Brampton drops from 9th to 13th-most-expensive city for rentals

In just one month Brampton has dropped on a ranking of Canada’s most expensive cities for rental properties, but that hasn’t translated to a big drop in prices.

According to the latest report from Rentals.ca, Brampton came in 14th on a list of Canada’s 35 most expensive cities for rentals in May, sliding from the 9th spot just one month earlier.

The report found Brampton had an average monthly rent of $1,969 for a one-bedroom unit last month, and $2,469 for a two-bedroom – a drop of more than $100 from $2,075 for a one-bedroom in April, and up just $27 for a two-bedroom unit.

The annual rate of inflation for asking rents in Canada was 6.5% in May 2023, representing the slowest year-over-year growth since December 2021, the report said. And while rents grew by the slowest pace in 17 months, asking rents still increased by 0.6% month-over-month in May for a Canadian average of $2,014, the report said.

“While rent increases have begun to moderate, further upward pressure on rents is expected in the coming months as the population continues to expand at a record pace and homeownership affordability worsens following the recent upward momentum in housing prices and additional increase in interest rates,” the report says.

Oakville was again Canada’s most expensive midsize market last month with an average rent of $3,373 for purpose-built and condominium apartments, followed by three suburbs of Vancouver (Burnaby at $2,899, Coquitlam at $2,774), and Richmond ($2,711).