Growth in lease transactions outpaced the 2 per cent increase in condo rental listings during Q2, marking the fourth straight quarter in which demand growth exceeded supply growth. “The GTHA rental market is showing its first real signs of progress towards recovery,” said Shaun Hildebrand, President of Urbanation. On an annual basis, condo rents were down 1.3 per cent, the smallest decline since rents began falling in Q2‑2024. As of Q2‑2026, a total of 31,645 purpose‑built rental units in 102 projects were under construction across the GTHA — the highest in decades. Since roughly half of new condo supply is typically used as rental, the additional purpose‑built rentals now getting underway will replace only a portion of the rental supply being lost as the condo pipeline unwinds.