Rents in Mississauga continue be lower than last year, following a two-year downward trend across Canada.
The asking rent for all property types in Canada was $2,034 in September, down 4.2 per cent year-over-year, the 24th consecutive month of annual decline, according to the latest National Rent Report for Rentals.ca and Urbanation.
Rents edged down slightly on a monthly basis from $2,035 in August, the second consecutive monthly decrease following four straight monthly increases from April to July, in line with the typical seasonal slowdown heading into the fall, the report found.
“Two straight years of falling rents is the longest downturn the Canadian rental market has seen in recent history,” Shaun Hildebrand, president of Urbanation, said.
But the rental market could be turning around. Hildebrand said their research shows supply has been the main driver of this correction. In key markets like Toronto and Vancouver, new supply is moving past its peak, he said.
“Rents in both cities have trended higher over the past six months, and annual declines have narrowed significantly as renters come off the sidelines,” he said. “Where Toronto and Vancouver go, the rest of the country follows.”
Mississauga remains the 13th most expensive city for rent with a total average of $2,337 in September, down slightly from $2,365 in August. Halifax is just below Mississauga with an average of $2,324, and Vaughan is above with an average of $2,363.
The average price for a one-bedroom unit was $2,036, nearly the same as August’s $2,042 average, but down 3.1 per cent compared to this time last year.
A two-bedroom hit an average of $2,423 in August, down 4.1 per cent year-over-year.
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West Coast cities continue to have the highest rents in Canada. North Vancouver tops the list with an average rent of $3,028 in September.
Average rent by city and unit type — Top Canadian markets
Chart: National Rent Report
See the full report here.
Lead photo: chris robert
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