Rents are down compared to this time last year in Mississauga.
The asking rent for all residential properties in Canada was $2,035 in August, down 4.8 per cent year-over-year, according to the latest National Rent Report from Rentals.ca and Urbanation.
Much of the Greater Toronto Area is seeing lower prices compared to last year, but there hasn’t much change over the summer.
In Mississauga, the average for all residential properties was $2,346 in August.
The average for a one-bedroom unit was $2,042 in August, down 3.3 per cent from last year at this time, and down 0.5 per cent from July.
A two-bedroom hit an average of $2,443 in August, down 4.4 per cent year-over-year.
Mississauga is now the 13th most expensive city for rent, just below Halifax, where rents hit an average of $2,365.
Barrie is an outlier in southern Ontario — prices increased by a whopping 12.9 per cent to $2,103 for a one-bedroom unit, according to the report.
North Vancouver remains at the top of this with an average of $3,036. A one-bedroom unit in North Vancouver could cost around $2,501, according to the report.
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While prices remain high, the report found rents have dropped.
Over the past two years, rents have declined seven per cent, falling to their lowest August level since 2022, according to the report.
Experts suggest global uncertainty is impacting prices.
“The seasonal tailwind that lifted rents through the spring and summer has faded, and the trade war escalation is emerging as a new uncertainty for the rental market,” said Shaun Hildebrand, president at Urbanation.
“Demand could be impacted in the near term through lower employment and consumer confidence, while supply is being threatened through potentially higher construction costs. For now, the direct exposure appears localized to specific industries and regions, but the broader economic uncertainty is something to watch out for.”
Average rent by city and unit type in top Canadian markets:
Chart: National Rent Report
See the full National Rent Report here.
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