Apartment rent nearly 10% less than it was a year ago in Brampton: report

One-bedroom apartments are renting for nearly 10 per cent less than they were a year ago in Brampton, but that price is still slightly higher than the national average according to a new report.

Brampton ranked as the 8th most expensive city to rent in Canada on the latest national rent report with an average asking rent of $2,060 for one-bedroom apartments and $2,415 for two-bedroom units.

Canada-wide, the average asking rents for one-bedroom units was $1,929 in August for a 4.6 per cent year-over-year increase, while the price for all residential property types in Canada jumped by 3.3 per cent for an average of $2,187 per month.

Since reaching a record high of $2,202 in May, average asking rents in Canada have dropped by 0.7 – a “historically irregular” dip for this time of the year outside of decreases seen during the COVID-19 pandemic.

Toronto saw the biggest decrease among Canada’s largest markets with apartment rents dropping on an annual basis for seven straight months, falling to a two-year low of $2,697.

Despite the drop, B.C. and Ontario were still ranked as the provinces with the highest rents in August with drops of 5.2 per cent to $2,536 in B.C. and 4.3 per cent annually to $2,390 respectively.

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Ontario cities accounted for 15 mid-sized markets on the top 25 most expensive rentals list for August led by Mississauga  at $2,632, Etobicoke at $2,606, Vaughan at $2,564, Oakville at $2,534, and North York at $2,510.

The province with the least expensive rents was also the fastest growing, with Saskatchewan apartment rents rising 21.4% from a year ago to an average of $1,338.