A December 2024 rent report by Rentals.ca indicates that Toronto has been at the forefront of a nationwide decline in rental prices. Specifically, apartment rents in Toronto have decreased by 9.4 percent annually, settling at an average of $2,640 in November. This trend highlights a significant shift in the market, offering relief to renters who have faced increasingly high costs in previous years.
Errol Paulicpulle, a real estate agent in Toronto, notes that as more rental properties become available, renters feel empowered to negotiate. He states, 'The tenants who are moving in are asking for more things like new paint jobs or certain appliances to be changed.' This shift in dynamics underscores a market correction where landlords may need to adjust their expectations and terms to attract tenants.
Giacomo Ladas, from Rentals.ca, remarks on the broader implications of falling rents, noting, 'It's a great sign, but we also think the prices were so highly inflated before that they simply had no other direction to go but down.' His perspective reflects a cautious optimism about the current real estate landscape in Toronto and the future sustainability of rental prices.
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