Rentals in Brampton see slight price jump as Canadian average drops from record-high

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Published July 11, 2024 at 10:11 am

Rentals in Brampton see slight price jump as Canadian average drops from record-high

The average asking rent across Canada took a tumble after last month’s record-high rate, but the typical Brampton rental still saw a price jump in June.

Numbers in the latest national rent report show a Canada-wide drop from an average of $2,202, in May to $2,185 in June, down 7 per cent from a year ago.

In Brampton, rental rates stayed below the national average for one-bedroom units at $2,122, up 0.3 per cent from May while two-bedroom units rose 1.1 per cent to $2,440.

As for home sales, some 489 properties traded hands in Brampton in June, up 1 per cent from May with an average price of just over $1,009,800.

Detached homes have long been the hottest sellers and most in-demand properties in Brampton, but June saw both semi-detached and townhouse sales jump more than 13 per cent compared to May.

The shift in rental prices from May to June showed average asking rents decreased 0.8 for the largest month-over-month decline since the early days of the COVID-19 pandemic in 2021 and represents a reversal of typical seasonal increases in rents at this time of year, according to Rentals.ca.

Only Ontario and Quebec saw month-over-month decreases in apartment rents for June. The average asking rent for purpose-built and condo apartments fell 1.7 across the province between May and June, bringing rents down by 1.3 per cent from a year ago to $2,382.

A report looking at the gap between what homeowners and tenants pay every month found the average Brampton mortgage payment was $4,556 in May while the typical rental payment was $1,921.

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