Toronto Rental Market Seeing “Signs Of A Cool-Off”

Rent growth in Toronto slowed in September, “which may signal a broader impending moderation for rent inflation in the months ahead.”Canadian rents continued to trend upwards last month — no doubt a reflection of short supply and roaring demand in markets across the country.from Rentals.ca and Urbanation shows that the average asking rent clocked in at $2,149 in September, marking yet another record high. That figure is up 1.5% month over month and 11.1% year over year.

Shaun Hildebrand, Urbanation President, points out that “exceptionally strong” rent growth on a national level did not necessarily trickle down to individual markets. In fact, he says that “most major markets experienced a slower annual rate of rent growth compared to recent months.”For starters, although Toronto remains one of the country’s most expensive rental markets, according to a ranking of 35 Canadian cities, it dropped down to the number three spot last month.

Though average rent for shared accommodations in Toronto came at a premium compared to most other major markets — roommate rents in Toronto were second only to Vancouver — it’s worth noting that it saw little change from the $1,302 observedGiacomo Ladas, Communications Manager with Rentals.ca, says there are definitely “some signs of a cool-off” in Toronto’s market. However, he notes that “seasonality” is partially to blame.

“As far as roommate listings, we are seeing nominal change however the amount of roommate listings becoming available has increased significantly. Especially when it comes to rooms being rented out in single-family homes.”Canada's Year-End Home Price Forecast Downgraded Amid Sluggish Third Quarter

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