Rents drop in Mississauga and across Canada

Rents in Mississauga and across Canada dropped last month but costs remain high.

The average price for a one-bedroom apartment was $2,308 in October, down 1.5 per cent from $2,343 in September in Mississauga, the latest National Rent Report from Rentals.ca and Urbanation said.

The one-bedroom rent is down 1.9 per cent year-over-year.

Two-bedroom units saw a bigger drop at $2,740, down 0.7 per cent month-over-month and 3.9 per cent year-over-year, according to the report.

Mississauga remains the fourth most expensive city to rent, just below Vancouver, Burnaby and Toronto.

While there have been declines recently, Mississauga residents are paying much more than at end of 2020 when a one-bedroom place was an average of $1,816 and the monthly rent for a two-bedroom was $2,112.

Across Canada, there are declines in most urban centres, according to the report.

Average asking rents for all residential property types in Canada fell by 1.2 per cent year-over-year in October, marking the first annual rent decline since July 2021, the report states. Average rents across the country now stand at $2,152 per month, which amounts to a $49 reduction per month since July.

The decline in rents is mainly concentrated in Canada’s major urban centres, particularly Ontario and British Columbia.

“It is a rare occurrence for rents to decline at the national level. This is happening as the key drivers of rent growth in recent years — a strengthening economy, quickly rising population, and worsening homeownership affordability — are beginning to reverse,” says Shaun Hildebrand, president of Urbanation.

“As a result, we can likely expect this trend for rents to continue in the near-term, particularly as apartment completions remain at record highs.”

See the full report here.

Lead photo: sk