Toronto asking rents have hit a 40-month low following 21 months of annual declines — the lowest they’ve been since the summer of 2022.

The average monthly asking rent for a unit in Canada’s largest city fell 3.5 per cent in October from a year ago to $2,551, according to the latest National Rent Report from Rentals.ca and Urbanation.

While Toronto still remains one of the most expensive places in the country, behind North Vancouver, Vancouver and Oakville, asking rents dropped at a higher rate than the nationwide average, which fell 2.2 per cent to $2,105.

Year over year, two-bedroom apartments in Toronto fell more than seven per cent to $2,890, the biggest drop among Canada’s largest cities for any unit type.

One-bedroom rents dipped 5.7 per cent to $2,210 and three-bedroom units f

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