A new report shows that apartment rents in Toronto are the lowest they’ve been in over two years.
According to the December 2024 Rent Report from Rentals.ca and Urbanation, rents across the country are down compared to last year. The report shows that asking rents for all residential property types nationwide fell to a 15-month low in November, hitting an average of $2,139 per month. This represents an annual decrease of 1.6 per cent in November, which comes on the tail of a 1.2 per cent year-over-year decrease in October.
Month-over-month, rents fell 0.6 per cent across the country in November, decreasing by 2.2 per cent over the last three months.
Meanwhile, the average rents for purpose-built and condominium apartments saw an annual decrease of 0.2 per cent in November, falling to $2,120.
Compared to the same time last year, the average price of rent for a one-bedroom unit decreased 1.2 per cent in November, hitting $1,921, while rent for a two-bedroom unit declined one per cent to an average of $2,302.
However, the average cost of rent for studios and three-bedroom units has continued to increase. Year-over-year, the average rent for a studio rose five per cent, hitting an average of $1,629, while three-bedroom apartments saw an increase of 5.1 per cent, hitting an average of $2,965.
While numbers have recently been on the decline, the average cost of rent in Canada was 6.7 per cent higher than they were two years ago, and a whopping 18.8 per cent more than three years ago.
The report found that over the past five years, the average cost of rent went up 3.4 per cent per year on average in Canada.
AVERAGE COST OF RENT IN TORONTO GOING DOWN
The cost of rent for apartments across Ontario continued to fall in November, seeing a year-over-year decrease of 6.4 per cent, hitting an average of $2,351. This follows an annual decrease of 5.7 per cent in October.
Toronto saw an annual decline of 9.4 per cent, with rents hitting a 28-month low of $2,640 on average.
Rent for Toronto studios fell by seven per cent year-over-year to an average of $1,932, while average rents for one-bedroom units fell eight per cent to $2,385.
The price of two-bedroom rentals fell ten per cent year-over-year to $3,115, while the cost of rent for three bedrooms fell six per cent to $3,710.
