Mississauga has the 11th highest rent prices as Canada reaches record high
Published September 16, 2022 at 10:35 am
Along with food, gas and nearly everything else, apartment rents are increasing across Canada and right here in Mississauga.
The average monthly price for a two-bedroom rental home in Mississauga increased by 10.4 per cent in August compared to the same time last year. Meanwhile, a one-bedroom in the city will cost you an additional 8.7 per cent on average compared to August 2021, according to the latest report from Rentals.ca and Bullpen Research and Consulting.
The report suggests the latest interest rate hike from the Bank of Canada has potential buyers further dissuaded from buying, meaning even higher demand in a rental market already crowded from booming immigration, students returning to university, and workers moving back to city centres.
“With several economists calling for an extended ownership housing market correction, demand has shifted dramatically to the rental market, which is significantly undersupplied in many major Canadian municipalities,” said Ben Myers, president of Bullpen Research and Consulting.
Nationally, Mississauga came in 11th on the list for average monthly rent in August for a one-bedroom at $1,946 and for average monthly rent for a two-bedroom at $2,416. Vancouver is the most expensive place in Canada for rentals, followed by Toronto.
Average rents last month across Canada topped the pre-pandemic record high from the fall of 2019, with prospective tenants looking at properties that are $200 more expensive on average than a year earlier.
Despite some negative economic data nationally, the $1,959 per month average rent in Canada is the highest tracked by Rentals.ca, topping the previous high of $1,954 in September 2019.
The overall average rent increased more than 20 per cent year over year in August in five Canadian cities for condominium rentals and apartments: London, up 26.5 per cent to $1,979; Calgary, up 24.7 per cent to $1,751; Vancouver, up 24.4 per cent to $3,184; and Toronto, up 24.2 per cent to $2,694.
Mississauga is up 16. 2 per cent to $2,348.
