Rental rates jump more than 3% in Brampton, national average breaks records two months running
Published September 13, 2023 at 3:07 pm
In just one month, Brampton jumped from the ninth-most expensive Canadian city for rentals to No. 5 thanks to a more than 3 per cent spike in average rents.
The numbers come from the latest national rent report which found that the average asking rents across Canada increased 1.8 per cent monthly and more than 9.5 per cent annually to reach another record high of $2,117 in August.
Real estate website Rentals.ca looked at the rental rates in 35 Canadian cities and found Brampton ranked as the fifth-most expensive with one-bedroom units going for an average of $2,274 per month while two-bedroom suites were at $2,650 – that’s a 3.3 per cent jump for one-bedrooms compared and 4.5 per cent for two-bedrooms since July, and moved Brampton up four spots on the ranking.
Vancouver and Toronto were again ranked as Canada’s most expensive cities to rent but posted below-average annual rent increases of 7.3 per cent and 8.7 per cent respectively, reaching average monthly costs of $3,316 (Vancouver) and $2,898 (Toronto).
Brampton saw an average annual increase at 21.6 per cent to an average of $2,713, and last month’s increase saw the rate for a two-bedroom unit in Brampton rise $150 per month over the provincial average asking rent of $2,496.
The past three months have seen a 5.1 per cent spike in average asking rents across the country, balancing out to a monthly rent increase of around $103.
Mississauga stayed steady at No. 4 on the list at $2,364 for a one-bedroom and $2,832 for a two-bedroom rental.
Other Ontario cities in the top 10 for August include Burnaby at No. 3 with an average one-bedroom monthly rental coming in at $2,555, North York at No. 6 with an average rent of $2,263, and Etobicoke at No. 7 with a rate of $2,253.insauga's Editorial Standards and Policies advertising