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Average rents in Ontario are plunging fast and here's where they're declining most

As exceedingly unaffordable as Toronto is reputed to be, now is actually one of the cheaper times to live in the city, at least when it comes to housing costs.The region's real estate values and rent prices have plummeted markedly over the last year, pushing property owners looking to sell and landlords searching for tenants to new levels of desperation.The latest survey of the landscape shows that the standard GTA home is now selling for 5.5 per cent less than this time last year (when prices were already on the decline). Condos are bearing the brunt of the downturn, seeing a 9.3 per cent year-over-year deterioration in sale price.And, the turmoil is extending to rentals, the prices for which, per the latest stats, have decreased by double-digit percentages since this time in 2024.Listing site Zumper, which regularly assesses price points for apartments across the country, says in its latest report that the median monthly cost of a one-bedroom...


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