Rent prices declining more in 3 Ontario cities than anywhere else in Canada

Three Ontario cities lead the entire nation in rental price declines amid a historic market downturn in the province.

Despite Ontario being home to four of the ten most expensive places in Canada to rent a one-bedroom apartment, a new report paints a grim picture for landlords in the province, as rent prices in some markets plummet at rates exceeding anywhere else in the country.

The latest national rent report from Zumper outlines sharp annual declines in rent prices for one-bedroom units in Toronto, Barrie, and London.

Toronto experienced the greatest annual decline in one-bedroom rent prices, dropping by 9.6 per cent year-over-year to $2,170. Toronto also witnessed the steepest nationwide decline in two-bedroom rent prices, dropping 11 per cent year-over-year to an average of $2,760.

However, even after these significant declines in average rents, Toronto maintains its rank as the third most expensive place to rent a one-bedroom unit in the country, trailing Vancouver and one of its suburbs, Burnaby, in the 1 and 2 positions.

Two more Ontario cities came in second and third place in annual rent declines.

Zumper

Barrie ranked second nationwide in annual rent declines for one-bedroom apartments, with a year-over-year decline of 8.2 per cent, bringing the average rent to $1,800 per month. The average price of a two-bedroom unit in Barrie declined even more, falling 9.10 per cent year-over-year to $2,000 per month.

The average one-bedroom unit in London, Ont., now costs 8 per cent less than it did one year ago, falling to $1,600, marking the third-largest rent decline recorded in the country. Two-bedroom rents also spiralled in London, dropping 9.70 per cent year-over-year to $1,950.

Zumper

Other cities like Oshawa have had their rent markets gutted by price declines (at least from the perspective of landlords) as high as $260 just since the start of this year.

Declines in Ontario are just one facet of a nationwide trend, with 13 consecutive months of annual declines in both single-bedroom and two-bedroom units recorded as of November.