Rental rates are continuing to get less expensive in Toronto, and the smaller the apartment, the larger the decline.
With a surge of new condos coming into the rental pipeline, and people looking for more space, single-family rental rates are down 20 per cent in some pockets of the city year over year in the third quarter, while condo rents are down 16 per cent, according to Bullpen Research and rentals.ca.
The average rent for a one-bedroom apartment is below $2,000 for the seventh month in a row, down 15 per cent year-over year, and two-bedrooms are down 12 per cent.
The impact of students learning online, as opposed to attending in-class schooling, around Ryerson the average rent is down nine per cent, and around the University of Toronto, rents are down five per cent.
Toronto is seeing the largest disruption from the pandemic of any Canadian city, and the risks of a ripple effect through the condo market, which has seen a surge in new listings.
Montreal, 17.2 per cent, and Kitchener, 11.5 per cent, were the only two major municipalities in all of Canada to see rent appreciation for apartments and condo rentals.