Rents decline but still unaffordable in Mississauga

Despite declines in prices, Mississauga remains one of the most expensive places to rent in Canada.

The average asking rents for all residential property types in Canada declined to $2,139 in November, marking a 15-month low, according to the latest National Rent Report from Rentals.ca and Urbanation.

Rents fell 1.6 per cent compared to November of last year, with average asking rents decreasing 0.6 per cent month-over-month, continuing the trend seen in October, when rents fell 1.9 per cent month-over-month.

Mississauga is the fourth most expensive place to rent in Canada with a one-bedroom apartment at $2,279 in November. This marks a 1.2 per cent decline from October, and a 1.9 per cent decline compared to this time last year.

Two-bedroom apartments saw a bigger decline with the average at $2,736, .2 per cent lower than last month but 3.4 per cent lower compared to last year.

A person in a minimum wage job would make less than $3,000 a month, putting the average one-bedroom place in Mississauga out of reach.

Much of the year-over-year decrease is due to rents dropping in the latter half of 2024, with current average asking rents down 2.8 per cent since July, according to the report.

Despite the recent decline, rents remain elevated compared to historical levels, up 6.7 per cent from two years ago and 18.8 per cent from three years ago, the report notes.

Over the past five years, rents have grown at an average annual rate of 3.4 per cent, in line with long-term trends.

“Overall, the recent decline in rents has been very mild and is allowing affordability to improve following a rapid escalation in rents over the past few years,” said Shaun Hildebrand, president of Urbanation.

“Declines so far are mainly focused within the secondary market for condos and houses, mostly in B.C. and Ontario, while purpose-built rents are stable.”

See the full report here.

Lead photo:  John Tekeridis