The average rent for two-bedroom apartments in Toronto dropped 3.9% to $2,720 in Q3 2025, continuing a downward trend since peaking at $2,920 in late 2023. This decline may be due to more rental units available, a weak home resale market, and fewer non-permanent residents. Similar rent decreases occurred in Vancouver and Montreal, with tenants negotiating lower rents amid the market shift.
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