Ontario is seeing a continued drop in rental prices, as a broader national slowdown deepens across Canada’s housing market.
A new report from Rentals.ca and Urbanation shows average asking rents in Ontario fell 4.4 per cent year-over-year in March, contributing to a national decline of 5.3 per cent to $2,008 per month.
Toronto, in particular, is feeling the shift, with rents dropping to a 46-month low as supply increases and affordability pressures persist.
"The Canadian rental market downturn has deepened, with rents in March falling at their fastest pace since COVID," said Urbanation President Shaun Hildebrand. "This shows in real-time the market impact from the declining population, coupled with ongoing affordability issues, heightened economic uncertainty, and record high apartment completions."
Across the province, declines were seen in multiple housing types. Condo rents dropped 6.9 per cent nationally, while houses and townhomes fell nine per cent, reflecting softer demand in the secondary rental market.
Overall, rents have been trending downward for more than a year, with national prices now at their lowest level in nearly three years, a shift analysts say is being driven by increased supply and broader economic uncertainty.
