Rental rates drop in Brampton despite nearly 10% yearly spike across Canada

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Published May 10, 2024 at 12:18 pm

Rental rates drop in Brampton despite nearly 10% yearly spike across Canada

Renters in Brampton got a bit of a break last month compared to other parts of the country with a drop in average rental costs.

Brampton moved back to No. 9 on a ranking of the most expensive cities to rent in Canada, dropping back from 7th in April with a 1.3 per cent overall drop in the average rent in the city.

That brought Brampton’s average rent to $2,137 last month while the average across Canada climbed to $2,188 per month, making for a 9.3 per cent annual spike in April across Canada, according to Rentals.ca.

Average asking rents climbed just 0.3 per cent month-over-month in April – the first monthly increase in rents since January.

Studio, one- and two-bedroom apartments had rent drops in Ontario last month while three-bedroom apartment rents increased 3.9 per cent year-over-year. Ontario was the only province where rents decreased in April with a 0.3 per cent monthly drop and a 0.7 per cent annual dip to an average of $2,404.

While both Brampton and Mississauga saw a drop in rents, not all of the province fared as well. Barrie saw a 2.4 per cent increase to $1,935, Oshawa rents jumped to $1,823 while Etobicoke climbed 0.7 per cent to $2,281.

The report found the market has rebounded after rents fell to an average of $1,662 in April 2021 during the COVID-19 pandemic by a total of 32 per cent or an additional $526 per month.

As for sales there were 1,348 new listings in Brampton in April, up more than 50 per cent from March and a 23 per cent compared to the same time last year.

Combined with prices that stayed relatively flat last month with a drop of 0.17 per cent for an average home price of $1,026,582, Zoocasa says market conditions are moving in favour of buyers in Brampton.

Of the 1,348 new listings in Brampton last month, 777 of those units were detached homes for an increase of 32 per cent.

For more on rentals in Brampton visit www.rentals.ca.

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