Ontario rent prices keep falling and here's where they're cheapest right now

It may not be a good time to own a condo in Ontario (at least, if you're looking to sell), but it sure is a good time to lease one — or any property type in the province, for that matter — as rent prices have been on a steady downward trajectory in major hubs like Toronto.

The 6ix just saw another 4.7 per cent year-over-year dip in the average monthly rent rate for a place, marking the ninth consecutive month of rent declines, according to the latest National Rent Report from Rentals.ca and Urbanation. (By comparison, Canada as a whole saw a 2.7 per cent drop.)

As of June, tenants in the city now pay around $2,283 for the typical one-bedroom apartment (which is 0.8 per cent less than in May and 6.6 per cent less than this time last year), and $2,929 for a two-bedroom unit (0.1 per cent less than the month prior and 8.4 per cent less than in June 2024).

Renters in shared accommodation pay approximately $1,188 per month for a room, a 3.9 per cent decrease from last year.

The city has also fallen in the ranks of the most expensive places to rent a one-bedroom home in Canada. While Toronto had the second-priciest rents in the country for this unit type after only Vancouver last spring, the city is now less expensive than North Vancouver, Vancouver, Coquitlam, and Burnaby.

As a province, Ontario has the second-highest rental rates nationwide, after B.C., at an average of $2,329 per month across unit sizes. This represents a 2 per cent decrease from a year ago and a 3.6 per cent decrease from two years ago. Ontario and B.C. are the only provinces with lower rates than in 2023.

Chart of the nation's 20 priciest rental markets from Rentals.ca and Urbanation's newest National Rent Report.

Looking at major Ontario markets outside of Toronto, Richmond Hill, Mississauga, Burlington and Ottawa are almost as expensive, with apartments going for an average of $2,565, $2,478, $2,433 and $2,199, respectively, versus Toronto's $2,587 (this figure is across unit sizes).

And though Oakville is not considered a metropolis, its average rent prices have climbed higher than downtown Toronto's, coming in at approximately $2,605.

Barrie, Waterloo and Guelph are also up there, with rates of $2,191, $2,189 and $2,169, respectively. 

Of all the cities named, only Ottawa experienced rental price increases in the last year (of only one per cent overall, mind you).

Chart of the nation's 20 priciest rental markets from Rentals.ca and Urbanation's newest National Rent Report.

On the cheaper end of the spectrum, we have Sarnia (where the average apartment is now $1,659), Windsor ($1,692), St. Catherines ($1,883) and Kingston ($1,965), with Hamilton ($1,973),  London ($1,981) and Niagara Falls ($2,026) also being far more reasonably priced than Toronto.

Notoriously budget-friendly locales like Thunder Bay and Sudbury were not included in the study, which is based on monthly listings from the Rentals.ca Network of Internet Listings Services. Regina, Saskatchewan, came in at the very bottom of the list, with an average rental price of $1,413.