In 2025, Toronto and much of Ontario are experiencing significant drops in housing prices and rents, with average rents falling for the twelfth consecutive month. Toronto's one-bedroom rents dropped 5.1% to $2,295, and two-bedrooms fell 7% to $2,941. Most Ontario areas saw declines, except university towns like Windsor and Kingston, where rents rose. High apartment completions, fewer non-permanent residents, and a weak job market contribute to this trend.