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.
- Download our app to get local alerts on your device
- Get the latest local updates right to your inbox
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.
CTVNews.ca Top Stories
BREAKING Foreign meddling 'did not affect' overall federal election results: inquiry report
Foreign interference by China did not affect the overall results of the 2019 and 2021 general elections won by Justin Trudeau's Liberals, a federal commission of inquiry has found.
BREAKING Police arrest 3 in killing of B.C. Sikh activist Hardeep Singh Nijjar
Three people have been arrested and charged in the killing of B.C. Sikh activist Hardeep Singh Nijjar.
WATCH LIVE Funeral today for broadcasting legend and voice of 'Hockey Night in Canada' Bob Cole
A funeral is being held today for hockey broadcasting legend Bob Cole in his hometown of St. John's, N.L.
Magnitude 4.8 earthquake recorded west of Vancouver Island
A 4.8-magnitude earthquake was reported west of Vancouver Island Thursday evening.
TD worst-case scenario more likely after drug money laundering allegations: analyst
TD Bank Group could be hit with more severe penalties than previously expected, says a banking analyst after a report that the investigation it faces in the U.S. is tied to laundering illicit fentanyl profits.
How falling for a stranger she met on a beach led this woman to ditch the U.S. for the French Riviera
Niki Benjamin, from the U.S., had travelled to a paradise island to do some soul searching, and her life ended up going in a very different direction when her dog ran up to a stranger.
Biscuits with possible plastic pieces, metal found in ground pork: Here are the recalls for this week
Here are the latest recalls Canadians should watch out for, according to Health Canada and the Canadian Food Inspection Agency.
Britney Spears 'home and safe' after paramedics responded to an incident at the Chateau Marmont, source tells CNN
A source close to singer Britney Spears tells CNN that the pop star is 'home and safe' after she had a 'major fight' with her boyfriend on Wednesday night at the Chateau Marmont in West Hollywood.
Supreme Court orders new trial for B.C. francophone who was not given French option
The Supreme Court is ordering a new trial for a francophone man in British Columbia who says he was not informed of his right to have a trial in the official language of his choice.