There's some unexpected news coming from Toronto's rental market -- prices are going down.
According to a report released by Zoocasa last week, the number of condos listed for rent in downtown Toronto spiked 80 per cent in the second quarter, compared to the same time last year.
And rental prices have dropped by six per cent city-wide.
Industry insiders say it's because the pandemic has shuttered AirBnBs, and caused people to move in with friends or parents to save money.
That's led to a greater supply of new units and less competition to get them.
Sara Rowshanbin is a broker who represents buyers, sellers, landlords and tenants.
She says she's seen far fewer people looking for rentals -- but she's been able to score better deals for those who are.
Rowshanbin also notes the turn in the market isn't necessarily a bad thing -- it's a normal part of the real estate game, even if it's not very common in Toronto.