Average rent in Brampton stays steady as asking prices across Canada hit record high for 6th month in a row
Nov. 14, 2023
The cost of an average rental unit in Canada has gone up some $175 over the last six months as Brampton is holding fast as one of the most expensive cities for rentals in the country.
That’s according to the latest national rent report which found that asking rents in Canada hit a new high for the sixth month in a row for a national average of $2,178 in October.
Average asking rents increased by $175 per month for a more than 8 per cent increase over the last six months, with many Ontario municipalities like Mississauga, Oakville and Windsor seeing significant increases to the price of one- and -two-bedroom rentals over the last year.
When looking at month-to-month numbers, Brampton saw no change from September to October for the cost for one-bedroom units with an average price of $2,195, while two-bedroom units dropped 3 per cent to $2,515. But the year-to-year numbers show an average one-bedroom unit was 8 per cent more expensive last month compared to the same time last year, with two-bedroom units increasing by 1.3 per cent.
Brampton once again ranked No. 9 on Urban Nation’s list of Canadian cities with the most expensive rental rates. Mississauga came in 5th place on the list while Vancouver and Burnaby took the No. 1 and No. 2 spots respectively with Toronto coming in 3rd.
The report found Ontario had the slowest annual growth rate of all provinces for apartment rents during October posting a 4.6 per cent increase, down two points compared to September. After decreasing by 0.4 per cent between August and September, the average asking rents in Ontario edged up 0.2 per cent to reach $2,492 in October.
“In Toronto, asking rents for apartments posted a year-over-year decline of 0.8% to an average of $2,908 --- the first annual rent decrease since August 2021,” the report reads.
Six of the 10 most expensive real estate markets in the country are in Ontario according to the report, led by fourth-place Oakville at $3,008, Vaughan at $2,754 and Mississauga at $2,700.