Toronto Rental Prices Keep Dropping & Some Places Are Up To $400 Cheaper

Paying for an apartment in the 6ix isn't exactly the most appealing thought. However, Toronto rent prices have continued to decline this year. Some of the city's properties have even dropped as much as $400 a month.

The latest rent report from Rentals.ca reveals that the monthly cost of an apartment or condo in the city has decreased nearly 12% from last year.

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While that may sound like a steep drop, it's good to keep in mind that the city is still fairly expensive, with the overall average price for a rental unit sitting at $2,220.

Broken down further, one-bedrooms in Toronto have seen their prices fall 1.3% since last month, while two-bedrooms have slipped by 1.2%.

That puts the new average prices for these types of units at $2,013 and $2,655, respectively.

According to the report, the monthly price for condo rentals within the city has also continued to decline, with some places seeing their costs dropping by over $400 since August 2019.

Rentals in Etobicoke and North York also saw their prices decrease by nine and 12%, respectively. However, the average monthly costs for both regions still sits above $2,000.

Even with all of the descending prices within Toronto, the cost of renting within the city is still far higher than the national average of $1,769.

It also remains the most expensive city to rent a one-bedroom in the entire country.

The Ontario government, however, has promised to introduce legislation to freeze rent for some tenants in the city through 2021.

If you don't want to pay up every single month and would love to own your own property, you could always buy a condo. Although, the latest numbers indicate that would cost 22 years of rent.

You can also save more money depending on which neighbourhood you want to live in since some are still cheaper than others.