Rental prices down 10 per cent in Mississauga
Although rental rates in Mississauga held strong at the beginning of the COVID-19 pandemic and associated lockdown, a new report suggests that prices are down about 10 per cent year-over-year.
According to the TorontoRentals.com and Bullpen Research & Consulting Toronto and GTA rent report, average monthly rent in the GTA declined for the seventh straight month in June to $2,129.
The average rent is down 1.7 per cent monthly, and 7.3 per cent annually.
In June, the average monthly rent was down year-over-year in North York and Markham by 11 per cent; Mississauga by 10 per cent; the former City of Toronto and York by 8 per cent; Etobicoke and East York by 4 per cent and Vaughan and Brampton by 1 per cent. Scarborough was up year over year by 1 per cent.
According to the report, average rent in Mississauga hit $2,073 in June—down $80 month-over-month and down a more dramatic $228 year-over-year.
"The COVID-19 pandemic continues to put downward pressure on the rental market in the GTA, as job loss, economic uncertainty, and fear of moving for health reasons have severely reduced demand," the report reads, adding that the average rent for all property types (detached, semi-detached, row, condo apartment, rental apartment and basement apartment) has declined since 2019.
That said, prices for rental apartments are up month-over-month.
“The rental market in the GTA continues to soften, but the average rent for rental apartments increased month over month,” Ben Myers, president of Bullpen Research & Consulting, said in the report.
“This isn’t likely due to owners raising rent, but shows that landlords are standing firm on their asking rent, convinced that demand will return in the late summer as every region enters Stage 3 of the reopening.”
According to the report, rental apartment lease rates grew month-over-month in the GTA from $1,922 to $2,047, an increase of 6.5 per cent. The average monthly rent was up 15 per cent year-over-year in January but fell over the course of the winter and spring. In May, rates were 4 per cent lower year-over-year, but they inched back up in June.
Condos did not experience the same bounce back in June, as rents declined 1.4 per cent monthly and 8.7 per cent annually.
The report says the average rent per square foot for rental apartments in the GTA increased by nearly 11 per cent month over month and is higher than June 2019.
The report says rent per square foot for condo apartments has increased in each of the last two months, rising 1.9 per cent month over month in June to $3.33 per square foot. The average rent level is still below the 2019 pace in June (down 1.1 per cent year-over-year).
As far as inventory goes, the report says data from the Canada Mortgage and Housing Corporation indicates that 2,229 condo apartment builds were completed in May—the third-highest monthly total over the last three years. The report says a "significant portion" of those units were purchased by investors and are hitting the rental market.
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