Rent prices are dropping in Toronto, a sentence we thought we would never hear again. Zumper, an online rental marketplace, just released its Canadian Rental Report, and according to its findings, “Canada’s most expensive markets are experiencing the sharpest declines in rent,” and that includes Toronto.
So, how much will it cost you? Here’s what we know.
Declining prices
Toronto was named the third most expensive city to rent in Canada, and while the average cost of a one-bedroom rental has gone down, it will still cost you around $2,170, according to the report.
“Toronto, the nation’s third most expensive city, saw one-bedroom rent fall 9.6% annually to $2,170. Two-bedroom units dropped 11% yearly to $2,760, marking the steepest annual decline nationwide,” the report explains.
Vancouver, B.C., and Burnaby, B.C., top the list, with the average one-bedroom rental in Vancouver costing $2,500 and the average one-bedroom rental in Burnaby costing $2,300.
As a whole, Canada has seen one and two-bedroom rentals down 4.2% and 4.1%, respectively. It’s now been 13 months of decline, meaning the whole year has seen steady drops in prices.
The only area seeing “stability” is the Prairies, like Regina and Saskatoon, both seeing an incline. Regina’s two-bedrooms are up 7.5% to $1,570, and Saskatoon’s are up 9.7% to $1,590.
As for the other seven cities in the top 10 median rent prices for a one-bedroom, here are the areas in order:
- 4. Halifax, N.S.
- 5. Victoria, B.C.
- 6. Kingston, Ont.
- 7. Ottawa, Ont.
- 8. Kelowna, B.C.
- 9. Barrie, Ont.
- 10. Montréal, Que.
So, while it still feels like highway robbery paying rent in Toronto every month, at least there’s a silver lining. Hopefully, rent keeps dropping. Fingers crossed, Toronto.
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