It's a great time to be shopping around for a new apartment in Toronto, according to a new Rentals.ca report.
Toronto's rental prices are plummeting right now compared to where they were at this time last year, according to Rentals.ca — a $520-per-month (or 20%) drop from November 2019 to November 2020.
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And there is a handy map that shows exactly which neighbourhoods have seen their rent drop the most.
The biggest drops are in two neighbourhoods on opposite sides of the city.
Rentals in Greektown dropped by 22% on average, Rentals.ca says, while rentals in and around Roncesvalles dropped 18%.
And rentals right downtown — between Queen Street and King Street — also dropped from between 18% and 22%.
The good news is that nearly every single neighbourhood in Toronto has cheaper places up for grabs right now, except for neighbourhoods up north on the east and west sides of Toronto and York.
Rentals.ca also says that rental properties in Mississauga actually cost more than they do in Toronto right now, due in part to the number of new buildings under construction in Mississauga.