One-bedroom rent still above national benchmark in Brampton despite Canada-wide average drop of 1.2%: report

Price drops in some of Canada’s biggest rental markets led to a nationwide dip in average asking rents last month, but some Brampton renters were paying nearly $200 more than the benchmark according to a new report.

Rents across Canada for all property types and bedrooms saw a drop of 1.2 per cent – marking the first such decline since the end of the COVID-19 pandemic, the latest National Rent Report says.

With a nationwide benchmark of $2,152 per month for all property types, the average Canadian should be saving $49 every month since July.

But drilling down on the numbers shows one-bedroom renters in Brampton are paying nearly $200 more per month than elsewhere in the country.

Brampton’s average price for a one-bedroom rental in October was $2,075 – that’s $189 more than the Canada-wide one-bedroom rental price of $1,886. It was a similar story for two-bedroom rentals in October with an average price in Brampton of $2,338, exactly $100 more than the national average of $2,238.

In Canada’s biggest markets, Toronto saw the largest annual drops in asking rents for apartments in October, down more than 9 per cent from the same month last year to an average of $2,642. Vancouver was next with an 8.4 per cent year-over-year rent dip to an average of $2,945.

Two-bedroom apartment rents led to rent declines in Toronto of 9.3 per cent, while studio and one-bedroom rents had the largest annual declines of 2 per cent and 4 per cent respectively in Ottawa.

Across the country, the price of condo and purpose-built rentals saw annual declines of studios 6.9 per cent for studios (down to $1,874), 3.3 per cent for one-bedrooms (down to $2,057) and 4 per cent for two-bedrooms (down to $2,386), according to the report.