Yup, rental prices have softened in the past while, though not a whole bunch. I know two people who've had vacancies come up and they filled them right away and the decrease was minimal. It depends on what it is as well. Downtown condo rental prices probably have the most pressure on them.
If someone bought at the peak and is trying to rent the places out because they can't sell them, they're not going to be covering their costs.
I remember when things were still running up, and there was a condo project going up that we were looking at for maybe buying rental units. It worked it out that we'd have to charge $1300 a month just to break even, and this was near Applewood!
Needless to say it didn't meet my requirements of needing to buy something that was cashflow positive and had some buffer room to drop rents.
