If you couldn't tell by all of the rent incentives and declining monthly rates, tenants in Ontario are breathing a little easier lately as the market cools down, especially in Toronto. As RBC stated in its own survey of the Canadian rental scene last month, Toronto has not only been seeing steep year-over-year declines in rent prices for the last several months, but is also the only big city where the so-called "rental burden" has eased compared to before COVID. "The rental landscape is being shaped by improving (though still strained) ownership affordability, and lower interest rates... but despite these moderating trends, the rental burden remains elevated compared to pre-pandemic levels in all major cities except Toronto," RBC writes. Still, the typical spot in Toronto is now 10.1 per cent cheaper than it was two years ago. Nearby locales like Mississauga and Vaughan have also seen substantial price deterioration, of -9.7 per cent and -13.5 per cent, respectively, for one-bedrooms alone last month compared to the same time in 2024.