A recent report from rentals.ca reveals that rent prices in Toronto have dropped for the third consecutive month. In April, the average asking price for a rental apartment in Toronto decreased by 0.7%, now averaging $2,782. This decline, which started in October 2023, marks the first time since August 2021 that Toronto’s rental market has seen a decrease in cost.

Despite the drop, Toronto remains one of Canada’s most expensive cities for renters, ranking third behind Burnaby and Vancouver in British Columbia. The average monthly rent for a one-bedroom apartment in Toronto is $2,489, while a two-bedroom unit costs around $3,270, and a three-bedroom unit averages $3,728.

The decline in rental prices is partly attributed to the surge in condominium apartment constructions, with record-high completions in February and March 2024. Vancouver holds the title for the most expensive rental market in Canada, with one-bedroom apartments averaging $2,657 per month, followed by Burnaby at $2,550.

The report also highlights that 14 cities in Ontario, including six in the Greater Toronto Area (GTA), are among the 25 most expensive cities for renters in Canada. Nationally, the average asking rent has increased by 8.8% compared to the previous year, averaging $2,181. Since the onset of the COVID-19 pandemic in March 2020, rental costs across the country have risen by 21%, equivalent to just over 5% annually.