Brampton cracks top 10 list of least expensive rental markets in Canada: report

Asking prices across all property types hit a 15-month low last month leading Brampton to claw up the list of the most affordable Canadian cities for renters.

Nationwide, the average asking price for all residential rental types dropped to $2,139 in November from $2,152 the month earlier.

And while the price for an average one-bedroom apartment in Brampton actually went up last month, the city moved up in the rankings of Canada’s least expensive rental markets, according to the latest National Rent Report.

In October, Brampton ranked 11th on the list with an average one-bedroom rental price of around $2,075. Fast forward to November and Brampton has moved up to No. 6 despite a price jump to $2,261 for a one-bedroom unit.

The report found rents across Canada dropped for all residential property types fell by 1.6 per cent year-over-year and followed a 1.2 per cent decrease in October.

But despite the dip in prices, average rents across the country were 6.7 per cent higher compared to the same period two years ago and 18.8 per cent higher than three years ago.

Rents in Canada have grown by an average of 3.4 per cent annually and are “generally in line with the long-term growth trend,” the report reads.

Average asking rents for one-bedroom apartment rents fell 1.2 from November 2023 to $1,921, while two-bedroom rents declined 1 per cent annually to an average of $2,302. Those numbers were still significantly higher than asking prices in Brampton of $2,261 for a one-bedroom and $2,585 for a two-bedroom.

Average rents continued to grow on an annual basis across the country for studios and three-bedroom apartments, rising 5.0 per cent to $1,629 and 5.1 per cent to $2,965 respectively.

As for sales in Brampton, detached home prices saw a slight dip of 0.3 per cent month-over-month as sales dropped by more than 10 per cent.

With just 442 transactions, the average property price dropped to $1,016,260 in November.