Rents drop after ‘excessive growth’ in Mississauga and across Canada

Rents prices have dropped in Mississauga but the city remains the fourth most expensive place in Canada.

The latest rent report finds average asking rents for all residential property types in Canada increased by 3.3 per cent year-over-year in August, reaching an average of $2,187 per month, according to the National Rent Report from Rentals.ca and Urbanation.

This marks the slowest annual rate of rent growth in nearly three years.

“Rent increases in Canada finally returned to their longer-term average after nearly three years of excessive growth,” said Shaun Hildebrand, president of Urbanation. “This was achieved through a combination of more supply being built, as well as a rollback in demand from population-related changes in government policies.”

The national average is lower than rents in Mississauga.

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The average one-bedroom unit in Mississauga decreased by -1.3 per cent year-over-year to $2,348 in August, and a two-bedroom unit went down by -2.8 per cent to $2,792, the report found.

Compared to July, one-bedroom apartments decreased by -0.7 per cent, and two-bedroom units actually increased by one per cent month-over-month.

Mississauga is just behind Toronto where a one-bedroom apartment was $2,428 in August, and a two-bedroom average was $3,158. Toronto saw over seven per cent declines year-over-year.

Other GTA cities in the top 10 most expensive include Burlington, North York and Brampton.

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.

The data includes single-detached homes, semi-detached homes, townhouses, condominium apartments, rental apartments and basement apartments (outlier listings are removed, as are single-room rentals.)

See the full National Rent Report here.