Have falling rent prices made it easier to live in Toronto? We want to hear from you

The skyline of Toronto, Ontario, Canada, on Friday, May 9, 2025. Photographer: Chloe Ellingson/Bloomberg

Toronto’s rental market has been in a steady decline for months, finally showing signs of softening — but has that made a real difference for you?

This month, new data from Rentals.ca and Urbanation, revealed average apartment rents in the city have dropped 7 per cent year-over-year. It’s the 14th straight month of annual declines, pushing the average rent to a 32-month low of $2,589.

At the same time, real estate data from the Toronto Regional Real Estate Board (TRREB) shows that condo sales in the city were down more than 30 per cent in April compared to the same time last year.

As the market shifts, some renters are starting to see new perks including discounted lease terms, free months of rent, or other incentives landlords once rarely offered.

But how far do those savings go in a city still well known for high housing costs? Are you finally seeing some breathing room in your budget — or are the deals not what they seem?

We want to hear from you

Whether you scored a rental deal that felt too good to be true or been offered an incentive, CTV News Toronto wants to hear from you.

Are you seeing more competition, or less?

Share your story by emailing us at [e-mail] with your name, general location, and phone number in case we want to follow up. Your comments may be used in a CTVNews.ca story.

READ MORE:

• Is your Toronto condo worth less than your mortgage? What to do if you’re ‘underwater’
• ‘My financial life was turned upside down’: Toronto homeowners stuck in a market shift
• Is it finally cheaper to rent than buy in Toronto? Here’s what experts have to say