Toronto condo rent prices have been on a steady decline, making it seem like the perfect time to rent. With one bedroom apartments now averaging $2,385—down 8% from last year—and landlords offering incentives like free rent and upgraded appliances, it’s easy to see why renting feels tempting.
The market has shifted in favor of renters, with increased supply and reduced demand driving prices down further. But is this the right time to sign a lease, or is there a smarter long term move?
While the short term savings of renting might look appealing, the numbers tell a different story when it comes to your financial future. Buying a condo in Toronto, even in today’s market, could save you significantly over time.
With rents still 20 to 25% higher than pre COVID levels and the current renter friendly conditions expected to fade by spring 2025, locking in a mortgage now could shield you from future price hikes and give you a valuable asset.
In this episode, we get into:
Why Toronto condo rent prices are dropping and how long it will last.
The hidden costs of renting versus the long term benefits of buying.
How increased supply and changing renter demographics are shaping the market.
Why rents are still 20 to 25% higher than pre COVID levels and what that means for you.
The incentives landlords are offering to attract tenants (and why they might not be enough).
Why buying a condo now could save you money and build equity for the future.
If you want to go deeper, click this link to download our free buyer’s guide that will teach you the ins and outs of your home buying experience: https://bit.ly/3X1VggE
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