Rents drop but still over $2,000 in Mississauga

Mississauga dropped to the twelfth most expensive city in which to rent a residential property in Canada.

The city’s average asking rent, while still very high at $2,052 for a one-bedroom apartment in May, was down 4.6 per cent compared to this time last year, the latest National Rent Report from Rentals.ca and Urbanation found.

A two-bedroom rent, at $2,448, was down 5.8 per cent year-over-year in Mississauga, the report found.

Mississauga has slipped below Vaughan in the National Rent Report’s ranking. Last month, Mississauga was in eleventh place, just above Vaughan.

The most expensive cities in Canada are in the Vancouver area, with North Vancouver’s average asking rent for a one-bedroom place at $2,445, nearly the same as Mississauga’s two-bedroom rent average.

The report found rent prices down across Canada.

The average asking rent for all residential properties in Canada declined 4.7 per cent year-over-year in May to $2,029, marking the 20th consecutive month of annual rent decreases, the National Rent Report stated.

Average asking rents were down approximately $100 from a year ago and 7.9 per cent lower than two years earlier. But they are still higher, 0.7 per cent above levels recorded three years ago, the report found.

Since reaching a low of $1,662 in April 2021 during COVID-19, average rents have risen 22.1 per cent in Canada, but have declined 7.8 per cent from the high of $2,202 in May 2024.

Rents are expected to remain stable this summer.

“The Canadian rental market is heading into the peak summer season under a weak economic backdrop, a decreasing population, and record apartment completions, which are all working together to keep rent increases softer than what is typical for this time of year,” said Shaun Hildebrand, president at Urbanation. “This should offer continued relief for renters after years of outsized rent inflation.”

Average rent in top Canadian markets

See the full report here.

Lead photo: Aaron Sousa