Report finds rent in Toronto to be on the decline for the third month in a row [Video]

The average price of rent in Toronto has declined for the third month in a row, according to a recent report by rentals.ca.

According to the April report, the average asking price for a Toronto rental apartment decreased in April and is now down 0.7 per cent month-over-month to an average $2,782.

The slowdown began in Oct. 2023 – the first time that the Toronto rental market lowered in cost since August 2021.

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However, Toronto remains among one of the most expensive cities in Canada to live in for renters, ranking third below British Columbia cities Burnaby and Vancouver.

The report states that the average price of a one-bedroom apartment in Toronto is $2,489 a month, whereas a two-bedroom apartment will cost an average of $3,270, with a three-bedroom unit priced at $3,728 on average.

The decrease is in-part due to condominium apartment construction, with …