A new report from Urbanation and Rentals.ca shows the Ontario real estate market to be declining, with most of the Greater Toronto and Hamilton Area seeing drops in average rents in July.

The report found Toronto’s rental market to still be in decline. One-bedroom rentals in Toronto are up 0.1 per cent from last month but down 6.4 per cent from last year.

Two-bedrooms are down half a percentage point from last month and down 8.8 per cent from the same time last year.

Overall, average rent in Toronto dropped to $2,593.

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