Rents increase 20% in Mississauga as Canadian average reaches record heights

Mississauga continues to place fourth for the highest rents across Canada as the country sees record prices.

The average asking rent in Canada reached a new high of $2,078 in July, according to the latest National Rent Report from Rentals.ca and Urbanation.

This represents a 8.9 per cent annual increase, which is the fastest pace of growth over the past three months, the report states. A 1.8 per cent hike in average asking rents compared to June represented the most rapid month-over-month increase in the last eight months, the report states.

Mississauga once again placed fourth on the list of 35 cities across Canada for average monthly rent in July for a one-bedroom at $2,364 and $2,832 for a two-bedroom.

Compared to June, that is a .1 and .4 per cent increase respectively.

But compared to this time last year, one-bedroom apartment rents have shot up 20 per cent, and two-bedrooms are up 18.3 per cent in Mississauga.

Across Canada, asking rents have increased by 21 per cent compared to July 2021, translating to an additional $354 per month on average.

Rentals.ca and Urbanation attribute the increases to several factors including a surge in post-secondary students signing leases before the fall term, population growth at an unprecedented level, and homebuyers temporarily sidelined by the Bank of Canada’s latest interest rate increase to a 22-year high.

See the full rent report here.