Mississauga has the 6th highest rent price in Canada currently
Published February 16, 2023 at 3:58 pm
Those looking to rent an apartment in Mississauga will find rents have jumped nearly 19 per cent compared to this time last year.
Year-over-year, the average monthly rent in January 2023 for a one-bedroom in Mississauga was up 18.6 per cent and up 18.6 per cent for a two-bedroom, according to the latest National Rent Report from Rentals.ca and Urbanation.
Mississauga finished sixth on the list of 35 cities across Canada for average monthly rent for a one-bedroom apartment at $2,167 and seventh for average monthly rent for a two-bedroom at $2,584.
Rents are up one per cent from December to January in Mississauga.
Compared to the rest of Canada, Mississauga’s rents are in the top ten, just below nearby Burlington and Oakville.
Toronto finished second on the list with a one-bedroom at $2,458 and $3,227 for a two-bedroom.
But rents are rising across the country. The average listed rent for all property types in Canada rose 10.7 per cent year-over-year in January, the ninth straight month for double-digit increases, the report notes.
However, month-over-month prices are down. The average listed rent for all property types was $1,996 in January, decreasing 0.5 per cent from December after averaging above $2,000 during the previous two months across Canada.
“The Canadian rental market started 2023 where it ended in 2022, posting sharp annual rent growth amid low supply and quickly rising demand,” said Shaun Hildebrand, president of Urbanation. “Outside of Toronto, rent increases are becoming more acute in markets in BC and Alberta, which are experiencing relatively strong rates of population growth.”
While many people enjoyed a drop in rents during the pandemic, prices are now well above pre-pandemic averages. Rents in Canada have increased 9.5 per cent since January 2020.
See the full National Rent Report here.insauga's Editorial Standards and Policies advertising