Rent in Toronto just declined for the first time this year

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For the first time in months, it’s gotten a bit cheaper to live in Toronto.

According to Zumper’s September Canadian Rent Report, the median rent for a one-bedroom in the city is now $1,980, the first time it’s been below $2,000 since the spring.

The figure marks a monthly decline of 1.00%, although it is an annual increase of 11.90%.

The median rent of a Toronto two-bedroom also fell on a monthly basis, albeit by just 0.40%, to $2,530. The price is still 11.90% above September 2021 levels.

Despite the month-over-month declines, Toronto maintained its position as the second-most expensive city in Canada, paling only in comparison to Vancouver.

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Toronto wasn’t the only Ontarian city to see rent decline this month.

Median rent for a one-bedroom in Kitchener dropped by 0.60% month-over-month, to $1,700, while prices fell 3.00% in Windsor, reaching $1,310. In Kingston, the price of a two-bedroom hit $1,740, a 5.90% decline.

Of the 24 cities included in Zumper’s report, the only annual price decline was seen in Barrie. The median rent for a one-bedroom in the city fell 4.10% year-over-year to $1,650 and remained unchanged month-over-month.

Meanwhile, other parts of Ontario have seen rents rise significantly this month.

Ottawa and St. Catharines both saw the median price of a one-bedroom rise 2.50% month-over-month, to $1,640 and $1,620, respectively. Prices in Hamilton rose 2.60% to $1,550.

At 6.00%, one-bedrooms in Kingston saw the largest monthly price increase in the province. They also experienced the largest annual jump, at 20.30%.

Amongst tw0-bedroom units, St. Catharines saw the highest monthly increase; rents rose 5.90% to $1,980. Oshawa followed with a 5.00% jump, bringing the median rent to $2,100. The cities also saw the highest annual increases, at 19.30% and 28.00%, respectively.

Zumper