Rent prices down double digits across Canada compared to last year

A one-bedroom apartment should cost less than it did one year ago in Mississauga.

Rents have declined in Mississauga and across Canada, according to the latest National Rent Report from Rentals.ca and Urbanation.

Asking rents in Canada averaged $2,125 in June, decreasing compared to a year ago for the ninth straight month.

But despite the drop, average asking rents remained 11.9 per cent above levels from three years ago and 4.1 per cent higher than two years ago, underscoring the long-term inflationary pressure in the rental market, the report stated.

In June 2019, the Canadian average was $1,796.

In Mississauga, the average cost for a one-bedroom place was $2,132 last month, still out of reach for many people but 10.1 per cent lower than this time last year, according to the report.

A two-bedroom place averaged at $2,580, down 7.1 per cent.

Mississauga is just below Etobicoke and Burlington for average rent costs, and cheaper than Toronto, which came in at $2,283 for a one-bedroom.

The most expensive places to rent are still in North Vancouver and Vancouver, with rents of $2,602 and $2,529, respectively.

Among Canada’s six largest cities, Calgary experienced the steepest annual decline in apartment rents in June at 7.9 per cent, followed by Vancouver (-7.0 per cent), Toronto (-4.7 per cent), and Montreal (-2.3 per cent). Edmonton (+0.6 per cent) and Ottawa (+1.0 per cent) posted modest increases.

Over the past three years, Edmonton apartment rents grew by 32.3 per cent, the fastest among major markets, while Vancouver rents declined by 3.9 per cent.

“Rent decreases at the national level have been mild so far, with the biggest declines mainly seen in the largest and most expensive cities,” said Shaun Hildebrand, president of Urbanation. “However, it appears that the softening in rents has begun to spread throughout most parts of the country.”

See the full report here.

Lead photo: Timur Saglambilek