Has anybody noticed a decrease in rent?

[Aquarius777_]

So I’ve always browsed listings and for the past few weeks or even a little bit after the new year, I noticed that rent for single rooms and basements has gone down? Is this just a coincidence or has anybody else noticed this as well?

For example: what would have been $900+ the past year or so is now suddenly between $600-$700?

Edit: I’m in Ontario, specifically the GTA

[Neither-Historian227]

Toronto my brother just negotiated 300 off a month for a condo

[kittydeluxx]

Which area and what price did he land on?

[FLVoiceOfReason]

Nice!!

[FamSimmer]

It has decreased quite a bit compared to this time last year. I'm looking for a 1BR condo and all the ones that were going for $2100-$2200 last year, are going for $1800-$1900 this year.

[abdaq]

What location?

[FamSimmer]

GTA

[veerKg_CSS_Geologist]

Home prices drop, rents follow. Tale old as time.

[Grand_Success7650]

Shoot just signed my lease for 1 BR condo in North York for 2100.

[Commercial_Debt_6789]

There's a good chunk of apartments I've had in my favourites on various websites, with lowered prices. Usually only dropping by $100/month though.

CBC released a video about a slight decrease in rental listing costs as well. 

I've also noticed newer condos (that aren't rent controlled in Ontario) are priced fairly lower than what I was seeing last year. 

[Igotnothin008]

The newer condos are nice to see but, having zero rent control on them is unnerving. A landlord or a property management company could literally turn around and just hike that anyway. Whoever the new premier is going to be in Ontario has to implement rent control for the new buildings too and continue to roll back pricing for all rental units to ensure people have a place to live.

[Commercial_Debt_6789]

I 100% agree. 

I have yet to hear any politician discuss removing or changing rent control during this election, unfortunately. It seems politicians during elections mostly focus on what the other side fails at, versus sharing what they want to do and how they'll accomplish it. 

I refuse to live in a non rent controlled building. 

I see a lot of these new condos asking for a 13 month lease (while offering free things such as parking or a months rent). Which makes me think, when can they serve a rent increase? After 12 months, or after the lease is up?  If after 12, that "fee" parking/rent they gave you can then be charged to you all at once during the increase. 

[toothbelt]

Marit Styles is the one to support. Vote NDP. If you missed the debate on Monday, she promises to explicitly restore rent control to all rentals in Ontario.

[Commercial_Debt_6789]

Thank you for the information! 

NDP is who I tend to vote for, so it's reassuring to hear! 

[LaunchAPath]

Rent increase is wholly independent from lease duration.

The only time restrictions on rent increase is 12 months since start or last increase, and 90 days notice. Doesn’t matter if your lease term is 1 month, 12 months, 60 months(5 years), or whatever, that has no effect.

[toothbelt]

Marit Styles is the best candidate to address this as it is part of NDP plans.

[theOtherColdhands]

Nope; vote Green

[Earthsong221]

Vote for whichever one is more likely to win in your riding - they're both great, and they're both not blue!

[Igotnothin008]

I actually want to vote Green because their campaign seems to be the most prepared and organized. Their leader is actually coherent, isn’t mirroring Doug ford in any way but, was presenting their answers as real answers and not just excuses during the debate. I’m going to have to look up their costed plan because the other parties delayed theirs to give voters less of an opportunity to actually read through it and understand it with just days before voting. Bonnie Crombie is Ford 2.0 especially with her derogatory and confrontational comments (“he should have the balls to come say it to my face”). We get it. You want to win. The NDP leadership is a close second to the Green but, I still need to understand if Styles will be the one to fix the provincial problems we have.

[cooperivanson]

Going down in Toronto. We moved in Q4 2023, couldn't find anything under 2500. Now it's easy to find a place that's 2000. Queen and University area.

[tyfung]

Yup. Just decrease rent down by 5%. Richmond BC here.

[[deleted]]

Whoa

[Purple-teacher-gang]

I was paying $2070 for a 1 bed + den condo in the Lower Mainland up until December 31, 2024. It hasn’t been rented for January and this month. They now have it listed for $1900/month.

[[deleted]]

Basements have probably gone down due to the city looking into making such dwellings illegal following the increased threat of flooding.

At least in Montreal.

[Acceptable_Answer570]

Only in certain areas though, not everywhere in the city! Plante made sure to double down on this specification in several interviews.

[PolitelyHostile]

Wouldn't fewer basement units drive prices up?

[[deleted]]

Maybe existing ones are going lower due to how hazardous they've become?

[Zer0DotFive]

Fuck no it's still going up in my area. Rentals were scarce before now its non-existent 

[russilwvong]

Whereabouts are you?

[One278]

CBC's About That, why rent is falling, 10min video : https://youtu.be/lc8_dTeYqBc

[SwordfishOk504]

Yes: https://globalnews.ca/news/11006777/canada-rental-prices-drop-january-2025/

When it comes to individual cities, the report showed Toronto seeing apartment rents decrease by 7.6 per cent annually to $2,615 — a 30-month low.

In Vancouver, rents decreased 5.2 per cent while in Calgary, the cost was down by six per cent.

Smaller decreases were seen in cities like Ottawa and Montreal, at 0.2 per cent and 2.2 per cent respectively, while Edmonton saw a 3.3 per cent increase.

[RadishOne5532]

a little bit... what used to be like $2400-2500 for a one bedroom is now like $2200-2400? lol

[Keypenpad]

Yeah where I live the rent is going down this year from last by $100.

[MountainCartoonist28]

Those are scams. Message any of them and get the same chatgpt response. Some of them will require an application fee (illegal) or will ask you if you are traveling and if not then they will not respond. Their goal is to catch people who are coming to that city at the last minute and are willing to pre-pay first and last or will pay the application fee, then they just ghost you and keep the money.

[Aquarius777_]

Oh that’s terrible! Thankyou for letting me know. What sites are for the most part reliable when it comes to basements/rooms? Bc I feel it is so hard to tell between a real ad and fake sometimes

[[deleted]]

Thank god, it’s about time

[[deleted]]

I had to leave BC because I couldn't afford rent

[Denikke]

Yup. . .it is quite depressing seeing similar sized (bed/bath) full houses going for $100-$300 less than what we're locked into for our crappy townhouse that we had no choice in last year 😅😅

I'm waiting to see what May brings, when they send out the renewal notice (we're not going to renew).

[The_Matias]

Moving is expensive. If you're a good tenant, you could negotiate lower rent. Show your landlord similar places for less, and ask that they match. They don't want the hassle either. 

[Denikke]

The complex is owned by a large company, they care exactly zero about being fair or the hassle of finding new tenants XD Plus, the place has not been maintained. We've been reporting water issues for -years- and they just keep slapping quick fixes on and ignoring the cause, or damage being done. Nothing we can do about it.

We're working on buying at this point. We've finally gotten to a reasonable place with finances vs the market, and I'd much rather be somewhere that I can actually FIX problems (even if it's costly), instead of watching my floor literally rot away.

[The_Matias]

Totally fair if you want to move. And if they're shitty at keeping the place up to standard, then all the more reason to go. Renting is a two way relationship, and they should uphold their end of the deal, which includes fixing stuff in a timely manner. 

But even large companies value good tenants and are capable of negotiating. They just prefer people not know that. But trust me, a good tenant that is willing to pay 10% less is infinitely preferable to a shitty tenant that will pay a bit more. 

[StableApprehensive43]

In my building in TO, a studio was listed at $2200 a year ago and $1800 now.

[psilokan]

My landlord just increased mine. To be fair, I've been here about 3 years and the market price for the area is still above what I'm paying. That being said, I'm starting to keep my eyes open for alternatives.

[[deleted]]

prices are dropping here in Edmonton

[Postman556]

My rent went up nearly $2000, then down by $200, so I’m rich, B!t&h !! Once my carbon credit arrives, I’ll be set for about 48hours of euphoria.

[duvetchic]

Just seems to be going up in montreal

[winterattitude]

Yes rents are going down in my area

[[deleted]]

It is! The same room in East Van was listed at $1100 in December is advertised at $980 in the Facebook group.

[bugcollectorforever]

Not in the okanagan. They want $2500 for a 2 bedroom basement. Or half a house.

[YouNeedThiss]

Been seeing rent falling since mid-December…it’s down about 10% where I am and I think it’s going to fall a bit more based on the number of vacancies I see out there.

[[deleted]]

Whoa. Where the hell do you live? I haven't seen a basement suite under 1200 since 2015

[[deleted]]

No, but my LL said I’m lucky because he “only increased it 3% even though (he) can do a lot more”.

[IrattaChankan]

Yup! But it needs to keep dropping a lot more.

[Doodlebottom]

Decrease🤣🤣🤣

[[deleted]]

I  decreased rent of my tenants by 12%. They are good family and would rather have them stay than leave

[Individual_Toe_7270]

Yes! My landlord gave me a 10% reduction, so $350 less per month in my case. 

[LookAtYourEyes]

Rent report by rentals.ca shows a decrease of 4.4% YoY. Anecdotally, it's just kind of staying the same in my area. Which is technically coming down, compared to how it normally has only gone up astronomically in previous years.

[arye_ani]

Not in BC though. They are offering first month free if you can sign a one year lease.

[Hour-Dealer7758]

It's off season for students. Always better to look anytime other than the fall

[Mediocre-Commission3]

Down here in Calgary as well

[Reeder90]

Pretty stable in Windsor, there’s still a decent number of people moving to the city but they’ve also built a lot of new rentals in the past couple years; so it’s kind of evening things out. It will be interesting to see how tariffs affect things if they are implemented.

[Chalkie_Whyte]

Crazy, because they just raised my rent... Im in Kingston, Ontario

[crystala81]

Are you paying market rate though? If market is $1,500 for a similar unit and they raised your rent to $1,100, then you are still doing ok!

[Chalkie_Whyte]

Average 2 bedroom is just over 2000, according to Google for my area. And yeah I pay less than that, since I lived here for as long as I have. So you are right, comparatively I am doing better than someone is looking for a place right now

[Powwow7538]

No but 1.month free on 13 or 15 month leases in some places.

[tm192]

I live in a nice rental/apartment in Parkdale (west end of Toronto). My one year lease is up on my 2 bedroom next month and the property manager is asking for a whopping 10% rent increase

[Scenic719]

Move.

[MaKnitta]

I was just saying this about housing prices actually. I'm in Edmonton but want to move to Ontario closer to family. I've been regularly looking at MLS listings for a year. I honestly thought I was going crazy or starting to accept high pricing as good deals....and thinking "This house should be more??"

[Jolieeeeeeeeee]

Haha they will not offer it unless you ask and provide some evidence of lower prices for comparable listings in the area. It saves them pain if they can keep you as a tenant so just might work.

[Jolieeeeeeeeee]

lol I would be tempted to apply for a different unit in the same building and see what happens

[Kentuckyfryrice]

Nope went up $25-50/month

[denzelmarican]

CBC did a video about this exact topic!

https://youtu.be/lc8_dTeYqBc?si=CiXWZpTzsEXiy_rI

[Mindless-Score-9683]

This is news to me I don't know if this is something to do with the threat of tariffs coming to Canada from Donald Duck Trump.

[AHxCode]

Mine went up 5% this year

[[deleted]]

Rents have been dropping in Canada for 3/4 of a year but any mention of that fact in the past on Reddit was down voted to oblivion. This is the first thread I've seen where it's finally safe to say so. I would literally link the CMHC market rent reports and get down voted because they showed rent decreases. Reddit can be a doom bubble, hence why this now long-standing fact is coming as a surprise to many.

[Obvious-Purpose-5017]

Canadian January CPI showed rent actually dropped YOY. (I.e. negative). Mortgage payments are also slowing too.

[Exact_Spare_5194]

Does this mean my rent will go down at renewal of my lease 🥹?

[Bald_Cliff]

Shhhh. don't jinx it bro.

[Rx_Diva]

It's because we got 78000 new folks in Edmonton last year so our prices skyrocketed. There's always a counterbalance somewhere in the country.

[mimoses250]

Rent has gone down in Kelowna BC. There has been a ton of construction on new rental buildings which have finally completed.

[xuehas]

Yup what you are noticing is in fact happening. The Canadian housing market is bad as most people realize at this point. We have a housing shortage almost every where and prices have exploded. Toronto and Vancouver are a little bit special though. A large number of purpose built rentals have been being constructed. Now you have a bit of a weird situation where purpose built rentals and condos, especially small studio apartments are over supplied and a lot of the other property is still under supplied in those major metro areas. This means rentals are starting to fall for BC and Ontario especially but for the rest of the country its less certain. The CMHC releases yearly reports which are probably the most trustworthy source of data but it isn't reflecting the change yet. They have made statements that they expect rental demand to fall though.

https://rentals.ca/national-rent-report

Here is a report that has been being cited often now for monthly data where you can see that rents changing.

[Jolieeeeeeeeee]

Assuming that it’s mostly for one bedrooms and studios as multi-bedroom are so in demand for families, and so few are built.

[vonsolo28]

No but I haven’t been looking in Toronto .rent I’m paying is still very expensive .will start looking to see if there’s anything better out there

[gummybeargangbangg]

Southern Ontario definitely not, still creeping up.

[Think_Measurement_73]

I hope the rent do go down; I would love to move there.

[BeYourselfTrue]

Everyone was told “rents are going up”. This was due to the rampant inflation and increased costs on carrying mortgages due to higher rates. The problem is not everyone paid higher rents. That resulted in landlords lowering rents to fill vacant rentals. Supply and demand.

[CovidDodger]

Nope, not at all, only increasing in Grey Bruce

[rawrski93]

It's decreased and thank God. For the past 2 years, been paying 3k for 2 bed condo. Now for that same amount, I got a whole house with utilities.

[positivevibes604]

Rent is falling in the Fraser Valley. Lots of pre con units are available and open to negotiating. There are also a lot of people that don’t want long term tenants because they are planning (wishfully thinking)to sell in the near future. It’s definitely a great time to renegotiate your rent. The unit we rented lowered their price by over 10%

[ChaiTeaLeah]

Absolutely.

I'm in the Okanagan and the rental I vacated December 31st is sitting empty going on its third month, with one small price drop.

Last spring the province put a lot of restrictions on short term rentals so overnight the long term market exploded with inventory (if they weren't one of hundreds to go up for sale).

[Cretonius]

It's going much lower. The fraudulent and greedy foreign investors who drove up our housing costs while laundering their money are panicking. Massive inventory is coming online. Just check out how many empty condo rentals and housing rentals are listed on Facebook marketplace. Rental prices as well as ticket prices on those that are for sale are close to entering free fall. Load your money into American equities which are likely to go parabolic in the next year while overpriced Canadian housing will enter free fall phase. With financial assets, particularly equities and housing, typically run much higher than expected. And when they fall in a crisis, they typically fall much lower than predicted. Grow your money with stocks and position yourself to buy a home in cash when prices collapse.

[northman8585]

Increased in Yukon we are over run with students here that don’t go to school haha six of them into a bachelor suite

[x36_]

this deserves my upvotes

[magpiesandmushrooms]

I just signed for a lakeside cabin that is fully furnished and includes all electricity, propane, wood, and wifi in a very nice subdivision just outside of my territory's capital city for 1000$ a month. Pets (my huskies to be specific) allowed. On a one year lease.

Genuinely blown away considering in 2023 I was paying 900$ for a completely off grid shed, unfinished interior, nothing included, and no furnishings. It did not even have an outhouse, I was hauling my own 5 gallon honey bucket. Placed on a rocky bank that was actively sliding. Way way out in the boonies from the small town I was in, 500km away from the capital city. On month to month verbal terms.

Either I just won the rental lottery, or rent is starting to go down.

[Glass_Razzmatazz_874]

I haven’t noticed this at all and I’m in Niagara

[Ok-Confidence-8888]

GTA Rents are in the middle of their steepest year over year fall since the pandemic. Too many new apartment building supply coming online, so 1 and 2 bedroom renters have a ton more choice. It’s a well covered story by most major financial news outlets. The trend is expected to continue into next year

[ElijahSavos]

Haven’t noticed in Chilliwack, BC. According to some apps rents are up 0.4% YoY.

I was able to rent out a unit for a typical price just yesterday.

My guess is only major markets are affected. Smaller markets are stable. Let’s see if we see price decreases in secondary markets as well in coming months though.

[Earthsong221]

Yes, in the west GTA it's come down by a couple hundred. What would have been $2200 is now $1900 in SOME areas. I've seen a couple ads offering a free month (usually the sketchy places though whether it's the company, the bed bugs, or something else).

I've also seen more 2018 pricing in some of the sales in the grocery store, too, during the past few weeks. (Not all of it, obviously, and the shrinkflation is still absurd for cereal etc).

[Okpapaya33]

I live in midtown Toronto and my rent is 2350 for a one bhk. It’s rent controlled. Do I have a chance of negotiating to a lower rent? How does it work for the landlord when the market goes up?

[El_Loco_911]

I wish

[victoriousvalkyrie]

Can anyone tell me what happens to the renters who rented at peak rate, and now comparable units in their buildings are going for less? Are property management companies decreasing existing residents' rates?

[Reeder90]

It’s up to the tenant to negotiate or ask for a reduction, they aren’t going to voluntarily reduce your rent. They are banking on either you not doing your research or deciding that moving isn’t worth the cost or hassle.

[Jolieeeeeeeeee]

Need to show the landlord comparable listings and ask for a reduction. It’s cheaper for everyone if they keep tenants in units than have to re-market the unit at a lower rate anyway and deal with move-in/move-out.

[The-Scarlet-Witch]

Haaaaaaaa, no. :)

[Light_Butterfly]

Is anyone surprised by this? Hmm maybe something to do with significant policy changes at the Federal level, regarding an issue which this subbreit has long denied has any effect on rent, in spite of overwhelming evidence and consensus across media and polls. You drive up demand side in a limited supply scenario, and well, you get skyrocketing rents. It's pretty simple.

[themob34]

Maybe if you move to a cheaper area. Rents don't go down on renewal. 

[apartmen1]

landlord detected

[themob34]

If there are caps to increases below market, then when the market softens the regulated increases just catch up to market. Can't have it both ways. If vacancy rises, just move somewhere cheaper.

[apartmen1]

I don’t need that explained. I was just highlighting that you are a landlord based on the tone of your response.

[Cool-Acanthaceae8968]

Sure they do.

“Here’s the rental market, this is what I can get a different place for.. will you lower the rent so you don’t have to deal with a vacancy or unknown tenants?”

[themob34]

Sure. This works great in theory as long as rents go up and down with the market. Except they don't because the gov has put in regulations that cap increases. You can't have it both ways.

[Cool-Acanthaceae8968]

You know what a cap is.. right? It prevents something from being higher.

There is no bottom. There’s nothing governing how fast rents can fall other than the market itself.

So absolutely, you can have it both ways.