Toronto area condo market rents drop the most in 15 years

The Greater Toronto and Hamilton Area (GTHA) condo rental market has experienced a significant downturn, marked by the largest six-month decrease in rent prices in the past 15 years. According to real estate consulting firm Urbanation, the GTHA reached a peak rental rate of $4.20 per square foot in the third quarter of 2023, equivalent to $2,929 for a 698-square-foot condo. However, the market has since seen a 7.4 per cent decline in average…