September national rent report<\/a> by Rentals.ca marked a continuation of the downward trend in rental prices across Canada\u2019s largest city.<\/p>\nCompared to other Canadian cities analysed in the report, Toronto ranked as the city with the sharpest overall drop in average rental apartment and condominium apartment prices. Looking at all rental units covered in Rentals.ca\u2019s data, Toronto saw average rent prices dip 14.1 percent annually to $2,185.<\/p>\n\n
The shutdown of office towers, declining demand for short-term rentals and fewer students attending classes on university and college campuses were cited as the leading factors causing the sustained price drops seen in the city.<\/p>\n
\u201cToronto is seeing the biggest decline in rental and condo apartment rental rates on average among major municipalities in Canada; this is driven by the rapid decline in downtown condo rents, with many recently completed buildings seeing rates drop by 10 percent to 15 percent annually,\u201d said Ben Myers, president of Bullpen Research & Consulting, in the report’s press release.<\/p>\n
\u201cSeveral of the condos experienced listings growth of 100 per cent to 200 percent annually \u2014 a textbook example of what happens with less demand and more supply,\u201d he added.<\/p>\n
Despite sharp price cuts, at $1,967, Toronto continued to rank as the most expensive city for one-bedroom rentals, followed by Vancouver and Mississauga at $1,941 and $1,932, respectively.<\/p>\n
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<\/a>Photo:\u00a0Craig Cook<\/a>\u00a0\/ Unsplash<\/a><\/em><\/p>\n