Second-highest rental costs in Ontario are in Mississauga

It’s likely just a blip, but rents actually declined in Mississauga last month.

Asking rents in Canada reached a record high in January 2024, increasing by 10 per cent annually to $2,196, according to Rentals.ca and Urbanation’s latest National Rent Report.

This is a 0.8 per cent month-over-month rise, pushing the annual rate of rent growth to a four-month high, the report states. Compared to January 2020, before the onset of COVID-19 lockdowns, average asking rents have increased 20 per cent, translating to a $373 per month increase.

“The Canadian rental market began 2024 where it left off in 2023, with rents surging to new highs,” said Shaun Hildebrand, president of Urbanation.

“However, an underlying narrative has emerged between softening rents in expensive markets and strengthening rents in more affordable markets. These shifts in demand are symptomatic of a worsening supply situation for rentals in Canada.”

In Mississauga, where rents are already high, the average one-bedroom apartment rent was $2,325, which was a 1.9 per cent decrease month-over-month, the report states.

However, one-bedroom rents increased 7.3 per cent year-over-year in Mississauga, the report adds.

An average two-bedroom apartment rent was $2,714, which was a 1.3 per cent decrease month-over-month, and a five per cent increase year-over-year.

Mississauga remains the fourth most expensive city to rent. The top three cities are Vancouver, Burnaby and Toronto.

The average for a one-bedroom apartment in Toronto is $2,511 just slightly more expensive than Mississauga.

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.

For more, see the full National Rent Report here.