Good news for GTA renters! After years of skyrocketing prices, the Canadian rental market is showing signs of cooling, according to a recent report from Rentals.ca and Urbanation. Average asking rents have been falling for 16 consecutive months, reaching a 31-month low of $2,057 nationally. While still above pre-pandemic levels, rent-to-income ratios are finally dipping below the 30% affordability threshold. In Toronto, average asking rents have dropped 4.6% year-over-year to $2,495. This shift is attributed to increased rental supply. For lenders and investors, this means adjusting underwriting assumptions to account for potentially softer rent growth and increased competition. For the full details and analysis, read the original article on mpamag.com.
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