A new Rentals.ca report reveals that while rental prices in Toronto remain high, they’re finally trending down. The average rent for a one-bedroom apartment sits at $2,317, just below North Vancouver’s $2,680 — the highest in Canada. Despite a slight monthly uptick (+0.2%), rents have dropped 5.8% year-over-year, though they remain 28% higher than pre-pandemic levels.

At the same time, Toronto’s real estate market continues to cool. According to the Toronto Regional Real Estate Board (TRREB), home sales are down 23.3% from last year, with the average selling price now $1,107,463 — a 4.1% drop.

Industry experts point to political and economic instability as the cause. Canada’s recent federal election and a new trade dispute with the U.S. under President Trump have shaken consumer confidence.

Rishard Rameez, CEO of Zown, says Toronto has shifted from a seller’s to a buyer- and renter-friendly market. More inventory — especially condos — is hitting the market, giving renters leverage and pushing some prices lower. With 31,000 new condos expected, oversupply could keep prices falling into 2026.

📉 Expert Insight:

• Wait on condos, Rameez advises, as prices are expected to drop further.

• Now is a good time to buy freehold properties, with less competition and better value.

“Buyers finally have power again,” says Rameez. “And for renters, this may be your moment.”