Rents in Ontario have dropped for the fifth consecutive month, marking the largest decline in the country, according to the latest National Rent Report from Rentals.ca and Urbanation.
The report shows that Ontario’s average asking rent fell 4.2 per cent in February to $2,329, the lowest since July 2023. Nationally, average asking rents dropped to $2,088, a 4.8 per cent decrease from the same time last year – the largest annual decline since April 2021.
“Rents in Canada are softening as supply is outweighing demand,” said Shaun Hildebrand, President of Urbanation. “Apartment completions are at record highs, while population growth has slowed and economic concerns are rising.”
Despite the recent decline, average asking rents remain 16.9 per cent higher than pre-pandemic levels.
Among major cities, Toronto’s average rent fell 6.7 per cent to $2,615, while Windsor’s average rent dropped 6.1 per cent to $1,620. Meanwhile, Oakville saw a 12.1 per cent increase, placing it among the most expensive rental markets in the country.
The report warns that while rents are decreasing now, continued economic uncertainty and housing trends will shape future rental prices in Ontario and across Canada.
(Written by: Joseph Goden)
