Rental prices in Ontario are starting to drop: Here’s where the trend is most likely

Rental prices in Ontario are declining in many urban areas, including Toronto, where rents dropped about 10%. This trend is driven by an oversupply in the condo market, giving tenants more options. The government capped rent increases at 2.1% for 2026, easing costs for renters. Some areas like Niagara Falls saw rent increases. Tenants can negotiate rent reductions or find new leases amid abundant supply. Understanding tenant rights is crucial.