Dear reader, 

Craigslist, a few weeks and a thousand bucks: for a time, that was all you needed to land a decent one-bedroom apartment downtown. That all changed over the past few years due to inflation, a lack of housing stock and the lifting of rent control on newer buildings.

But now, an unexpected respite. After surpassing $2,600 last summer, rent for the average one-bedroom in Toronto has been trending down for three straight months—now hovering around $2,500. Units are languishing on the market for weeks, meaning there are deals to be had for prospective tenants.

Reporter Ali Amad breaks it down in the latest edition of Price Check, Curb Appeal’s top post this week. What can $2,500 net a renter this winter? It all depends on where you look.

Also in today’s newsletter: how one reno transformed a drab craftsman into a sparkling home. Plus, $1.7 million for a Fallingbrook cottage with a serene backyard. Visit torontolife.com for all our real estate coverage. 

It’s been a sluggish winter for the Toronto rental market. Listings have been sitting cold for weeks, which has brought skyrocketing prices to a halt. Rents have been down three months in a row, with the average one-bedroom apartment currently going for $2,500. Here are three very different homes in three very different neighbourhoods that recently went for roughly $2,500.

Goodbye, cavernous rooms, dusty shutters, cluttered cabinets and 1990s decor. Hello, floral lounges, fabric curtains, chic design and one stunning wine cellar. 

This three-plus-two-bedroom cottage by Silver Birch Beach comes with original oak accents, a separate basement unit, vaulted ceilings and a deck built for parties. Take the tour now.

In the latest issue: confessions from the new and intentionally underemployed labour force. Plus, how bloodsucking parasites are ruining our lives, the city’s best new resto-clubs, memoirs from Gaza, and more. Still not receiving Toronto Life at home? Subscribe today.