Toronto Rental Prices Are Declining 📉

Rental Report: rentals.ca/national-rent-report
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The opinions expressed herein are solely that of Tom Storey, not Royal LePage or the TRREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement. This is not financial advice.

[@propheteyebert7063]

I am paying the pre-covid rent rate of $1200 for an apartment that goes for $2400 today, because of rent control. I think single digit declines are barely worth mentioning. In Toronto, much of it is due to immigration. My building seems to be mostly Indian students who can afford the high rent.

[@df5826]

Do we know how much of our rental market is being manipulated by systems like Real Page? Do we know how much of our housing market is owned by corporations and being rented or leased back to us? We have real problems in our system and a slight decrease in rental prices doesn't even sound likely considering how much everything else is steadily going up.

[@jefftaylor844]

Yeah, that 50 bucks per month will go a long way ! 😂😂😂😂😂

[@TomStorey]

That can get you 3 items at Loblaws!

[@jefftaylor844]

@@TomStorey ... if you're lucky.

[@memories0046]

If you factor in inflation then it's not just 2.7 or 3% you have to factor in the increase which should have been with inflation. So TBH we saved maybe a 100 to 200 bucks depending on rooms. All I can say is thankfully things are going down. Better than up. But down usually mean recession (which is now almost official) and that's worse than inflation. I rent my house but I wouldn't mind if things got cheaper and I can pass the savings to my tenants (their rent is at least 25% before market value) but they are awesome tenants. Lol then go to their budget brand. 😂

[@DummMoney-rr1fi]

I used to take all three kids out for that. Now that's me and one kid before tip

[@sjappiyah4071]

They’re going down cause everyone is living at home with family or friends…it’s just way too unfordable . There needs to be a decrease by at least 1/5th to rejuvenate the rental sector.

[@tanmay_6363]

👍🏻

[@howy3333]

Great info as always!

[@jasmines.6325]

We need rent control for all units like in Quebec.

[@Amritwalia12]

Nice!

[@FamilyCheung-kc1pw]

It means ppl are ready to Buy a house when interest rate expects to down. When house price up, rent will be down that is normal cycle.

[@AmanSS890]

I am a landlord I have no choice but to increase my rents the mortgage is also going up for me . Lots do people jumped into buying a house during Covid . Know with rates so high they are in trouble because many will be renewing there mortgages this is the nail in the coffin for Canada’s housing we need a housing crash it’s long over do The government is delaying it on purpose. When rates were low there were line ups in Brampton for housing 😅 know all those people that bought a house good luck when time comes to renew your mortgage….. they will have no put to sell in lose .

[@rustcohle4543]

Good stuff bro

[@TomStorey]

Thanks for watching!

[@mateofernando5066]

The question now is how big will the decline be?

[@TomStorey]

Probably not that significant.

[@mmmaalio]

What's the outlook for 2025 and 2026? When do you think that rent will get back to 2020 levels? Thank you

[@STEVEN-GULLA]

Never

[@TomStorey]

Hard to predict that far out. Very unlikely that rental prices go back to 2020 levels.

[@goldminer83]

CP24 eh! So you're big time now. I just found you a few weeks ago, but i feel like i dont even know you anymore... Just ask Steve. ;)

[@TomStorey]

I’m the same guy lol. I’ve been doing media for a while now! Nothing gets the heart racing like going on live TV.

[@goldminer83]

@TomStorey I know, I was just bugging, because Steve was on you about the CBC piece a couple weeks ago..

[@TomStorey]

@@goldminer83 Steve is my biggest fan. He just won’t admit it.

[@markdavletshin5598]

Nov 2019? Not 2018?

[@TomStorey]

4:58

[@Godsgraceish]

People are moving back in with their parents!

[@DummMoney-rr1fi]

I'm moving my parents in and kicking out our tenants.

[@tanmay_6363]

🐹👍🏻

[@vert911]

Downtown vancouver and toronto rents will be higher in a year. Who wants to bet me?

[@rishi505]

JUSTIN T is worse PM of canada