Toronto and Vancouver rents plunge as Canada’s priciest and cheapest markets shift

Canada's rental market continued to cool in August, with Toronto and Vancouver seeing significant yearly rent drops. Toronto's one-bedroom rents fell 12%, and two-bedrooms dropped 12.5%. Vancouver's one-bedroom rents declined 7.1%, and two-bedrooms fell 9.2%. Montreal's rents rose slightly, while Kitchener saw a 9.5% drop. Nationally, rents decreased 4.2% for one-bedrooms and 3.5% for two-bedrooms annually. The trend may persist unless demand increases.