Rent prices for apartments and condominiums in Toronto have dropped nearly ten per cent as of 2024, a new report says.
According to Rentals.ca’s most recent rent report, apartment rents in Toronto experienced a decline of roughly seven per cent to an average of $2,632 in 2024. In comparison, in 2023, Toronto rent prices saw a 2.1 increase for apartments.
Elsewhere in Canada, apartment rents also decreased in Vancouver for a second straight year, falling to 5.8 per cent in 2024, following a 0.7 per cent decline in 2023. The average rent in Vancouver is $2,882.
“In Vancouver and Toronto, three-bedroom apartment rents experienced the smallest annual declines in 2024, decreasing 0.1 per cent to $4,380 and down 3.3 per cent to $3,718, respectively,” the report read.
Additionally, demand for shared units is also waning with the largest annual decline being in Toronto. The report found that among Canada’s biggest cities, shared accommodation rents went down by nine per cent to $1,194. Shared rentals also reduced in Montreal by 3.8 per cent to $914 and in Calgary by 3.3 per cent to $882.
Nationally, the average asking rent for shared accommodations decreased 1.2 per cent monthly and 1.9 per cent annually to $986.
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RENTS ACROSS CANADA DROPPED IN 2024
Across Canada, the report says the average asking rents for all residential property types decreased by 3.2 per cent at the end of 2024, falling to a 17-month low of $2,109 in December.
“The decline in rents last year followed growth of 8.6 per cent in 2023 and 12.1 per cent in 2022, representing the first time that rents experienced an annual decrease since the COVID-19 pandemic in 2020 when rents fell 5.4 per cent,” the report said.
Overall, rents increased by a total of 16.8 per cent over the past five years, equalling to an average of 3.15 per year.
The rental site notes that between Sept. and Dec, average asking rents dropped by 3.8 per cent, foreshadowing a steep decline for rents in 2025.
PURPOSE-BUILT RENTALS IN CANADA
When it comes to purpose-built rentals, rents remain stable.
“Across property types, rentals within houses and townhouses experienced the largest annual decline in asking rents in 2024, falling 7.4 per cent annually in December to an average of $2,181,” the report wrote.
Meanwhile, condo rents went down 5.2 per cent in 2024 to an average of $2,219, while units within purpose-built rentals experienced only a 0.3 per cent year-over-year decrease in average asking rents to $2,070.
The report determined that studios were the only unit type to experience an increase in asking rents in 2024 with a rise of 1.7 per cent annually to an average of $1,591.
