Any renters in Toronto who have been looking for an affordable apartment know it has long felt like an impossible task, but the latest numbers show that the city’s rental market is continuing to cool off.
According to a new report from Rentals.ca and Urbanation, average asking rents in Toronto dropped to $2,554 in September. That marks a 1.4 per cent decline compared to the same time last year—and extends a remarkable streak of falling prices.
In fact, Toronto has now logged 32 consecutive months of annual rent declines.
The continuous dip brings asking prices down to their lowest September levels in five years, offering local renters a bit of rare relief in an otherwise pricey city. The downturn has been especially noticeable in the condominium market, where increased supply and shifting tenant demand have helped push rates lower.
While Toronto remains one of Canada’s most expensive urban centres to live in, the prolonged downward trend suggests the market is continuing to shift in favour of prospective tenants.
You can read the full breakdown and explore national trends on the Rentals.ca website.
