Toronto-Area Condo Rental Prices Drop for First Time in 3 Years

Condo towers dot the Toronto skyline as a pedestrian makes his way through the winter landscape on Jan. 28, 2021. Frank Gunn/The Canadian Press

Rent prices for condos in Toronto have dropped for the first time in three years, according to recent industry numbers.

A report by Urbanation, a research company that specializes in the condominium market, says average rent prices for the Greater Toronto Hamilton Area (GTHA) dropped 1.2 percent in the second quarter of 2024 when compared to 2023 rates.