Rent in Toronto is on the decline for the 2nd month in a row: report

The average price of rent in Toronto has declined for the second month in a row, according to a monthly report by Rentals.ca.

According to the November rental price report, the average asking price for a Toronto rental apartment decreased in November and is now down 2.4 per cent year-over-year to $2,913.

Before October, the report had not indicated a slowdown in rental costs since August 2021.

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Despite signs of relief, Toronto still ranked as the second most expensive Canadian city to live in for renters, following Vancouver, B.C.

Currently, the average price of a one-bedroom apartment in Toronto is just over $2,600 a month, the report states. A two-bedroom unit will cost an average of $3,469, while the price of a three-bedroom is nearly $4,000.

The drop in overall prices in Toronto rent may be fuelled by a year-over-year decline in costs of one-bedrooms. Last year, single-bedroom units in the city were about three per cent more expensive.

In Vancouver, one-bedroom apartments are currently costing tenants an average of $2,894 a month.

November 2023 Rental Report (Rentals.ca)

Based on Rentals.ca’s national ranking, eight of the ten most expensive places to live in the country can be found in the Greater Toronto Area (GTA). Of the top ten, the only destinations not located in the GTA are Vancouver and Burnaby, B.C.

The remaining eight spots went to Toronto, Oakville, Mississauga, North York, Etobicoke, Burlington, Scarborough, and Brampton, Ont.

In Brampton, the average cost of a one-bedroom unit is now $2,176, the report states.

National Rental Rankings for November 2023 by Rentals.ca.

Last month, Rentals.ca reported that rent prices in Toronto had declined year-over-year by 0.8 per cent, to $2,908.