Rental costs fall in Mississauga, but rise across Canada

As average asking rents increased across Canada in July, Mississauga saw a slight decline.

The average rent for all residential property types in Canada increased by 5.9 per cent year-over-year in July, reaching an average of $2,201 per month, according to the latest National Rent Report from Rentals.ca and Urbanation.

This represents the slowest annual rate of growth over the past 31 months. On a month-over-month basis, average asking rents grew by 0.8 per cent, reversing the previous month’s decline of 0.8 per cent. This represents the slowest annual rate of growth over the past 31 months.

“As we move past the peak of summer, we’ve seen very little of the uplift typically expected with the warmer months,” said David Aizikov, senior analyst at Rentals.ca. “However, as the weather cools and days become shorter, rental demand typically slows which may further slow market rent growth.”

Mississauga’s average rent declined in July but it’s still higher than Canada’s average.

The rent for a one-bedroom apartment sits at $2,364 in Mississauga, a -0.3 per cent decline compared to June and the same as this time last year.

The average two-bedroom apartment rent is $2,764, down -.05 per cent from last month, and -2.4 per cent year- over-year.

Despite the flattening of rent costs, Mississauga is the fourth most expensive place to rent in Canada. Vancouver continues to take the top spot where a one-bedroom apartment could cost you $2,761 and a two-bedroom hits a whopping $3,666.

Ontario and British Columbia were the only two provinces with annual declining rents, with B.C. down two per cent to an average of $2,570, and Ontario down 1.5 per cent to an average of $2,396.

The full National Rent Report can be found here. 

Lead photo: Expect Best