Rents down by nearly 5% in Mississauga

Apartment rents are down in Mississauga and across Canada.

Average rents in Canada fell at the fastest pace since the COVID-19 pandemic, according to the latest National Rent Report from Rentals.ca and Urbanation.

The average asking rent for all residential properties in Canada declined 5.3 per cent year-over-year in March to $2,008 in March, marking the 18th consecutive month of annual rent decreases, the report stated.

Rents fell to their lowest level in 35 months and were down 7.9 per cent compared to two years ago, while remaining relatively flat compared to three years ago.

“The Canadian rental market downturn has deepened, with rents in March falling at their fastest pace since COVID,” said Shaun Hildebrand, president of Urbanation. “This shows in real-time the market impact from the declining population, coupled with ongoing affordability issues, heightened economic uncertainty, and record high apartment completions.”

Looking at cities across Canada, some of the biggest year-over-year drops are in communities around Vancouver, British Columbia. Coquitlam saw a 13.2 per cent decline in average rent for a one-bedroom unit, and Burnaby a 9.5 per cent drop.

Despite the price drops, rents are still over $2,000 for a one-bedroom place in the Vancouver area and most of the Greater Toronto Area.

Mississauga’s average rent for a one-bedroom unit was at $2,071 in March, a 4.7 per cent drop compared to this time last year. A two-bedroom place was at $2,453, down 5.8 per cent year-over-year, the report found.

Mississauga is ranked 10th on the list below Toronto and Oakville, but above Burlington and Brampton.

Brampton was ranked 18th with an average rent for a one-bedroom unit at $1,942 in March.

Average rent by city and unit type in top Canadian markets

Chart: National Rent Report

See the full rent report here.

Lead photo: Chalo Garcia