Average rental price hits record-high across Canada as costs go up again in Brampton
Published February 14, 2024 at 3:10 pm
It only took one month for Brampton to jockey back into position as the ninth-most expensive city to rent in Canada after a slight dip in the price average rents at the end of the year.
The latest National Rent Report shows that the average asking rent hit a record high in January of $2,196, making for a 10 per cent annual increase compared to the same time last year.
But the spike in price was even more pronounced in Brampton with the average rate of a one-bedroom apartment jumping 16 per cent year-over-year to $2188 in January, just $8 shy of the national average and rising 3.4 per cent compared to the previous month.
On their ranking of most expensive Canadian cities, real estate websites Rentals.ca and Urban Nation say Brampton is back down to No. 9 out of 35 after just one month in the 10th-place spot, bookended by Burlington at No. 8 ($2,204) and Victoria at No. 10 ($2,101).
While one-bedroom rentals saw a significant spike compared to January 2023, two-bedroom units fared better by comparison with an average rent of $2458, which was a 2 increase month-over-month and a 6.1 per cent increase year-over-year.
The market for one-bedroom apartments across Canada also saw the fastest annual growth at 12.6 per cent in January while the average two-bedroom asking rents increased by 11 per cent over the last year to an average of $2,334 for purpose-built and condominium rentals.
In Ontario, asking rents jumped nearly 5 per cent annually to an average of $2,456, according to the report. One-bedroom rents in the province went up 5.1 per cent to an average of $2,239 while the average two-bedroom rent was up 5.3 per cent to an average of $2,711.
Three-bedroom rents averaged $2,638 and increased 11.6% from a year ago, while studio rents increased 11.8% annually to an average of $1,595.
The most expensive city for rentals in Canada was again Vancouver with a one-bedroom average of $2,866, while the most affordable was Saskatoon at just $1,132.
