Brampton ranked 19th most expensive Canadian city for rental prices

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Published September 16, 2022 at 2:08 pm

The average monthly rent for a two-bedroom unit in Brampton jumped by more than 14 per cent last month compared to the same time last year.

According to new numbers from Rentals.ca and Bullpen Research and Consulting, the average rent for all property types across Canada in August was $1,959 per month, representing an annual increase of 11.1 per cent.

Brampton ranked 19th on the list of Canada’s highest average monthly rents in August.

The average monthly price for a two-bedroom rental in Brampton rose to $2,094 in August for a year-over-year jump of 14.4 per cent, while the average one-bedroom unit price rose 4.2 per cent to $1,643 per month.

The overall average rent for condo rentals and apartments in Brampton last month was up 13.4 per cent to $2,107. Prices in neighbouring Mississauga were even higher with an increase of 16.2 per cent to $2,348.

The report found the latest interest rate hike from the Bank of Canada has potential buyers further dissuaded from buying, meaning even higher demand in a rental market already crowded from booming immigration, students returning to university, and workers moving back to city centres.

“With several economists calling for an extended ownership housing market correction, demand has shifted dramatically to the rental market, which is significantly undersupplied in many major Canadian municipalities,” said Ben Myers, president of Bullpen Research and Consulting.

The national average rental price of $1,959 per month is the highest tracked by Rentals.ca, topping the previous high of $1,954 in September 2019.

Average rent increased more than 20 per cent year over year in August in five Canadian cities for condominium rentals and apartments: London, up 26.5 per cent to $1,979; Calgary, up 24.7 per cent to $1,751; Vancouver, up 24.4 per cent to $3,184; and Toronto, up 24.2 per cent to $2,694.

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