 to 75 percent, not 100. Use the STR Revenue Estimator to project income with seasonal adjustments.
• Compare STR vs LTR returns. A long-term rental provides consistent monthly income with less management overhead. Use the LTR vs STR Calculator to compare the financial outcomes for your specific property.
• Factor in all costs. Maintenance fees, property taxes, insurance, furnishing, cleaning between guests, platform fees (Airbnb takes 3 percent from hosts), and the 6 percent MAT all reduce your net income.
• Check the condo board history. Even if a building currently allows STRs, boards can vote to restrict or ban them. Review recent board meeting minutes and speak with the property manager about any pending rule changes.

Frequently Asked Questions

Can I run an Airbnb in any Toronto condo?

No. You need to check three things: the City of Toronto allows STRs in your building (registration required), your condo declaration does not prohibit short-term rentals, and you meet the principal residence requirement for entire-home listings. Some newer condos built after November 2018 have STR bans written into their declarations.

How much can I earn from a short-term rental in Toronto?

Revenue varies significantly by neighbourhood, unit size, and season. A well-located one-bedroom condo in the downtown core can generate $2,500 to $4,500 per month gross, but net income after expenses (cleaning, insurance, platform fees, MAT, maintenance fees) is typically 40 to 60 percent of gross. Use the STR Revenue Estimator for a personalized projection.

What happens if I operate an STR without registering?

The City of Toronto enforces its STR bylaws through complaints and proactive audits. Fines start at $1,000 per offence and can reach up to $100,000 for repeat violations. Airbnb also removes unregistered listings from its platform when notified by the city.

Is it better to buy in a high-STR building or one with fewer listings?

High-registration buildings signal proven demand but also mean more competition for guests. A building with moderate STR activity in a desirable neighbourhood may offer better returns with less price pressure. The key is matching supply to demand in your specific micro-market.

Do STR rules differ outside Toronto?

Yes. STR regulations vary by municipality across Ontario. Some cities like Mississauga and Hamilton have their own registration and licensing requirements. Others have minimal regulation. Always check the local bylaws for the specific municipality where the property is located.