Toronto rent continues to fall, hitting a new 32-month low!

The rent price in Toronto has been declining for several months, and the latest data from March 2025 shows that this downward trend is still ongoing.

By the end of 2024, the average apartment rent in Toronto fell to its lowest level in more than two years, and it has now hit a new 32-month low.

New reports from rental platforms such as Zumper and Rentals.ca show that although the cost of renting in the Greater Toronto Area (GTA) remains at the top nationwide, the monthly rent for all types of housing has continued to decline compared to previous years, reflecting the sluggishness of the real estate market.

Rent situation (as of March 2025):

One-bedroom: Average monthly rent around $2,300

Down 0.4% from last month, down 6.1% year-over-year

Two-bedroom: Average monthly rent around $2,990

Down 2.7% from last month, down 8.5% year-over-year

Zumper pointed out that Toronto was the third city with the most severe rent decline nationwide over the past year, but this downward trend is actually nationwide. Currently, Toronto ranks second among the "most expensive rental cities" in the country, just behind Vancouver, and is tied with Burnaby in BC province.

The rent decline in other Ontario cities is even more shocking:

Kingston: Two-bedroom rent dropped 15.3% year-over-year

Kitchener: Down 11.4% year-over-year

Barrie: Down 10.6% year-over-year

In its report released on Monday, Zumper noted: "The national rent index has fallen year-over-year and month-over-month for six consecutive months, reflecting the overall cooling of the rental market."

The reasons for this trend include:

· An increase in supply in some cities;

· Changes in population migration patterns;

· Economic pressure forcing tenants to seek more affordable housing or delay moving plans;

· Concerns about macro uncertainties such as the Sino-US tariff conflict and economic recession.

Experts pointed out that the continuous escalation of the US-Canada trade war may have a greater impact on the real estate market than low trading volumes, including:

· A sharp reduction in the number of development projects

· Ongoing construction projects being suspended

· Completed projects facing difficulties in delivery

· Housing prices continuing to be under pressure and entering a downward channel

Source: https://www.toutiao.com/article/1829416084246528/

Disclaimer: The article represents the views of the author alone.