Mississauga now 5th most expensive city to rent in Canada, prices up 20%
Published April 14, 2023 at 12:28 pm
After remaining flat for much of the winter, rental prices are up this spring and Mississauga now has the fifth-highest prices in Canada.
Mississauga finished fifth, up from the seventh last month, on the list of 35 cities with an average monthly rent in March for a one-bedroom at $2,232, according to the latest National Rent Report from Rentals.ca and Urbanation.
The city placed seventh for average monthly rent for a two-bedroom at $2,632, the report found.
One-bedroom apartments are up from $2,181 in February but the average monthly rent for a two-bedroom is down slightly from $2,608.
But compared to this time last year, the average monthly rent for a one-bedroom is up 20.4 per cent in Mississauga, according to the report. And up 19.1 per cent for a two-bedroom.
Across Canada, the average asking rent for all property types rose 10.8 per cent annually in March to $2,004.
Average rents were up one per cent month over month – the first monthly increase since November – pushing the year-over-year percentage growth back into double digits.
Shaun Hildebrand, president of Urbanation, attributes the rising prices to population increases and homeownership costs.
“Spring arrived with a highly competitive rental market in Canada, driven by a record population increase of over 1 million people in the past year and low homeownership affordability after last year’s spike in interest rates,” Hildebrand says. “With supply unable to keep up with current levels of demand, expect further upward pressure on rents in the coming months.”
The National Rent Report charts and analyzes monthly, quarterly and annual rates and trends in the rental market on a national, provincial, and municipal level across all listings on the Rentals.ca Network for Canada.
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