Rent prices in Toronto continue to plummet but that could change very soon

In 2023, Toronto's rental demand surpassed supply, impacting lower-income renters. However, falling interest rates and new construction projects in 2024 may offer some relief. Despite anticipated price growth, rents for one and two-bedroom properties have decreased in Toronto, Vancouver, and Burnaby. The national one-bedroom rent price growth has also slowed for the fifth month in a row.