Good news, renters: you finally have the upper hand. Here’s how to make the most of it in today’s market.

For the first time in years, renters in the Greater Toronto Area (GTA) are seeing a welcome change- rents are going down. After a stretch of record highs, March 2025 marks the sixth straight month of year-over-year rent declines across Canada. And while landlords are feeling the pinch, renters now have room to breathe, and even plan ahead.

Let’s explore how you can benefit from these shifts, whether you’re locking in a better deal, saving for a home, or just enjoying a little financial relief.

Renters Are Finally Catching a Break

The national average asking rent dropped 2.8% compared to last year, sitting at $2,119 in March. That means more options, better prices, and stronger negotiating power, especially in big cities like Toronto.

Even more encouraging? Prices had fallen to an 18-month low in February and only just began creeping back up in March by 1.5%, a small rise compared to last year’s high-pressure surges.

📊 Translation: Renters still have the advantage going into spring.

Toronto Rents Hit 32-Month Low

Yes, you read that right.

In Toronto, average rent has dropped 6.9% in the past year to $2,589, the lowest it’s been in nearly three years. That’s a big win for tenants who’ve been navigating tight budgets and rising living costs.

Other major cities saw similar declines:

• Calgary: Down 7.8% to $1,915
• Vancouver: Down 5.7% to $2,822

If you’ve been considering upgrading your space, downsizing, or just exploring your rental options, now’s a great time to look around.

Why Rents Are Easing Up

Several renter-friendly factors have come together:

• A slower winter rental market gave renters time to breathe
• New rental completions increased supply across the country
• Fewer temporary workers and international students eased competition
• Many landlords are adjusting expectations to attract quality tenants

This combination is rare and renters are reaping the benefits.

Looking for a Bigger Space? You Might Get One

The best part? Larger units are more affordable too. In March, rents for three-bedroom apartments dropped across most provinces except in Alberta, where demand pushed them up slightly by 5.6%.

Whether you’re starting a family, splitting with roommates, or working from home and craving more room, you now have more negotiating power on spacious rentals than you’ve had in years.

Province-Wide Rent Declines Open New Doors

Across the country, provinces saw rent shifts that favour renters:

• Ontario: Down 3.5% to $2,327
• Quebec: Down 2.5% to $1,949
• British Columbia: Down 0.6% to $2,480
• Alberta: Down 0.4% to $1,721

Even cities in more affordable provinces like Saskatchewan are seeing positive movement, with more availability and moderate increases.

A Smart Time to Plan Your Next Move

This moment isn’t just about saving on rent, it’s about using that savings to build toward your next goal.

Here’s what you can do right now:

• Negotiate better lease terms or upgrades
• Switch to a larger or better-located unit without breaking the bank
• Start a savings plan for homeownership
• Invest in yourself- education, travel, or side gigs with the money you’re saving

But What About the Long-Term?

While things are easing now, experts say this might be temporary. In cities like Calgary, Vancouver, and Toronto, rents have still increased 12-43% over the past five years, especially in purpose-built rentals.

So while it’s a great time to enjoy the relief, it’s also a smart time to think ahead.

Don’t Miss Out

💡 Want weekly tips on how to navigate this market? Follow our blog for renter-friendly advice and housing updates.
📞 Thinking about buying in the future? Contact us for free guidance and planning tools tailored to GTA renters.

This could be your year. Let’s make it count.