Rental rates continue to fall in Mississauga, even as city remains one of the most expensive in Canada
Published February 19, 2021 at 9:43 pm
If you’re looking for an apartment in Mississauga, you won’t be getting a huge break on rental rates–but you will be paying a little less than you would have this time last year.
According to Rentals.ca’s and Bullpen Research & Consulting’s latest National Rent Report, the average asking rent for all Canadian properties in January was $1,714 per month–down 8.7 per cent year-over-year.
Mississauga finished third on the list (being edged out only by Toronto and Vancouver) for average monthly rent in January for a one-bedroom home at $1,779 and sixth for average monthly rent for a two-bedroom at $2,097.
Rates for one-bedroom apartments are down 2 per cent month-over-month and two-bedroom apartments are 0.7 per cent less expensive than they were in December 2020.
The report says that year-over-year, the average monthly rent for a one-bedroom home in Mississauga dropped 7 per cent, and the average monthly rent for a two-bedroom dropped 8.5 per cent.
According to the report, Mississauga rates for apartments and condominium rentals overall have dropped 9 per cent year over year, and the municipality’s average monthly rent for all property types in January was down 9.1 per cent.
Interestingly enough, Toronto is no longer the most expensive city for renters in Canada. The county’s biggest city–and one hit hard by the pandemic and rolling lockdowns–finished second on the list of 35 cities with the average monthly rent for a one-bedroom home hitting $1,811 in January–just $90 less than Vancouver. The average monthly rent for a two-bedroom home in Toronto was $2,403–almost $190 below Vancouver.
Year-over-year, the average monthly rent for a one-bedroom home in January in Toronto was down 21.9 per cent, and the average monthly rent for a two-bedroom was down 18 per cent.
Other areas in the GTA experiencing significant declines in rent are Oakville, down 17.6 per cent; North York, down 16.4 per cent and Markham, down 14.6 per cent. Some cities are seeing climbing rates, however. According to the report, the average monthly rent for all property types was up in Oshawa by 13.5 per cent and Kitchener by 8.8 per cent. The average monthly rent was also up in Hamilton, London and St. Catharines.
Nearby Brampton finished 14th on the list for average monthly rent in January for a one-bedroom home at $1,554 and 16th for average monthly rent for a two-bedroom at $1,811. The report says Brampton rents for a one-bedroom and two-bedroom home were up year over year 2.7 per cent and 4.3 per cent respectively.
According to the report, the average rate for condominium rentals in Canada declined 19 per cent from the previous year to $1,988 a month and the average rental rate for a single-family home hit $2,215–down 15 per cent from January 2020.
That said, the report indicates the average rental rate for apartments increased by 5 per cent over January 2020 to $1,604 per month.
“Single-family homes and condominiums for rent continued their downward slide in January, as the most expensive properties continue to get less expensive to rent during the pandemic,” said Ben Myers, president of Bullpen Research & Consulting, in the report.
“The rental apartment market has been relatively flat over the past six months, with landlords offering a number of incentives to sweeten the pot.”
The report says the average rent for condominium and rental apartments in Ontario has steadily declined, falling by over 16 per cent from January 2020.
As for whether or not the rental market will see a recovery, the report says lower prices could persist well into 2021 based on the latest COVID-19 numbers and the slow vaccination rollout. With people not expected to return to work en masse for several months, the market might not see a turn around until the second half of this year or 2022.
“Prospective tenants continue to experience a market flush with choice, and have more bargaining power than they’ve had in many years,” said Matt Danison, CEO of Rentals.ca, in the report.
The report points out that the latest Canada Mortgage and Housing Corporation data shows the vacancy rate in Canada increasing to 3.2 per cent from 2.2 per cent year-over-year for apartments, as the pandemic has cut immigration and kept many students at home with their parents.
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 Rentals.ca for 35 cities across Canada.insauga's Editorial Standards and Policies