Brampton 10th-most expensive city for one-bedroom units in Canada
Published April 14, 2023 at 12:17 pm
Brampton and other immigration hotspots in Ontario have seen a surge in rental prices as the average rent across Canada climbed last month.
The latest National Rental Report from Rentals.ca found average rents were up 1 per cent across Canada in March compared to the previous month for an average of $2,004.
In Brampton, the average rent last month for a one-bedroom apartment was $2,028 and $2,377 for a two-bedroom.
Of the 35 cities on the list, Brampton was the 10th-most expensive for one-bedroom units behind Halifax at 9th place with $2,089 for a one-bedroom and narrowly beating out Victoria at $2,006.
When compared to March of last year, the average monthly rent in March for a one-bedroom in Brampton was up nearly 28.7 per cent and up 25 per cent for a two-bedroom.
“Rents increased month-over-month for the first time since November, pushing the annual percentage rate of rent increase back into the double digits,” the report reads. “Over the past year, average asking rents have grown by $196, clearly illustrating how rental housing demand is strongly outstripping supply in Canada.”
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When looking at municipal rental rates, the report also found that immigration hotspots in the province saw rents surge year-over-year, as the fastest-growing markets “tend to attract relatively high levels of immigration.”
For purpose-built and condominium apartments, Scarborough led the pack with a nearly 35 per cent spike in rentals for an average of $2,527 per month, while Brampton saw a jump of 29.1 per cent to reach an average of $2,518.
The report found asking rents for purpose-built and condominium apartments across Canada increased by 1.5 per cent month-over-month, and 10.9 per cent year-over-year to an average of $1,937 in March. And for the second month in a row, two-bedroom rents increased the fastest on an annual basis, up 10.7% to an average of $2,127.
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