Rents continue downward trend in Mississauga and across Canada

The latest rent report shows rates are continuing on a downward trend.

At over $2,000 a month in the Greater Toronto Area, one-bedroom apartments are still out of reach for many people, but the numbers show lower prices in most of the region.

The average asking rent for all residential property types in Canada fell to $2,121 in July, down $4 from June and $80 from last year, according to the latest National Rent Report from Rentals.ca and Urbanation.

“Canada’s rental market is experiencing a prolonged softening phase, with price declines accelerating across most provinces and unit types,” said David Aizikov, manager of data services at Rentals.ca. “With the seasonal peak now behind us, we expect continued downward pressure on rents heading into the fall.”

Despite the recent slowdown, average asking rents remain two per cent higher than two years ago and 11 per cent higher than three years ago, the report noted.

Mississauga’s one-bedroom rent was at an average of $2,165 in July, down 9.8 per cent compared to this time last year.

A two-bedroom is averaging at $2,608, down 7.2 per cent year-over-year.

Mississauga is just behind Etobicoke, which has one-bedrooms averaging at $2,188, but has higher rents than Brampton at $2,118, and Burlington at $2,132.

The average Ontario rent of $2,325, fell by three per cent annually, according to the report. Two of the top five fastest growing markets in Canada were located in Ontario, with Kingston, increasing 12.3 per cent, taking the top spot and Stratford, increasing nine per cent, in third place.

Across Canada, Saskatchewan remained the fastest-growing and most affordable province, with average rents up four per cent annually and 32 per cent over three years to $1,384.

Vancouver and area, and Toronto claim top spots for the most expensive rents in the country.

Average rent for apartments and condos, top 10 Canadian markets:

See the full report here.

Lead photo: Pixabay