Toronto renters are finally catching a break as rental prices in the city have decreased for the third straight month, according to the latest report from Rentals.ca and Urbanation. The average asking rent for an apartment in Toronto dipped 0.7% month-over-month in April to $2,782.
This downward trend began in October 2023, marking the first time rental costs had declined in Toronto since August 2021. The moderation in prices is partly attributed to a record-high number of new condo completions in February and March of this year, increasing housing supply.
While the easing is welcome news for Toronto renters who have faced skyrocketing rates, the city remains the third most expensive rental market in Canada behind Vancouver and Burnaby, BC. A one-bedroom in Toronto currently averages $2,489 per month, with two-bedrooms going for $3,270 on average.
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The costly rental landscape extends across Ontario, with 14 cities making rentals.ca’s top 25 list for most expensive markets. Six of those pricey areas are located in the Greater Toronto Area like Richmond Hill ($2,702 average rent) and Vaughan ($2,526).
Though Toronto rates are dipping, rents in Ontario overall increased a modest 0.4% year-over-year as of March. The provincial average of $2,410 is still among the highest in Canada.
Nationally, asking rents climbed 8.8% annually to $2,181 in March, though the pace of increases has slowed. Since March 2020 at the onset of the pandemic, Canadian rents have surged 21% or over 5% annually on average.
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