“Rents rose three months in a row” and “rents have fallen for 21 straight months” sound like
“Rents rose three months in a row” and “rents have fallen for 21 straight months” sound like they can’t both be true. They are — and understanding why is a genuinely useful skill for reading any market report.
Month-over-month tracks the most recent trend. Year-over-year compares to twelve months ago. Rents crashed hard through 2024 into 2025 — so even as monthly numbers improve now, the annual comparison is still catching up to a much higher starting point from a year back.
The number to watch: Toronto’s annual rent decline has narrowed to just 1.9%, per Rentals.ca/Urbanation — the smallest gap in this entire 29-month stretch. If monthly gains keep compounding, that flips positive. That’s what a market bottom looks like in the data before it’s obvious anywhere else.
Full breakdown on this week’s Smart Real Estate, free at learninvestmanage.com.
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