Mississauga rent prices remain unchanged despite declining national average

 

While rental prices in Canada have declined for the third consecutive month, Mississauga prices remain virtually unchanged.

According to the latest National Rent Report, Mississauga's rental prices were down, albeit a very minimal amount--0.1 per cent.  

The report found the average price for a one-bedroom unit in Mississauga is $1,923, while the average rental price for a two-bedroom unit is $2,157.

Based on these numbers, Mississauga was ranked as the six-most expensive city for one-bedroom rentals, and the eighth-most expensive for two-bedroom rentals out of 33 cities.

Additionally, according to the findings, rent declined 9.4 per cent in June, and the average rental price across the country decreased in April, May, and June.

Compared to last year, the average monthly rental prices for one- and two-bedroom units are down in Toronto, Vancouver, Calgary, Edmonton, Winnipeg, Saskatoon, and Regina; while they are up annually in Montreal, Ottawa, Halifax, London, Kitchener, and Victoria.

Further, while prices declined slightly, Toronto still had the highest average rental prices for June--$2,063 for a one-bedroom unit and $2,684 for a two-bedroom unit.

Moreover, 10 cities in the GTA finished inside the top 12 for the most expensive one-bedroom rental prices in Canada.

Toronto prices have declined for four consecutive months, and, considering there are a significant number of apartments under construction, prices are expected to continue to decline.

"Tenant demand has returned to the market as lockdown restrictions end, and employers bring back furloughed employees and rehire staff," Matt Danison, CEO of Rentals.ca, said in a news release.

"But lost income due to COVID-19 and fear of a second wave are resulting in conservative housing choices," he continued.

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