Brampton ranked 5th most-expensive city in Canada to rent last month

The average renter in Brampton is spending 50 per cent less every month for housing compared to homeowners in the city, but that didn’t stop the city from being ranked the 5th most expensive in Canada for rentals last month.

The data comes from real estate company Zoocasa’s research into 27 markets across Canada that compared monthly rental prices to monthly mortgage payments in June.

The report found the average Brampton renter is paying $2,317 while homeowners spend an average of $4,777 on their mortgages every month. Brampton ranked 5th on the list behind Victoria with an average rent of $2,367, while Vancouver topped the charts at $3,404.

Toronto came in second with an average rent of $2,937 while Mississauga placed third with a rental rate of $2,592.

Average rent asking prices in Canada reached a record high last month due in part to record population growth driving up both home prices and rentals, and the report says the demand for affordable housing will continue to grow along with rising house prices and interest rates.

“At the same time, home price growth is starting to slow down in several large markets and could be an indication of an impending decline in home prices,” the report reads.

Along with having one of the highest average rents in the country last month, Brampton was also the single most expensive city to rent in Canada during the first quarter of 2023.

Properties in Brampton had an average rental price of $3,263 per month in Q1 of this year, while the average mortgage payment for a $1,000,000 home was $4,626 – a difference of just $1,363.

The latest numbers show the gap between what renters and homeowners pay every month has widened slightly as the year goes on, but Brampton continues to be one of the most expensive cities to rent in all of the Greater Toronto Area as the price of so-called “starter homes” is now more than $530,000 in Brampton.