Mississauga is still one of the most expensive in Canada for rent

With the average rent in Canada reaching a record high of more than $2,000 a month, it’s not surprising that Mississauga remains one of the most costly cities for tenants.

According to Rentals.ca and Urbanation’s latest National Rent Report, Mississauga is the fourth most expensive city on the list, with a one-bedroom unit costing tenants an average of $2,339 a month–up 2.7 per cent a month and 1.2 per cent a year. Two-bedroom units are also holding steady at an average monthly rent of $2,702–up 0.7 per cent from the previous month, but down 0.9 per cent from May 2023. 

The city is still more affordable for renters than Toronto, where the average rent for a one-bedroom unit hit $2,479 in May (a drop of 2.3 per cent from last year). The two most expensive cities for renters in Canada are Vancouver ($2,671 for a one-bedroom) and Burnaby ($2,545).  

While cities such as Toronto, Vancouver and Burlington have seen a decrease in one-bedroom prices year-over-year, the report says average asking rents for all residential property types in Canada increased 9.3 per cent year-over-year in May, reaching an average of $2,202 per month.

The report says rental prices have grown about 9 per cent a year for the past three years, reversing the decline noted during the height of the pandemic. 

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“Canada’s rental market is entering the peak summer season with continued strength,” said Shaun Hildebrand, president of Urbanation, in the report. 

“Markets such as Vancouver and Toronto that had experienced some softening in rents in previous months are stabilizing near record highs, while many of the country’s mid- and small-sized cities are still posting double-digit rent increases.”

According to the report, all provinces recorded annual price increases in for purpose-built and condo rentals in May. Ontario saw a 0.6 per cent gain after recording a 0.7 per cent annual decrease in April, with rents reaching an average of $2,423. 

The report also notes that asking rents for shared accommodations increased 8.4 per cent year-over-year, reaching an average of $992.

The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on national, provincial, and municipal levels across all listings on the Rentals.ca Network for Canada. The data from the digital rental platform Rentfaster.ca is incorporated into this report.